Clyde & Co enhances cyber offering; Axa Retail launches digital-only brand; Allianz welcomes 37 flexible graduates

From Post this week

Analysis: Re-merging the financial sector regulators
Amendments for financial bill proposed by task force labelling the FCA ‘a problem child’
Experts advise FCA to ‘tweak their rules urgently’ in multi-occupancy reform
Lloyd’s flags potential difficult reinsurance renewals and draws up China/Taiwan disaster scenarios

From people this week

GRP’s Mike Bruce looks at what UK brokers can learn from their US counterparts
Insurers should share predictions with brokers to prepare for more challenging times ahead - Aviva’s Hemming
Q&A: David Philips, GIFC

Pick of the Week

Clyde & Co offering puts legal expertise at heart of fight against cyber crime

Date announced: 22 September

Deal value: Undisclosed

Clyde & Co has launched an end-to-end international offering to help organisations manage and respond to cyber risk.

Named One the offering provides a lawyer-led, one-stop-shop approach, which manages and calls upon a comprehensive global panel of pre-approved vendors across all disciplines according to client need. One has been established and has built on Clyde & Co’s existing offering in response to the growing range of cyber risks, its increased complexity and the significant impact cyber threats now have on business across sectors and geographies.

The One network is led by three Clyde & Co partners specialising in cyber risk, liability and litigation: Helen Bourne and Ian Birdsey based in the UK and John Moran based in Australia. They are supported by over 40 Clyde & Co partners around the world and their teams, who have combined experience in managing over 4,000 cyber events.

Clients will be able to reach the One network 24-hours-a-day, seven days a week via global telephone hotlines and email.

Bourne said: “Clyde & Co has developed a global team of cyber experts over several years. Every business sector in every country is facing an ever-increasing risk of being targeted by cyber criminals and we wanted to consolidate our global expertise into a solution that would meet clients’ needs and demands. That has led to us creating the concept of One as – a complete cyber solution led by expert lawyers and supported by a range of trusted vendor experts – a single phone call that will provide immediate access to a complete range of cyber specialists wherever they may be needed globally. Launching One, and making the solution readily accessible, represents an exciting opportunity for us to help clients manage one of the most challenging issues facing their business.”

Birdsey said: “The fight against cyber threats is much more than a technical challenge. Legal issues lie at the very heart of this and should drive the response. Today’s cyber-attack is very different to that of five years ago. As organisations have learned how to respond, so criminals have learned how to keep ahead in the game. Their attacks have evolved in both complexity and severity.

“We’ve seen also cyber-related litigation bloom into one of the most challenging areas of international law. We only have to look at the rise of class actions like those previously brought against Google, TikTok and Facebook. Legal expertise goes hand-in-hand with cyber incident management, which is why Clyde & Co, a globally integrated law firm, is the right first point of contact to manage these issues for clients.”

Moran said: “Today, there’s a clear space in the market for a lawyer-led response to cyber threats. Because of the complexity of these issues, their multi-jurisdictional nature, the sensitivity of data, the potential for regulatory involvement, an experienced legal team is perfectly placed to lead and guide the response. The last thing a business needs is to have to struggle with its response to a cyber breach while trying to manage day-to-day trading.

“Today, cyber risk has the ability to impact on virtually every aspect of an organisation’s ability to function. It is the single biggest risk most companies face, hence the need for legal expertise. Sticking plaster solutions are no longer fit for purpose. Some competitor networks are based on ad hoc vendor relationships; not ours. Our clients demand a holistic approach that guides them through each step of the journey to true cyber resilience. That’s why everything they need is available as part of our One offering.”

Deals/News of the Week

Axa UK Retail launches Moja - its digital-only insurance brand

Date announced: 22 September

Deal value: Undisclosed

Axa UK Retail has launched Moja, its new digital-only insurance brand for customers who buy products or use services via their smartphone or tablet.

Initially available for motor insurance customers on Compare the Market and directly, Moja will be rolled out across more price comparison websites later this year and extended into other insurance markets from 2023.

Moja marks a new direction for Axa Retail by providing a digital-only service optimised for use on smartphones and tablets. It will allow customers to flex their cover to suit their needs and budgets, with Defaqto 5-Star rated and 3-Star rated cover and a range of options that customers can add to their policy, such as cover for personal belongings like satnavs or audio equipment as well as children’s car seats.

Customers can manage their policy and will be able to make claims online 24/7, although they can still speak to someone about their claim if they need to, for example in an emergency or to discuss a complicated claim. They can also change their policy online anytime without being charged.

Moja is the first brand to be developed inhouse by Axa Retail and it builds on the business’s portfolio, with the Axa brand providing premium cover and Swiftcover offering good value, no frills motor and home insurance.

Tara Foley, CEO of Axa UK Retail, said: “It’s the first time we’ve launched a new brand which has been developed entirely inhouse. We want Moja to shake up the insurance market by providing a digital-only offering for people who live their lives through their smartphone or tablet. It’s also clear that many people are being affected by the cost-of-living crisis, so we aim to ensure they continue to have access to the vital safety net that insurance provides by offering a simple and flexible product that suits both their needs and their budgets. We’re incredibly proud of Moja and will continue to test, learn and make enhancements ahead of launching to the wider market later this year and into 2023.”

Admiral Pioneer invests in mobility subscription platform provider, Wagonex

Date announced: 12 September

Deal value: Undisclosed

Admiral Group’s venture building business Admiral Pioneer’s first strategic investment will be into Wagonex, the UK’s leading mobility subscription platform provider.

Wagonex, which launched in 2016, designs, builds, and manages flexible, all-inclusive technology automotive subscriptions which enable vehicle suppliers to offer subscription options direct to consumers. Wagonex provides a seamless end-to-end customer journey, with an automated credit decision engine creating flexible contracts inclusive of road tax, insurance, breakdown cover, and servicing.

This investment will support Wagonex as it continues to rapidly scale in the UK with the benefit of Admiral Pioneer’s experience in scaling early-stage businesses. Wagonex has delivered more than 120% of year-on-year growth as their consumer facing subscription offer gains popularity.

This investment supports Admiral Group’s ambition to diversify and enhance its digital proposition and extend into new mobility trends. It will also provide the Group, which already provides short-term motor insurance, with insight into the specific insurance needs of vehicles provided to customers on a subscription basis.

Emma Huntington, CEO of Admiral Pioneer, added: “Our aim is to support long-term diversification by identifying new markets and ventures where our existing strengths and knowledge give us a competitive advantage.

“We believe that Wagonex’s best-in-class technology and strong position in the rapidly expanding car subscription market makes it a perfect fit for our first strategic investment. We look forward to working closely with Toby and the team as they continue to expand Wagonex in the UK and beyond.”

Toby Kernon, founder and CEO at Wagonex, said: “This not only demonstrates the strength of our business and technology but also the exciting market opportunity with the car subscription market predicted to be valued at up to $30bn globally by 2030.

“This will allow us to build on our strong UK position and continue to play a leading role in this rapidly growing market, which is changing how the world drives and owns vehicles.”

In addition to its strategic investment in Wagonex, Admiral Pioneer has launched short term car insurance and insurance for tradespeople in the UK; and fleet insurance for SMEs in France.

Clear Group maintains growth momentum with acquisition of Law Sure Direct

Date announced: 20 September

Deal value: Undisclosed

Clear Group has acquired Law Sure Direct. This latest deal represents the 36th acquisition made by Clear since it was established in 2001.

Based near Gatwick, Law Sure Insurance is a broker specialising in insurance solutions for solicitors and their clients. The specialist team of nine provide insurance across many classes of business including title insurance for conveyancing solicitors and developers, wills and probate covers for probate solicitors and M&A and tax indemnity Insurances for corporate lawyers.

The Law Sure team of nine led by Mandy Brown and Brian Hall will now work closely with the existing legal indemnities team at the Clear Group to drive business growth and opportunities. The team will also move to Clear offices located in Horsham from November and will continue to trade as LawSure, and Assured Indemnities in Scotland. The business handles in excess of £2.8m gross written premium.

Mike Edgeley, group CEO of the Clear Group, said: “Law Sure is another great addition to the Clear Group and will clearly enhance our legal indemnities offering to clients. We look forward to working with Mandy, Brian and their team as they join us on our exciting growth journey.”

Brown said: “It’s great to be joining the Clear Group and joining forces with their existing legal indemnities team. We are excited about the future and look forward to working with our Clear colleagues to deliver even more value for our clients.”

PIB Group acquires super yacht experts Zorab Insurance Services

Date announced: 12 September

Deal value: Undisclosed

Super yacht experts at Zorab Insurance Services Ltd are the latest to have piqued the interest of PIB Group. As PIB’s latest acquisition, ZIS has 30 years experience in providing marine, property and corporate insurance solutions to some of the most discerning clients in the world.

The arrival of ZIS further strengthens PIB’s specialisms division, which brings together specific areas of expertise and capability across the Group. Led by Zach Gray, the division is already home to the likes of private clients, risk management, international / global capabilities, trade credit, small business and Solicitors PI.

Zach Gray, managing director for specialisms, commented: “David, Fiona and everyone at Zorab Insurance Services are highly unique in what they do.

“The unrivalled knowledge and experience in related marine classes offered by the team will be a fantastic boost to our division and our broader network of experts across the whole of PIB Group.

“They provide a new dimension to the exceptional capability we currently have in place, and we are really looking forward to building an even stronger proposition together.”

And finally:

• Allianz Holdings has welcomed 37 new graduates to its first hybrid working graduate programme. Following the launch of Allianz’s new ‘Ways of Working’ model, the graduates will enjoy flexibility, as well as gaining wide-ranging skills and knowledge and extensive exposure to the UK business.

• The British Insurance Brokers’ Association and loss adjuster Questgates have published a guide to valuations for Biba’s insurance broker members to use with their customers. This new guide is the second of the year that Biba has launched to help tackle the problem of underinsurance. The association made a commitment in its 2022 Manifesto to highlight the dangers of underinsurance and welcomed the support firstly from Allianz and now from its member facility provider Questgates to provide support for brokers and their customers.

• Allianz Partners has made two leadership changes on its board of management. Tomas Kunzmann has been appointed CEO of Allianz Partners, effective from 1 July 2022. Kunzmann takes over from Sirma Boshnakova, who was appointed board member of Allianz SE earlier this year. Laurent Floquet has been nominated as CEO of Mobility & Assistance and board member of Allianz Partners, succeeding Kunzmann in the role.

• Endsleigh Insurance has appointed Jon Taylor as executive director of its education division. Now, together with Endsleigh’s William Brunwin, Jon will oversee the strategic development of the division, ensuring that its capabilities are continually expanded to align with the company’s overall strategic growth ambitions.

• DAC Beachcroft has appointed Philip D’Netto and Daniel Clegg as partners in its national Complex and Catastrophic Injury practice, within its Claims Solutions Group. Both, who specialise in high value, complex and catastrophic injury, moved from Plexus Law.