Stubben Edge secures more funding; MS Amlin rebrands; Axa XL appoints chair

From Post this week

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Attempt to oust R&Q executive chairman Spiegel fails
Analysis: Lloyd’s latest cyber directive paves the way for a cyber cat market
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From people this week

Bruce Carnegie-Brown: Brokers need to adapt to the digitalisation of the marketplace and spend time adding value
Blog: Building back better flood resilience is the pathway to the future
60 Seconds With… Helen Simpson, RSA
Matthew Wilson returns to Brit after leave of absence

Pick of the Week

Stubben Edge Group secures a further £5.6m of growth capital led by Dowgate Capital

Date announced: 12 September

Deal value: Undisclosed

UK-based insurtech Stubben Edge Group has secured a further £5.6m in investment following an over-subscribed £10m round in September last year. Cornerstone investors include a number of Lloyd’s Names, Nigel Wray, Dowgate Wealth, family offices, institutional investors and other HNW investors.

Since the last round, Stubben Edge has acquired Lloyd’s broker Genesis Special Risks, completed the establishment of Guernsey entity 1Edge and, in August, the purchase of SME focused media titles from Bonhill.

Further announcements are planned, including additional mergers and acquisition activity, as it continues to target the funds to continue providing a selection of services to brokers and independent financial advisors  who want to start, run, and grow their businesses.

Chris Kenning, CEO of Stubben Edge, said: “In the context of declining confidence in the fintech market and the wider economic climate, this is a huge deal and testament to the strength of the business. Our ambition continues to be to support the entrepreneurs and owners of brokers and IFAs. Helping them build their businesses by providing the technology, data and products that will enable them to service their SME clients more efficiently, cost-effectively, wherever, and whenever their clients want to engage.”

David Poutney, CEO of Dowgate Capital, commented: “It is a testament to the strength of the business that we were able to raise additional funds at a higher valuation, especially in the current difficult economic climate.

“We believe that Lloyd’s and the insurance industry generally are ripe for disruption and reform and that Chris Kenning and the team at Stubben Edge are well-positioned with their strategy and products to take full advantage of the opportunity. We’re excited to see them execute on their ambitious plans and look forward to continuing to work with them on their journey.”

Deals/News of the Week

Gallagher Re launches academic research centre

Date announced: 13 September

Deal value: Undisclosed

Gallagher Re has launched the Gallagher Research Centre.

It will be housed within Gallagher Re’s Global Analytics & Advisory centre of excellence and will be led by Dr Tina Thomson as global head of research. It will provide access to independent, peer-reviewed academic work to support applied innovations across all Gallagher Re’s advisory and transactional products related to both natural and manmade perils.

Through the creation of a broad network of academic partnerships and collaborations, working integrally with Gallagher Re colleagues, the GRC aims to develop and deliver cutting-edge research and innovation in an increasing complex risk landscape to help its clients develop their own view of risk for all types of hazard. The GRC also aims to benefit the evolution of and innovation in risk management practices throughout the Gallagher group.

To support the academic partnerships and collaborations, Dr Iain Willis has been appointed as research director of the GRC. He joins Gallagher Re from JBA Risk Management, where he spent the past seven years as MD of its Singapore subsidiary, responsible for business development in Asia Pacific including data licensing and consultancy opportunities for JBA probabilistic models, hazard maps, event sets, training and disaster scenarios.

Dr Thomson said: “The vision of the GRC is to deliver invaluable insight through creating an ecosystem of academic partners and innovation that will provide a unique offering to our clients. It will drive research across the full spectrum of (re)insurance – not just natural catastrophe risk.

“While natural catastrophe and climate change research continue to be a priority, the evolving complexity of risk over the past two years has clearly demonstrated why it is essential the GRC has a wider remit to more accurately capture and quantify the risks posed by unmodelled, emerging and man-made perils. All of which are becoming more self-evident.”

MS Amlin AG to rebrand as MS Reinsurance

Date announced: 12 September

Deal value: Undisclosed

MS Amlin is rebranding as MS Reinsurance, an MS Amlin AG Company. The name change, which will occur during September 2022, aims to reflect parent company MS&AD’s commitment to building a leading, globally diversified reinsurer. MS Reinsurance clients will continue to benefit from the group’s balance sheet strength and its diversified portfolio.

MS Reinsurance will continue to underwrite from its established platforms in Zurich, Bermuda, Miami and the recently opened New York office. The target operating model will serve markets and segmented client groups with bespoke delivery models. In addition to MS Reinsurance, which solely underwrites reinsurance risks, other units within the MS&AD group will continue to write reinsurance business in line with their strategy and risk appetite.

Robert Wiest, CEO of MS Reinsurance, commented: “As we continue our transformation journey as MS Reinsurance, our business remains underpinned by fruitful long-term relationships, local expertise across global markets and an unparalleled ability to provide flexible client solutions through the agility of our operations. I am greatly looking forward to this new chapter of strategic and sustainable growth.”

Tamaki Kawate, director and senior executive officer, head of international business for Mitsui Sumitomo Insurance, commented: “MS Reinsurance will continue to grow as an ambitious, client-focused reinsurer with a pragmatic and efficient approach. This rebrand represents the next step in MS Reinsurance’s evolution, and we are fully committed to continuing to support its ongoing journey.”

And finally:

• Claire Ighodaro, CBE, will retire as chair of the boards of Axa XL Underwriting Agencies and Axa XL Insurance Company UK, effective 31 December 2022. Nigel Hinshelwood, who joined the Axa XL UK Boards as a non-executive director on 7 September 2022, has been approved by the Boards of Directors to succeed Ighodaro as chair of Axa XL UK Boards from 1 January 2023, subject to regulatory approval.

• Sarah Hyman has been appointed retail operations director at Global Risk Partners. Sarah began her role at the beginning of September, reporting to CEO of retail, Duncan Carter. 

• The Jensten Group has promoted James Hill to group marketing director. Hill will be responsible for leading the marketing function as the business experiences continued growth, with an emphasis on supporting ambitious organic growth in both Jensten’s retail and wholesale divisions.

• Lloyd’s has granted Asta ‘in principle’ approval of a syndicate to underwrite reinsurance to close transactions, within the Lloyd’s market. And Trium Cyber, its risk carrier backed by Jim Stanard’s Pelican Ventures, has also received ‘in principle’ approval from Lloyd’s. Trium Cyber expects to write $50 million of gross premiums during its first year of operations, commencing January 2023.