News
Mapfre Re x CyberCube; Specialist Risk Group buys broker; Hiscox’s chief auditor
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FSCS hires Martyn Beauchamp as CEO
The Prudential Regulation Authority and Financial Conduct Authority have appointed Martyn Beauchamp as CEO of the Financial Services Compensation Scheme.
Acorn’s CEO seeks fresh finance for growth plans
Mike Lloyd, CEO of the Acorn Group, has responded to rumours the non-standard motor and home insurer is up for sale, and confirmed he is seeking finance to grow the business.
Admiral chiefs share thoughts on Aviva/DLG deal
Admiral’s CEO and CFO have said they are keeping a “close eye” on how Aviva’s acquisition of Direct Line Group develops, but insist the business will not be making any reactionary changes.
Admiral almost doubles profit as UK customer numbers surge
Admiral Group has this morning (6 March) revealed it grew it's pre-tax profit by 90% in 2024 compared with 2023, while UK insurance customers grew by a fifth.
Storm-related claims surge in Q4 2024
Verisk’s latest property report for UK claims has revealed a 62% surge in storm-related claims in Q4 2024 compared to the third quarter.
Cyber insurance ‘may become mandatory’ in the future
Johnty Mongan, head of cyber risk management at Gallagher, has said that it is his belief that cyber insurance may eventually be a mandatory purchase.
Beazley CEO says ‘it’s getting more difficult to grow’
Beazley has reported record pre-tax profits of $1.42bn (£1.12bn) for 2024, but is forecasting a slowdown in growth this year as market conditions turn.
Accenture acquires Altus Consulting
US management consultancy firm Accenture has acquired Altus Consulting from digital solutions provider Equisoft, for undisclosed terms.
Hannah Kate Smith leaves Lloyd’s for Guy Carpenter
Former Lloyd’s of London operations and engagement director Hannah Kate Smith joined Guy Carpenter last month as international head of distribution and market relations.
Lloyd’s predicts potential $2.4trn extreme space weather loss
The latest systemic risk scenario from Lloyd’s and the Cambridge Centre of Risk Studies has revealed that the global economy could be exposed to losses of $2.4trn over five years if a solar storm occurred.
Motor finance delays causing FOS complaints backlog
The Financial Ombudsman has this morning revealed complaints for the financial year 2024/25 are still “significantly higher than in 2023/24”.
Direct Line swings back to profit
Direct Line Group has this morning (4 March) revealed it has returned to operational profit, with CEO Adam Winslow praising the “significant progress” made so far in “transforming the business”.
Home premiums ‘still need to go up’ says Aviva’s Storah
In a repeat of his calls last year, Aviva’s UK and Ireland general insurance CEO Jason Storah has said home insurance premiums “still need to go up further”.
Cunliffe appointment continues Axa reunion at Markel
Nicola Cunliffe, formerly head of insurance operations at Flock and head of SME trading operations at Axa, has joined Markel as head of trading in the UK.
Broker banned for fraud that led to client’s collapse
The Financial Conduct Authority has banned David Robert Cooke, the former director of Weston-super-Mare broker Professional Construction Risks Limited, from working in financial services.
Pool Re reduces taxpayers’ exposure to UK terrorism risk
Pool Re has completed the placement of a new retrocession programme, shifting more of the financial risk arising from acts of terrorism away from taxpayers and back to the private market.
Flood Re appoints CEO
Flood Re has hired Perry Thomas as its new CEO, effective immediately, subject to regulatory approvals.
Howden hit with £20m negligence lawsuit
A luxury hotel group has lodged a professional negligence lawsuit against Howden, alleging oversights by the broker meant it found itself unable to claim for Covid-related business interruption losses in 2020.
Palestine Action targets Aviva for the second time
Palestine Action has targeted two Aviva offices in Scotland in the early hours of this morning (28 February), marking the group’s second protest against the insurer.
Allianz UK to drop LV brand in 2026
Allianz UK’s CEO Colm Holmes has confirmed to Insurance Post that the LV brand is to be dropped in 2026.