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In this issue, David Ross’s success as Towergate CEO will hinge on the nature of the executive team he is able to assemble, with market insiders suggesting Arthur J Gallagher International should brace itself for a raid on senior staff.
Howden Broking Group CEO Adrian Colosso said Ross's first challenge would be "getting the troops on his side and to grab a hold of the dressing room. He will need to be fast in announcing his hiring and will need to get a groundswell of opinion going his way.
"Towergate is still a good business but it will be very different for [Ross] compared to what he has been running at Gallagher - there will be a lot of stakeholders to manage. Bondholders, banks and staff will all need to be kept onside."
Also in the news, insurers claim the Competition and Markets Authority’s decision not to address the rising cost of credit hire has led to a “free for all” in credit repair cost inflation; and the home market remains significantly more profitable than its motor counterpart, but market analysts fear insurers may be failing to price for long-term risk.
QBE Europe’s Mark Paterson and UK General Insurance’s Peter Hubbard are in the C-Suite. Paterson argues that occupation-related cancer deaths are too high in the UK and more needs to be done to prevent them; Hubbard raves about new entrants to personal lines, who are outsmarting a stuck-in-the-mud industry with inspiring ideas. Meanwhile, Fraud Focus wonders whether more opportunities for fraudsters will be created if the scope of compulsory motor insurance is extended to the use of motor vehicles on private land.
Katie Marriner meets Flood Re CEO Brendan McCafferty. With just months to go until the scheme is expected to be operational, he gives Post a run-down of what he and his team need to achieve.
Despite recent terrorist attacks, the insurance market remains resilient, with losses in property damage and business interruption remaining low. However, what effect will the changes to Pool Re have? We find out.
The UK pet insurance market has exploded over the past few years and is expected to continue to grow. Katie Marriner looks at how insurance companies can build on this without falling prey to unscrupulous operators.
Finally, our legal update from former Law Commissioner David Hertzell explains the significant changes on the horizon when the Insurance Act comes into force.
Enjoy the read!
- Motor insurers paying out record £23m in claims every day
- Insurers warned a 'robust' system will be in place to monitor discount rate savings
- Relaunched insurer Folgate to write £35m in first year
- Polaris appoints Gallagher’s Vivek Banga as MD
- Staff at collapsed RIIG owed thousands in unpaid wages
- Blog: Who Monitors Wins
- Insured losses for the California wildfires could hit $13bn