Clear’s latest deal; JMG surpasses £300m GWP; Kane named Allianz ambassador

Friday Round Up

Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.

From Insurance Post this week

Vehicle damage claims drop following Welsh speed limit law

Key takeaways from the Liberal Democrat Manifesto for insurers

What insurers should know about the Conservative Manifesto

Mounting dissatisfaction with home insurance as premiums increase

Paddy Power pulls mention of Aviva from ‘fantasy’ Euro 2024 story

Jensten’s Hardie to wield axe on insurers with shoddy service

Brokers looking to non-standard for opportunity

From People this week

Big Interview: Alistair Hardie, Jensten Group

Video Q&A: Mind Foundry’s Selim Cavanagh

Diary of an Insurer: Clear Group’s Neil Grimes

Pick of the week

Clear Group buys credit insurance specialist Rycroft Associates

Deal value: N/A

Date announced: 11 June

Clear Group has bought the book and assets of Rycroft Associates and Inspire Credit Management.

Based in Lichfield, Rycroft supports UK & Europe businesses to obtain trade credit insurance products, facing whole of market. 

The number of insurance payouts to help businesses survive bad debts rose by 23% in the first half of 2023 – a five-year high, according to figures from Association of British Insurers.

The Rycroft business comprises a team of seven trade credit experts led by director Steve Parsons. The team will work closely with Clear’s UK, Ireland and Europe retail businesses to bring credit solutions to its commercial customer base and drive growth in this valuable capability. 

Rycroft currently controls £6.6m GWP.

Mike Edgeley, CEO of Clear Group, said: “Our deal with Rycroft exemplifies our continued strategy to support and invest in like-minded brokers with real sector expertise.”

Parsons added: “We are delighted to be joining the Clear Group and look forward to playing our part in its exciting growth journey.”

Allianz unveils growth plans in engineering inspection business

Deal value: N/A

Date announced: 11 June

Allianz Engineering Inspection Services has revealed plans to become the biggest engineer surveyor team in the UK, aiming to grow its engineering workforce to more than 800 in the next four years.

In line with its ambitions, Allianz is introducing a dedicated distribution team for inspection and consultancy services. 

This team will assist brokers in identifying new opportunities and effectively articulating Allianz’s selling propositions when exploring alternative providers.

Key changes include the establishment of a specialised engineering inspection distribution and trading team, which will become part of AEIS and sit alongside existing inspection teams under Graham Gibson, chief claims officer. 

Jonathan Oldfield will lead this team in the newly created role of head of distribution and trading, engineering inspection, reporting directly to Gibson but with a strong line into Allianz chief distribution officer, Nick Hobbs.

The new team will oversee a range of specialist functions, including a team of inspection business development managers led by Stuart Bell and Raj Poselay as distribution manager in the North and South respectively. The direct inspection team will be led by Chris Williams, with Simon Cuthbert leading the customer relationship management team.

Allianz will also appoint a UK operations manager to oversee and enhance service delivery to brokers from the inspection underwriting team. 

Jonathan Oldfield, head of distribution and trading, engineering inspection at Allianz, said: “The establishment of a dedicated distribution team for inspection and consultancy services, along with the appointment of a UK operations manager, reflects our dedication to driving growth and enhancing service delivery in the engineering inspection business.”

CFC launches carbon cancellation insurance

Deal value: N/A

Date announced: 11 June

CFC has announced its second insurance solution for buyers of voluntary carbon credits. 

CFC’s new Carbon Cancellation Insurance safeguards purchased carbon credits from financial and management risks in the event of cancellation or invalidation resulting from political risks such as regulatory change and weather events impacting carbon projects.

In addition, buyers are also protected from revocation of Article 6 transfer eligibility, as well as loss of eligibility under the Carbon Offsetting and Reduction Scheme for International Aviation rules.

It provides coverage for 100% of the purchaser’s investment, and also provides adverse media and crisis management support arising from a project invalidation event. 

George Beattie, CFC head of innovation, said: “While more and more businesses invest in the voluntary carbon market as part of their efforts to offset their carbon footprints, their stakeholders are looking for financial certainty on these investments.

“Our new carbon cancellation insurance delivers that certainty, and represents a further step forward by the insurance industry to facilitate risk transfer in order to help galvanise quality growth in the voluntary carbon market.”

And finally…

  • Allianz has revealed England football captain, and Bayern Munich striker, Harry Kane as a global brand ambassador.
  • RSA Insurance has appointed Alex Wright as senior partnership manager for MGA and schemes in its delegated business, part of RSA’s commercial lines business.
  • A new London Market committee has been established by the International Underwriting Association to review progress on the adoption of Blueprint II
  • Argenta Holdings Limited has named Niranjan Nathan as group chief risk officer – subject to regulatory approvals – assuming the role from Carol-Ann Burton, who will continue as group general counsel and compliance director. 
  • Send and hyperexponential have announced a partnership that integrates their technologies, providing a comprehensive pricing ecosystem for insurers, allowing users of hyperexponential’s pricing decision intelligence platform, HX Renew, to connect with Send’s underwriting workbench capabilities. 
  • AIG has met the requirements for the deconsolidation of Corebridge Financial for accounting purposes. 
  • Dale Underwriting Partners, the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has announced the appointment of Ian Bridge as active underwriter, subject to regulatory approval.
  • Jensten has acquired Hastings-based Chris Knott Insurance Consultants – subject to regulatory approval – bringing a team of 19 professionals and an additional £6.1m GWP to the business.
  • JMG Group has completed the acquisition of Executive Insurance Services and Gleaming Insurance this week, taking the group to a £300m premium income business with a team of over 600 colleagues across 31 UK offices.
  • The Lloyd’s Market Association has issued a revision to the market’s hull and cargo oil price cap wordings. The overhaul creates simplified clauses reflecting the changes to the oil price cap mechanism that have occurred since the original instrument was put in place.
  • Aventum Group has announced the appointment of Jeff Uden as its new head of learning & development.
  • The British Insurance Brokers’ Association has renewed its professional indemnity accredited broker agreement with Griffiths & Armour for a further three years.

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