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Brand of the bonfire
Last Christmas saw RSA bosses say goodbye to personal lines by allowing Admiral to buy their book of business just before Big Ben bonged to mark the start of 2024. This year, in a move bound to leave insurance industry historians in tears, RSA’s parent Intact has decided both the RSA and NIG brand names are no longer special. Both brands will be dropped next year, to be replaced by the branding of parent company, Intact, Insurance Post’s news editor Scott McGee exclusively revealed this month. Intact are clearly thinking a new year requires a new look. A wise move? Only time will tell. Exits (and a promotion) at Allianz
At Allianz, several senior figures clearly feel a new year should mean new colleagues. Managing director of Allianz Commercial Nadia Côté announced she was leaving to take on the role of CEO of Europe for RSA. Côté, who only joined Allianz in 2022, rose to the top when the broker-facing propositions of Allianz Commercial and AGCS were brought together. Côté took the reins of the joint business, replacing Simon McGinn. Hot on her heels, HDI Global announced Allianz Commercial’s Tom Major is the latest to jump ship. Major, who has been at Allianz for 12 years, will join HDI as chief claims officer for the UK and Ireland in February. The pair are the latest in a long line of executive exits from Allianz that spans the last two years. In October, Post revealed the insurer’s head of counter fraud, James Burge was Hiscox-bound. The month before, David Carey announced he was to leave the insurer after less than two years to become managing director of Ecclesiastical’s intermediary business. However, incumbent MD for specialty Kieran O’Keeffe’s decision to retire at the end of the year saw Isabella Von Mesterhazy promoted to that role. She will start in the position on 1 December. New year, new shape
Rather than wait until the start of a new year to get in shape, Direct Line Group bosses announced this month that a consultation process had kicked off with the aim of cutting about 550 roles by the end of 2025. The job cuts, along with “series of initiatives aimed at simplifying the organisation” is predicted to bring about £50m of gross cost savings next year. The news of a leaner Direct Line came after Esure’s lead delivery manager Laura Thom announced at a conference that her company made jobs cuts among long-serving, frontline colleagues during its transformation programme at the start of this year. Her comments came as Esure’s name appeared once again in the headlines when consumer watchdog Which? named and shamed the home insurer for a claims acceptance rate of 40% to 45% for buildings-only cover. A spokesperson for Esure said some companies record and report data differently, leading to “inconsistency” with regards to acceptance rates. What to listen to
Before swiftly devouring that selection box Santa Claus delivers, and repenting at leisure, I recommend listening to Post’s Podcast on life sciences insurance. Personalised medicines, weight loss injections, plus people bypassing doctors to access the latest miracle drug online are examined by Ed Hunter, life sciences broking leader at WTW, and Tim Galloway, QBE Europe’s portfolio manager for life sciences. The pair discuss the impact off-label drug use and accessing medication via online pharmacies are having on the life science insurance market. Essential listening before you look at your waistline after Christmas and start Googling: How to get slim. Emma Ann Hughes Editor of Insurance Post Newsletters recommended for you
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