For the record: Lemonade joins the ABI; Lexis Nexis expands to Ireland; Jensten acquires Bennetts

For the record

For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.

From Post this week

Analysis: Top insurtechs report combined £100m in losses and £200m in debt

BI claims roll on as law firm builds new case against Allianz

Disruption from automotive OEM’s ‘wildly interesting’: Guidewire’s Mullen

CII appoints chief digital and information officer following data breach

Matthew Wilson steps down as Brit group CEO


From people this week

Q&A: Lewis Cunningham, Claims Apprentice 2022 winner

Blog: Why fighting fraud doesn’t have to compromise the customer journey

60 Seconds With… Hannah Hendricks, Spotlite


Pick of the Week

Questgates announces acquisition of CP Adjusting

Date announced: 26 October

Deal value: Undisclosed

Questgates has completed its third acquisition of the year with the completion of its purchase of CP Adjusting. Following a number of new business wins over the past year which contributed to Questgates achieving record revenue levels, this acquisition cements Questgates’ position as the UK’s largest independent loss adjuster with a staff-base of over 400.

With offices in London and Bristol and led by managing director, David Croston, CP Adjusting provides property and liability loss adjusting, TPA services including risk management and surveying, predominantly to Lloyd’s and London market insurers.

Chris Hall, managing director of Questgates said: “I’ve known David for over 25 years and he and his team have established a great reputation in the Lloyd’s and London market. We’re ambitious to grow our presence further in these markets so bringing CP Adjusting under the Questgates banner is a significant step to helping us achieve that goal.”

CP Adjusting will be fully integrated into Questgates but will continue to operate under its existing brand. The management team will remain in their current roles and will become shareholders in Questgates.

CP Adjusting MD, David Croston, added: “The Questgates brand is synonymous with service and technical expertise, and that is what we are all about. Becoming part of the Questgates family whilst retaining our own brand will deliver mutual benefits to both businesses and more importantly an even more compelling proposition to insurers, underwriters, coverholders and brokers.

“It is business as usual, now with added depth and breadth of resource and expertise to enable CP Adjusting to move up a gear”.

The transaction has been completed without the need for external finance.


Deals/News of the Week


Gallagher acquires Doyle Mahon Insurances and rebrands Innovu

Date announced: 3 November

Deal value: Undisclosed

Gallagher has acquired Doyle Mahon Insurances, bolstering its presence in Ireland and demonstrating its commitment to growing its customer and employee base in the country. This follows Gallagher’s acquisition of Innovu in June this year, which it has now fully integrated and is being rebranded to Gallagher on 7 November, marking the firm’s first direct presence in Ireland.

Founded in 2009, by Pat Doyle & Colm Mahon, Doyle Mahon is a commercial and agriculture insurance broker based in Ardcavan. Terms of the transaction were not disclosed.

Clients will continue to have the same day-to-day contacts, for their individual business and insurance requirements, and will benefit from access to a larger suite of insurance products and services, plus the global buying power of Gallagher.

Ronan Foley, CEO of Gallagher in Ireland commented: “This is a great business with a well-established name in professional insurance broking built over the last 13 years. Its addition to Gallagher in Ireland recognises our continued expansion in the country and complements our overall national growth strategy.

“As the market continues to consolidate at pace, our ability to help smaller brokers grow and expand demonstrates why Gallagher is the partner of choice for brokers in Ireland. We remain on the lookout for further acquisitions which are the right fit for Gallagher while also continuing to grow our business organically. Over the next few years, we will establish Gallagher as the go-to broker in Ireland.”

Colm Mahon, director of Doyle Mahon Insurances added: “The Gallagher team share our values and its focus on great client service fits well with what we do best – looking after our customers. It is business as usual for our customers and they will continue to be supported by our excellent team in Wexford, however by becoming part of a global business we can further enhance our service and product offering.”

Michael Rea, CEO of Gallagher’s Retail Division, UK & Ireland, said: “It is fantastic to welcome the Doyle Mahon team to Gallagher. The business is a great fit with our existing operations in the country, and its location in Wexford will scale up our network further. The bringing together of the teams we now have in Ireland, coupled with the global scale and reach of Gallagher, gives us a great platform for further expansion.”



Aioi Nissay Dowa Europe partner with Toyota and Lexus Insurance

Date announced: 2 November

Deal value: Undisclosed

Motor insurance provider Aioi Nissay Dowa Europe is creating more than 150 new jobs in Newcastle to support its growing relationship with Toyota Insurance Services. The new roles are part of an on-going expansion of AND-E’s North Tyneside operating hub and will create a range of opportunities in customer services, claims management and specialist support functions for customers of Toyota and Lexus insurance products.

The expansion follows a decision by Toyota Insurance Services, a subsidiary of AND-E, to bring all telephone-based service and sales support for its UK business in-house to AND-E’s centre of excellence.

Jason Milton, managing director, Toyota Insurance Services commented: “This development gives Toyota, one of the world’s most respected and influential brands, its first business presence in the North-East beyond its retail network. We have worked with the AND-E team at North Tyneside for a number of years; their passion and enthusiasm made our decision to cement our position in the region an easy one.”

Warren Hetz, AND-E UK CEO added: “AND-E is part of one of the biggest and fastest-growing insurers you’ve never heard of – not yet anyway. We’ve been recognised as one of the best large employers in the UK insurance industry with numerous independent awards, alongside a top ranking for the past two years in the annual survey by Insurance Post. By deepening our relationship with Toyota here in the North-East, we will bring a huge range of opportunities for people to grow, build or start their careers afresh in a range of areas and in a business with a culture that genuinely cares.”


Jensten Group completes Bennetts acquisition

Date announced: 1 November

Deal value: Undisclosed

The Jensten Group has completed the acquisition of J Bennett & Son Insurance Brokers and its subsidiary, Mathews Comfort & Co, following final regulatory approval. The deal brings an additional 2,500 clients and 25 staff to the Jensten Group.

J Bennett & Son is based in High Wycombe and Mathews Comfort in Oxford. The combined broking business works primarily with commercial clients locally and has a life sciences and biomedical field specialism, in addition to solutions for hot air balloon owners.

Alistair Hardie, Jensten Group CEO commented: “Bennetts brings a strong team, additional specialisms and a focus on delivering for clients that closely aligns with our values. 

“This acquisition also underlines our belief that with the right support the future remains bright for independent brokers dedicated to serving their clients’ needs – which is good news for the wider insurance market, for insurers and most importantly, for customers.”


Insurtech funding roughly stable in Q3 as seed-funding appetite returns

Date announced: 31 October

Deal value: Undisclosed

$2.35bn (£2.09bn) of global Insurtech-sector investment was made in Q3 2022, just 2.5% down from Q2’s total, but the headline figure masks significant dynamics. Early-stage funding soared by 48.1% quarter on quarter, driven by the second-highest quarterly number of seed-funding deals ever. At the other end of the spectrum, P&C Insurtechs garnered $1.2bn in mega-round funding through investments of $100m or greater, double that of Q2, according to the latest quarterly Global Insurtech Report from Gallagher Re, the global reinsurance broker.

Despite the mega-rounds, average deal size fell 7.6% to $20.42m in Q3. The decline reflects the volume of early-stage funding; total deal count was up 6.1%, to 140 deals. The effect was most pronounced in L&H funding, which slid from $917.85m in Q2 to $579.19m in Q3. Deal size in that segment slumped 38.6% to $15.24m in Q3, averaged over 51 deals (compared to 40 in Q2). Total funding of P&C insurtechs was up 18.8% to $1.77bn. Reinsurers made 24 investments, pushing the market towards a three-year high for strategic funding in 2022.

Dr Andrew Johnston, global head of insurtech at Gallagher Re, said: “Third-quarter investments this year were made at a particular inflection point for the global insurtech sector. Pressure is mounting on those companies that sold the idea of endless growth to secure funds. The extent to which some founders truly believed they could grow their businesses (to the degree they were indicating) in our industry will always be a topic for discussion, but it seems very clear now that the era of rushed growth for growth’s sake at the expense of profitability is coming to a close.

“Hubristic rhetoric around ‘disruption’ is declining in sequence with the growing realisation that profitable carriers (no matter how ‘outdated’), intermediaries, and traditional markets are to be supported, not displaced. Genuine disruption has been extremely limited despite almost $50bn of global insurtech investment. Success has typically come only in areas where incumbents have been embraced and respected. Meanwhile, there’s increasing pressure on risk-originating insurtechs operating as MGAs to begin partaking in the process of retaining risk, which in practice makes them more like incumbents.”



MA Group acquires Chem-Dry U.K.

Date announced: 1 November

Deal value: N/A

MA Group has acquired the entire share capital of Chem-Dry UK through its subsidiary The Revival Group. The acquisition of Chem-Dry UK will complement MA Group’s existing disaster management services provided via Revival, which MA Group acquired in 2019, adding scale and expertise to its overall market offering.

Chem-Dry U.K. Limited is the disaster management arm of Chem-Dry and is separate to Chem-Dry Franchising, a company that provides textile cleaning services across the UK.

Chem-Dry UK is being rebranded to Revival Blue and its current franchisees are transitioning their disaster management services to a new ‘Licensed Model’ under the leadership of MA Group. This allows MA Group to merge the capacity of the existing Revival network with the additional Revival Blue capacity to create a market leading proposition for UK-wide fire, flood and escape of water disaster management. The directors of MA Group believe that combining Revival’s technical expertise and customer service excellence with Revival Blue’s extensive network of trained technicians will bring a “a better way” to the disaster management sector.

With the introduction of Trevor, MA Group’s predictive digital technology that puts the science back into drying, and its newly-expanded nationwide disaster restoration network MA Group is challenging the status quo and adding value to its clients and their customers.

Paul Hayman, CEO of MA Group said: “Our continued expansion into the restoration industry will bring huge benefits to our clients and their customers. Using Trevor and our newly expanded nationwide supply chains, we continue to develop “a better way” to manage property claims”.


Lemonade joins the ABI

Date announced: 31 October

Deal value: N/A

Lemonade has joined the ABI as its latest member, following the digital insurer’s launch in the UK.

Lemonade recently launched in the UK with its digital-first and instantaneous approach to contents insurance. As a Public Benefit Corporation and Certified B-Corp, Lemonade’s Giveback programme, where the company donates leftover premiums to non-profit organisations selected by its customers, will support local causes throughout the UK like equality, climate change, and poverty.

The insurance company joins around 200 insurance and long-term savings companies who are represented by the ABI, working together to share best practice, contribute to policy discussions and support a thriving insurance industry in the UK and internationally.

Hannah Gurga, ABI director general said: “Lemonade will provide a unique perspective to our shared endeavours and we’re looking forward to working with them as the company takes its first steps in the UK market.”

Sarvesh Ramachandran, UK country manager, Lemonade added: “This is an exciting milestone for our company, to be launching here in such a globally renowned market. We know how highly regarded the ABI is amongst the industry and within the UK’s regulatory regime, and we’re looking forward to joining forces with others across the industry to support our shared goals.”


Enterprise Rent-A-Car Looking For Nearly 2,000 New Employees Across The UK In Next 12 Months

Date announced: 31 October

Deal value: N/A

Enterprise Rent-A-Car will recruit 1,454 graduates across its regional network of 450+ rental branches located all over the UK over the next 12 months. It is also recruiting 450 undergraduates for 12-month industrial placements in retail, HR, revenue management, legal and marketing teams.

The campaign launches to support growing demand for vehicle rental in towns and communities across the UK looking for low-cost, low-emission and convenient motoring.

People can apply from any university, degree and attainment level. Enterprise recruits based on potential and is looking for people who can demonstrate customer service, teamwork and leadership skills.

Employees on placements can return to Enterprise after graduation and enter straight into a management role, having completed the training programme on placement. Management Trainees could become a Branch Manager within just two years.

With more than 450 branches across the UK, within 10 miles of 93.5% of the UK population, applicants can choose to start their Enterprise career anywhere across the country, both in cities and in smaller, more rural areas:

  • 544 jobs in London and the Southeast including Oxford, Harlow and at Gatwick Airport
  • 261 opportunities in the Southwest including Bristol, Gloucester and Cheltenham
  • 210 jobs in branches in the Midlands and Northwest including Hereford, Derby, and Macclesfield
  • 193 openings in the Northeast including Newcastle and York
  • 246 jobs in Scotland and Northern Ireland including Glasgow and Edinburgh

Graduates who join the company’s award-winning Management Training Programme rapidly gain valuable experience across all areas of business management. This includes customer service, operations, sales, marketing and finance, in an entrepreneurial culture that empowers trainees by giving them real responsibility early in their career.

Ashley Hever, Enterprise’s talent acquisition director, said: “The Management Training Programme is the starting point to long term careers at Enterprise that can take people to the very top of the business. Most of our country heads started their career as a management trainee, and so did I. Once you’re on board, the sky’s the limit.

“This programme is an outstanding opportunity to develop the real-world skills and experience that this year’s graduates may feel they need, as their university years included long periods of remote learning. If you’ve got a degree and the entrepreneurial drive to take responsibility and be a leader, come and say hello to us at one of our events.”


Nexus expands to Dubai with acquisition of Spectrum Risk Management

Date announced: 1 November

Deal value: N/A

Nexus is expanding its operations to the MENA region with the acquisition of a majority stake in Spectrum Risk Management marking the launch of its Dubai platform.

Spectrum is a specialist MGA headquartered in Dubai focusing on underwriting marine and property insurance and reinsurance.

This acquisition will be Nexus’ 16th MGA acquisition since formation in 2008 - and the 25th acquisition for Kentro Capital Group.

Spectrum is led by Michael Darby who has in excess of 40 years’ experience in the reinsurance industry and oversees the marine proposition. Andrew Crampton leads the property portfolio with over 25 years’ underwriting experience in the class, including previous senior positions with Swiss Re and Lloyd’s syndicates.

The Spectrum Management team will continue to run the business as normal post-transaction while maintaining an ongoing minority stake in the business.

The completion of the acquisition remains subject to certain consents and conditions, and post-acquisition Spectrum plans to transition to the Nexus brand,

Colin Thompson, CEO Kentro Capital & CEO Nexus Underwriting, said: “This acquisition celebrates another landmark in Nexus’ vision of becoming a leading international specialty MGA including our entry now into Dubai and the broader Middle East region. With Nexus’ institutional support sitting behind Spectrum’s management team and high growth track record, we see a clear opportunity to build a Nexus Dubai business underwriting in excess of $50m in gross written premium.”

Michael Darby, founder and managing director of Spectrum, added: “We believe that our product lines and presence within the MENA and Asia Pacific market fits perfectly with their established portfolio. Spectrum’s underwriting philosophy, technical expertise and relationships with our capacity providers as well as markets will remain fundamental going forward. In addition, our valued clients and partners will have access to the Nexus platform with its obvious benefits as we enter the next exciting phase of Spectrum’s growth.”



And finally:

  • Lexis Nexis Risk Solutions Insurance has expanded into the Republic of Ireland. Driven by requests for greater choice and scale from the Irish market, Lexis Nexis will deliver solutions to support more accurate underwriting and pricing, streamline claims’ processes, help reduce fraud and improve the customer’s experience when they are buying or renewing a policy.

  • Sam Rix has joined Markel’s underwriting team from Chubb as technical underwriting manager – technology, and will be responsible for the profitable and sustainable growth of Markel UK’s technology product lines, a key sector in Markel’s growth plan.

  • Apollo Group has appointed Sian Hill as independent non-executive director of Apollo’s managing agency board.
  • Chaucer has appointed Piers Tuggey as head of cyber. Tuggey joins from Axa XL, where he spent four years, most recently as head of cyber.

  • Canopius Group has launched the ‘Canopius Tech & Data Hub’ in Manchester. Technology and data services have increasingly become a fundamental part of Canopius’ offering. To continue this momentum, the business has recognised that now is the ideal time to establish a centre within Manchester, wholly focused on technology and data.

  • Lockton has appointed Robert Rechtern as head of accident & health, sports and contingency within the Wholesale Property & Casualty division. In his role, Rechtern will be responsible for maintaining the growth of the business’ leading Accident & Health, Sports and Contingency books in close collaboration with Lockton’s US and International offices and partners.

  • First Underwriting has announced the appointment of Gemma Stanley as operations director. Following a prolonged period of profitability, First Underwriting has created this new position to support further business growth and ensure the delivery of outstanding service.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

What happens now on the OIC landscape post-Rabot?

After the Supreme Court rejected the insurer-led appeal against its decision on the first two cases of mixed-injury claims involving both whiplash and non-whiplash injuries, the Association of Consumer Support Organisations’ director Matthew Maxwell Scott asks: What's next?

What the future holds for AI regulation

Striking the right balance between regulatory intervention and industry autonomy is crucial to realising the full benefits of artificial intelligence while ensuring ethical, accountable, and inclusive practices within the insurance sector, argues Nutan Rajguru, Verisk UK's head of analytics.

You need to sign in to use this feature. If you don’t have an Insurance Post account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here