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General Insurance newsletter Friday 18th October 2024

Insurance News2024 Insurance M&A trends - M&A activity has risen this year, driven by industry convergence, embedded insurance, and alternative capital, despite cyber risks and regulatory scrutiny. Opportunities remain strong for strategic acquisitions, but what does the upcoming budget announcement mean for M&A and restructuring? (IDEX Consulting news, '2024 Insurance M&A outlook')Marine, Transportation and Aviation talent market - Demand for skilled producers and technicians remains high, with companies seeking to attract talent through incentives like long-term incentive plans and equity deals. Counter-offers continue to be an influencing factor as employers use it as a tactic to retain workers. The sector is becoming more reliant on technology and AI, especially among Insurtech firms, creating new opportunities but also challenges. Succession planning and upskilling younger professionals are crucial, with a focus on soft skills. (IDEX Consulting news, '2024 Marine and transportation market outlook')IDEX instrumental in Noble Insurance acquisitions - IDEX's M&A expertise has been pivotal in Noble Insurance Group's strategic acquisitions, allowing them to accelerate their growth strategy and boost overall performance. By focusing on integrating technology and strengthening customer relationships, businesses can optimise their sales processes and drive growth. (IDEX Consulting news, 'IDEX instrumental in Noble Insurance acquisitions')Neurodiversity recruitment: how neuro inclusive are you? - Organisations can improve neurodiversity inclusion by adopting tailored hiring processes, providing training for recruiters, and creating supportive workplace environments with necessary accommodations. Ensuring flexibility, clear communication, and mentorship can help neurodivergent individuals thrive. By prioritising these strategies and leveraging the diverse perspectives that neurodivergent talent brings companies can enhance their innovation and productivity. (IDEX Consulting news, 'Neurodiversity recruitment: how neuro inclusive are you?')The UK insurance sector is competitive, but growing revenues prove that the leading brokerages have responded to the challenge. It has been a successful year for insurance agents and brokers across the UK, as the 2024 market size is estimated to be £20.5 billion. Insurance Businessrecognises the best insurance brokerages in the UK that are increasing their revenues and attracting more clients with their renowned service and deep levels of expertise. (Insurance Business UK, 17/10/2024, Insurance Business, 'Introducing 2024's best insurance brokerages in the UK')In a joint appeal to European Commission President Ursula von der Leyen, Insurance Europe and nine other consumer, industry, and mobility associations have called for swift legislative action on access to vehicle-generated data. “A persistent barrier to competitiveness continues to exist in the European data-driven vehicle services market,” the coalition noted in a letter to von der Leyen. (Insurance Business UK, 17/10/2024, Terry Gangcuangco, 'Insurers call for swift action on vehicle data access')The International Insurance Society (IIS) has announced the finalists for the 2024 RGA Leaders of Tomorrow award, a global mentorship initiative aimed at identifying emerging leaders in the insurance and risk management sectors. The finalists were chosen from a group of mentees who conducted original research on key industry issues, with a panel of insurance executives evaluating their work for its practical relevance and innovative solutions. (Insurance Business UK, 17/10/2024, Kenneth Araullo, 'IIS announces finalists for 2024 RGA Leaders of Tomorrow Award')AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) for Stonefort Reinsurance SA, a Luxembourg-based subsidiary of HOCHTIEF Aktiengesellschaft. HOCHTIEF, a major construction firm headquartered in Germany, is majority owned by ACS, Actividades de Construcción y Servicios, SA. The outlook for these credit ratings remains stable. (Insurance Business UK, 17/10/2024, Kenneth Araullo, 'Stonefort Reinsurance's A- rating affirmed by AM Best')Marsh McLennan has reported its financial results for the third quarter ending September 30, 2024. The company reported consolidated revenue of US$5.7 billion for the period, a 6% increase from the same time threshold in 2023. On an underlying basis, revenue grew 5%. Operating income rose 11% to US$1.1 billion, while adjusted operating income, which excludes certain items, increased 12% to US$1.2 billion. (Insurance Business UK, 17/10/2024, Kenneth Araullo, 'Marsh McLennan reveals Q3 results')Born between 1996 and 2010, Generation Z is the first generation to grow up with the internet. Shaped by the digital age, climate anxiety, a turbulent financial landscape and COVID-19, a recent report from McKinsey and Company outlined the unique characteristics of this generation– and what sets it apart from those who came before. (Insurance Business UK, 17/10/2024, Mia Wallace, 'Meeting the needs of Gen Z insurance customers head-on')Pen Underwriting has relaunched its cyber insurance offering for large corporate clients, marking its return to providing primary cover for this market segment. The new proposition includes a comprehensive overhaul, doubling the excess of loss (XOL) limit and broadening the company’s risk appetite. (Kenneth Araullo, 17/10/2024, Insurance Business, 'Pen Underwriting relaunches cyber insurance for large corporate clients')Alister Campbell, Chief Executive of Canada’s Property and Casualty Insurance Compensation Corporation (PACICC), has announced the release of the second edition of itsGlobal Failed Insurer Catalogue (GFIC), a comprehensive report detailing the failure of 568 insurers across 57 jurisdictions since 2000. (Insurance Business UK, 17/10/2024, Terry Gangcuangco, 'Insurer failures catalogued in new report')A recent survey by The Green Insurer has revealed that 36% of motorists would be more likely to switch from petrol or diesel vehicles to electric cars if the 12% Insurance Premium Tax (IPT) on car insurance for electric vehicles were to be removed. (Insurance Business UK, 17/10/2024, Kenneth Araullo, 'IPT removal could drive more motorists toward electric vehicles – survey')Quoted van insurance premiums have started to decline, though they remain 9.5% higher year-on-year as of the end of September, according to the latest data from the Consumer Intelligence Van Insurance Price Index. Despite a recent downward trend, prices are still elevated compared to the same period last year. (Insurance Business UK, 17/10/2024, Kenneth Araullo, 'Revealed – latest van insurance premium rates')Mergers and AcquisitionsAmbac Financial Group, Inc. announced that its shareholders have approved the proposed agreement for the sale of its legacy financial guarantee businesses. At a special meeting, shareholders voted in favour of a transaction where funds managed by Oaktree Capital Management, LP will acquire Ambac Assurance Corporation and Ambac Assurance UK Limited. (Kenneth Araullo, 17/10/2024, Insurance Business, 'Ambac shareholders approve sale of legacy businesses to Oaktree Capital')MoversClare Lebecq, the former Chief Executive of the London Market Group (LMG) who most recently served as Group Chief Operating Officer at Specialist Risk Group (SRG), is moving to independent (re)insurance broker Miller on December 2. (Insurance Business UK, 17/10/2024, Terry Gangcuangco, 'Lebecq heads to Miller')Cyber risk solutions provider Resilience has brought in Matthew Polly to serve as Chief Revenue Officer. Polly, an experienced industry leader and former Vice President of sales atCrowdStrike, will be responsible for overseeing and expanding the company’s revenue initiatives, working closely with Resilience’s executive leadership to drive growth. (Insurance Business UK, 17/10/2024, Terry Gangcuangco, 'Resilience brings in CrowdStrike alum Polly')Global claims services provider McLarens has appointed Alistair Jacob as its first-ever Head of London International. In the newly created role, Jacob will oversee the firm’s expanding presence in the Lloyd’s and London insurance markets, operating from McLarens’ Lime Street office. (Insurance Business UK, 17/10/2024, Terry Gangcuangco, 'McLarens hires first-ever London international head')Aon has appointed Stephen Hofmann as US CEO and Kevin Traetow as US Vice Chairman of its reinsurance solutions division, both previously US Co-Presidents since 2021. In other news, Aon named Emma Crookes, former Head of the UK’s insurance vertical, as Global Head of its insurance vertical division, where she will enhance the client leadership model and join the global growth committee of Reinsurance Solutions. (Kenneth Araullo, 15/10/2024, Insurance Business, 'Aon establishes new leadership roles in US reinsurance solutions')Sprout.ai has appointed Ian Thompson, former Group Chief Claims Officer at Zurich, to its growth advisory board, leveraging his 30+ years of experience in AI-driven solutions, digital transformation, and claims management to enhance innovation and customer experience in insurance claims. Thompson previously led 8,500 claims staff across 200 markets at Zurich and held senior transformation and operational roles at RSA, focusing on AI-driven solutions and digital transformation. (Terry Gangcuangco, 16/10/2024, Insurance Business, 'Zurich alum Thompson to boost growth at Sprout.ai'All information provided in this Market Digest has been gathered from Insurance Business and IDEX Consulting.

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How Much Can Law Firm Partners Earn?

Whether you’re a graduate looking to take your first step in your law career, or you’re a Paralegal, Solicitor or Associate who's ready to move up the ladder, you’ve probably dreamed of making Partner one day. For many working in Law, it’s the pinnacle of their career. Whilst becoming a Partner (hopefully) won’t be as dramatic as that of Harvey Specter or Louis Litt, it takes a lot of time and hard work to get there. At IDEX Consulting, we work with individuals at all stages of their careers who aspire to become a law firm Partner, so we thought we’d answer some frequently asked questions we often get asked. What does a law firm partner do? Partners sit at the top of a law firm and have the final say. They are top-level decision makers - in some instances, the company is named after the Partners directing the firm. As professionals advance in their career, if they’ve added significant value to the business and shown their commitment, they can become a named or silent Partner. There are several different types of Partners, all of which can influence how much they earn.Different types of law firm partnersSalaried PartnerSalaried Partners earn an agreed salary which means their earnings aren’t tied to the company’s profits. In most instances, salaried Partners don’t have capital invested in the firm and they may not always have voting rights. Depending on the region, years of experience and type of firm, Partners can make anywhere between £70,000 - £200,000.In a London City firm, Partners with 7 years + experience can earn £160,000+ In a New York firm, Partners with 7 years + experience can earn £300,000+ In a Mid Atlantic firm, Partners with 7 years + experience can earn £200,000+In a West End firm, Partners with 7 years + experience can earn £150,000+In a Magic Circle firm, Partners with 7 years + experience can earn £450,000+For more information on salary figures access our 2024 Legal Salary, Benefits and Skills Guide. Fixed-share equity PartnerIn most instances, a fixed-share equity Partner has smaller amounts of capital invested in the business, and has some voting rights. A fixed-share or full equity Partner’s income is based solely on the profits of the firm. Full equity PartnerA full equity Partner’s income comes from the firm’s profit and has full voting rights. They almost always have a large amount of capital invested in the business. In most instances, salaried and fixed-share Partners work their way up to full equity. Full equity partners have typically demonstrated their ability to build a sustainable and profitable client portfolio. Unsurprisingly, full equity partners are almost always the most senior and influential partners within a practice, and have full voting rights.If you’re working in legal and you’re aspiring to become a Partner, it's always helpful to get some career advice to help you meet your goals. If you'd like some guidance or just some intel on the legal market, contact one of our IDEX Legal consultants.

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General Insurance newsletter Friday 11th October 2024

Insurance NewsWhy mental health should be a priority for businesses - With World Mental Health Day this week, businesses should prioritise mental health to reduce stress and burnout, while boosting productivity. Open communication, flexible work, and leadership support can foster a healthy work culture, improving employee well-being and overall company success. (IDEX Consulting news, 'Why mental health should be a priority for businesses')Advance your career as an Insurance Underwriter - To advance your career as an insurance underwriter, focus on developing analytical skills, staying updated on industry trends, and embracing new technologies like AI., networking, gaining certifications, and seeking mentorship can also help expand your expertise and visibility in the field. (IDEX Consulting news, 'Advance your career as an Insurance Underwriter')7 tips to negotiate your pay rise - To negotiate a pay rise effectively, research market salaries, build evidence of your value, and practice your pitch. Schedule a meeting, approach it calmly, and be prepared to negotiate beyond just pay. Networking and self-advocacy are key steps in advancing your career. (IDEX Consulting news, '7 tips to negotiate your pay rise')Sustainability: how to win clients, talent and customers - To attract clients, talent, and customers, businesses must embrace sustainability by integrating eco-friendly practices, staying ahead of regulations, and showcasing their commitment to social and environmental responsibility. This approach not only strengthens brand reputation but also drives long-term growth. (IDEX Consulting news, 'Sustainability: how to win clients, talent and customers')Brokerbility has launched a new end-to-end cyber insurance proposition for its broker members, partnering with CFC, Coalition, and Optimum Specialty Risks to address cybercrime threats, while integrating Infoprotect for enhanced risk management services. (Terry Gangcuangco, 11/10/2024, Insurance Business, 'Brokerbility reveals new cyber proposition')Brokerslink has added two new affiliates: Inclusive Guarantee, a specialist broker in West Africa focusing on agricultural risks and microinsurance, and Polygon, a Swedish leader in property damage restoration with operations in 19 countries, enhancing its ability to provide specialised insurance and risk management solutions across diverse markets. (Jonalyn Cueto, 10/10/2024, Insurance Business, 'Brokerslink expands global network with two new partners')The Asia-Pacific high-net-worth (HNW) market is a key growth area for insurers, with Swiss Re Institute insights revealing strong optimism driven by economic recovery and entrepreneurial activity. APAC, holding 30% of global HNW financial wealth, is second only to the Americas, with insurers targeting double-digit growth in this segment over the next two to five years. (Kenneth Araullo, 9/10/2024, Insurance Business, 'Swiss Re highlights growth potential in APAC's HNW insurance sector')Beazley, Munich Re, and Gallagher Re have released a white paper and model assessing cyber insurance's accumulation risk from extreme malware events. The new model, developed through a year-long collaboration, estimates systemic losses using three distinct malware scenarios applied to a synthetic portfolio, addressing gaps in current models that often overlook standalone cyber policy risks. (Kenneth Araullo, 9/10/2024, Insurance Business, 'Beazley, Munich Re, Gallagher Re unveil cyber risk model for malware events')WTW has partnered with Keylane, a Netherlands-based policy administration system provider, to enhance real-time pricing and speed up time to market by integrating WTW's Radar pricing software with Keylane's Axon insurance platform. Keylane will join WTW’s Insurance Technology Partner Network, and both companies plan to develop an accelerator to streamline integration, enabling insurers to deploy rates faster, lower operational costs, and improve customer service. (Kenneth Araullo, 9/10/2024, Insurance Business, 'WTW and Keylane accelerate insurer rate deployment with new integration')OneBefore has launched Income Interruption, an insurance product designed to protect individuals from income loss due to sickness or accidents, developed in partnership with digital broker Superscript; it offers customisable coverage for SMEs, contractors, and the self-employed, featuring weekly payments during illness, lump-sum payouts for permanent disability or death, and daily benefits for hospitalisation. (Kenneth Araullo, 9/10/2024, Insurance Business, 'OneBefore unveils flexible income protection for small businesses')SSP Broker has launched eight insurer schemes in eight months, with plans for twelve more, including Aviva's Commercial Vehicle and Household lines and Markerstudy's Private Car offering; this growth underscores its commitment to providing brokers with diverse options and leveraging its Insurer Hosted Pricing (IHP) platform for real-time access to competitive rates and underwriting rules. (Kenneth Araullo, 8/10/2024, Insurance Business, 'SSP Broker launches eight insurer schemes in eight months')Simply Business has added Markel UK to its insurer panel to offer contractors combined insurance for companies with at least 10 employees and £750,000 in minimum turnover; UK Commercial Director Ruth Owen highlighted Markel's customer service and expertise in the SME sector as key to expanding Simply Business’s product offerings for larger businesses, following significant growth in their customer base since 2005 and a focus on addressing the needs of scaling companies. (Terry Gangcuangco, 8/10/2024, Insurance Business, 'Simply Business adds Markel UK to insurer panel')Mergers and AcquisitionsThe Ardonagh Group has completed its acquisition of PSC Insurance Group following Australian Federal Court approval, merging PSC’s operations in Australia and New Zealand with The Envest Group to create a leading privately owned insurance distribution player with A$3.3 billion in gross written premiums annually, led by CEO Greg Mullins. (Daniel Wood, 11/10/2024, Insurance Business, 'Ardonagh announces completion of PSC acquisition')Duck Creek Technologies has acquired Toronto-based Risk Control Technologies, integrating its RiskHub platform into Duck Creek's software-as-a-service suite to enhance underwriting accuracy, streamline claims processes, and reduce risk exposure. (Terry Gangcuangco, 11/10/2024, Insurance Business, 'Duck Creek swoops for Risk Control Technologies')Bridge Specialty International, the international arm of Brown & Brown’s wholesale brokerage, has acquired Singapore-based broker Acorn International Network. Founder and CEO David Ong, with nearly five decades of experience, will continue to lead Acorn, which has been operating since 2011 under the Monetary Authority of Singapore. “This acquisition establishes us in the Singapore insurance market, further expanding our Asia presence and enabling us now to build a leading wholesale and specialty hub in the region,” said Tim Coles, CEO of Bridge Specialty International. (Terry Gangcuangco, 10/10/2024, Insurance Business, 'Brown & Brown unit completes key deal')Optio Group has made a strategic investment in the Italian MGA Heca S.r.l., aligning with its European expansion plans. Established in 2010, Heca offers a range of products through a digital platform and is known for its proprietary customer relationship management system and blockchain-based policy verification service. This investment, following Optio's recent acquisitions in Europe, aims to enhance growth opportunities by integrating Heca's technology with Optio's operations. (Kenneth Araullo, 9/10/2024, Insurance Business, 'Optio invests in Italian MGA Heca to boost European growth')Research from WTW’s Quarterly Deal Performance Monitor indicates that large transactions have fueled M&A activity in 2024, with confidence rising among dealmakers despite geopolitical challenges; 46 deals valued over $1 billion were completed in the last three months—a 31% increase from 2023—while megadeals over $10 billion rebounded to 13, although the total number of deals over $100 million declined from 188 in Q4 2023 to 157 in Q3 2024. (Kenneth Araullo, 8/10/2024, Insurance Business, 'Large transactions drive 2024 M&A activity, says WTW research')Towergate Health & Protection, part of Ardonagh Advisory, has acquired Benefiz Limited in Devon, enabling it to offer employee benefits to small and mid-sized businesses; Benefiz, which designs and implements benefits packages managed through an online platform, will operate under Towergate Health & Protection, expanding the adviser’s service portfolio, particularly in pensions support. (Terry Gangcuangco, 8/10/2024, Insurance Business, 'Towergate Health & Protection acquires Benefiz')MoversMarkel has appointed Stacey Hinton as Senior Underwriter and Head of Jewellers Block within the specie team, overseeing the growth and profitability of the international portfolio, bringing nearly 20 years of insurance experience from roles at Convex Insurance, Fidelis Insurance, and Tysers. (Terry Gangcuangco, 11/10/2024, Insurance Business, 'Hinton joins specie team at Markel')AXIS Capital has named Sam Flitman as London Head of Ceded Re, effective Q1 2025; Flitman, with over 16 years of experience, including roles in the UK, Bermuda, and Asia, previously served as Chief Risk Officer for AXIS Managing Agency and held senior positions at global firms like PwC and RenaissanceRe. He will oversee the London portfolio. (Jonalyn Cueto, 10/10/2024, Insurance Business, 'AXIS Capital taps Flitman for London Ceded Re role')Munich Re Specialty will enter the Spanish commercial insurance market in 2025, with a new Madrid office led by Gianluca Piscopo, who joined in 2024 with extensive leadership experience at companies like Chubb and AIG, and Miguel Peces, previously Head of Underwriting at Hiscox Spain. The move aligns with Munich Re's European expansion strategy. (Camille Joyce Lisay, 10/10/2024, Insurance Business, 'Munich Re Specialty enters Spanish insurance market')Markel has appointed Jack Eastwood as Senior Underwriter for cyber, effective immediately. Eastwood brings over 13 years of experience, having previously served as Team Leader for cyber & technology at AIG, following earlier roles as a Financial Lines Underwriter and Broker at Griffiths & Armour. (Terry Gangcuangco, 10/10/2024, Insurance Business, 'Eastwood joins Markel's London cyber team')ISC Group, a global network advancing women in re/insurance, has appointed Carmen Powell as CEO. Powell, previously interim Managing Director, brings experience from Hiscox, the Chartered Insurance Institute, and the World Bank Group. She will lead ISC’s mission to accelerate women's leadership in the industry, with over 10,000 members and 100 global business partnerships. (Kenneth Araullo, 9/10/2024, Insurance Business, 'Carmen Powell named CEO of ISC Group to drive gender equity in re/insurance')Admiral Group announced that Cristina Nestares will step down as UK insurance CEO, with Alistair Hargreaves, the current Deputy CEO since 2022, set to take over pending regulatory approval; Nestares, who joined Admiral in 2005 and led the UK unit since 2016, successfully navigated the business through the COVID-19 pandemic, while Hargreaves has been with the company since 2008, previously serving as COO and overseeing operations, claims, and product diversification. (Terry Gangcuangco, 09/10/2024, Insurance Business, 'Admiral Group gets new UK insurance CEO')Price Forbes Re has appointed Brian Cole as Executive Vice President and Head of Financial Lines to expand its US market offerings; based in Boston, he brings over 30 years of reinsurance experience from senior roles at Gallagher Re, Lockton Re, and Guy Carpenter, and will collaborate with North America CEO Patrick Rastiello. (Kenneth Araullo, 8/10/2024, Insurance Business, 'Price Forbes Re appoints Brian Cole as EVP, head of financial lines')Gallagher has announced the appointment of three experienced leaders to enhance its upstream energy business: Darren Jones as an Executive Partner, bringing over 20 years of energy broking experience from Miller, Marsh, and Lockton; Ian Curtin, joining later this month as an Executive Partner with 50 years of insurance experience from Miller, Marsh, Lockton, and Sedgwick; and Daniel Stobart, set to join in early 2025 as a Partner and Account Executive, previously with Marsh and JLT’s Marine and Energy practice. (Mia Wallace, 8/10/2024, Insurance Business, 'Gallagher bolsters energy team with trio of hires')Insurance Europe has appointed Thea Utoft Høj Jensen as its new Director General, taking over from Michaela Koller on November 4; Jensen, who brings nearly 20 years of experience in financial services and European affairs, previously served as Senior Managing Director and Financial Services Head at FTI Consulting in Brussels and has worked in both the private sector and the Danish government. (Terry Gangcuangco, 8/10/2024, Insurance Business, 'Insurance Europe gets new director general after 18 years')Berkshire Hathaway Specialty Insurance (BHSI) has appointed Thomas Pache to lead its newly launched professional indemnity (PI) and cyber insurance lines in the DACH region, leveraging his 30+ years of insurance experience to provide solutions for the IT and software sectors; Kim Schumacher, with nearly 20 years of industry experience, has been named Senior Property Underwriter, focusing on expanding BHSI's property business in Germany, particularly within the Mittelstand segment, drawing on her extensive background in underwriting and risk management. (Kenneth Araullo, 7/10/2024, Insurance Business, 'BHSI expands in DACH region with new PI and cyber insurance lines')Aon has appointed Paul Schultz as Global Vice Chair of reinsurance solutions and Richard Pennay as CEO of Aon Securities; Schultz, who has led Aon Securities for over two decades and expanded the insurance-linked securities (ILS) market, will collaborate with Pennay, the current CEO of ILS, to deliver capital solutions that optimize clients' risk transfer strategies. (Kenneth Araullo, 7/10/2024, Insurance Business, 'Aon announces Paul Schultz as global vice chair of reinsurance solutions')Markerstudy Group has appointed Emma Rawlinson as its new Chief Investment Officer, a newly created role; Rawlinson, who joined Markerstudy following its acquisition of Atlanta earlier this year, will report to Group CEO Kevin Spencer. With a career beginning at Deloitte, she served as CFO at NorthEdge Capital LLP and transitioned to the insurance sector in 2018, holding senior roles at Swinton and becoming CEO of Atlanta in 2021 after its acquisition by Ardonagh. Following Markerstudy’s acquisition of Atlanta, she was the Chief Operating Officer of Markerstudy Distribution. (Kenneth Araullo, 7/10/2024, Insurance Business, 'Markerstudy Group names Emma Rawlinson as new chief investment officer')All information provided in this Market Digest has been gathered from Insurance Business and IDEX Consulting.

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Why mental health should be a priority for businesses

It’s estimated that at least one in seven people will experience a mental health problem at work and with mounting pressures in today’s current economic climate, this could set to increase (Mental health foundation: Mental health at work statistics). With the current cost of living crisis, the rise of e-presenteeism and risk of burn out due to virtual working, and social isolation, it’s no surprise that cases of anxiety and depression are rising. A recent survey conducted by ONS assessed the association between depression and the current cost of living and found that rates of depression were unsurprisingly higher among those who struggled to afford rising housing costs and energy bills. In fact, “around 1 in 4 (27%) adults who reported difficulty in affording their rent or mortgage payments had moderate to severe depressive symptoms; this is around two times higher compared with those who reported that it was easy (15%)” (ONS: Cost of living and depression in adults). In addition to social and financial pressures, work strain has concerningly been cited as the most common cause of stress across the UK. Research conducted by Champion Health highlighted that 79% of respondents in a Statista survey said they frequently felt work-related stress and 74% of people feel so stressed they have been overwhelmed or unable to cope (Champion Health: Stress statistics UK: 2023). Long working hours and the need to ‘always be present’, especially when working remotely, have largely contributed to poor mental health. Deloitte’s report found that 61% of people surveyed left their job because of poor mental health, with young people most likely to leave(Deloitte: Poor mental costs UK employers up to £56 billion a year).The consequences of poor mental health can be severe, especially if left untreated. Not only will it affect physical health but also have an impact on relationships, cognitive ability and quality of life overall. There is also a financial impact for businesses, with unsupported cases resulting in high absenteeism and attrition. According to the Mental Health Foundation, “evidence suggests that 12.7% of all sickness absence days in the UK can be attributed to mental health conditions” and is estimated to cost an employer £1652 per employee, per year (Mental Health Foundation: Mental health at work statistics).With this in mind how can employers mitigate this risk and support their employees’ mental wellbeing?We spoke to Matt Green, Founder and CEO of IDEX Consulting to get his perspectives and to understand the steps IDEX is taking to support their people.“We have a responsibility to make wellbeing a strategic priority and put measures in place to prevent employees from becoming overworked and overwhelmed in the first place. At IDEX we have an open forum where we encourage people to talk freely about their feelings and needs, so we can create a productive environment which sets people up for success. This, combined with support systems such as, the Employee Assistance Programme, Occupational Health services and our health providers who offer a number of wellbeing solutions, means we can provide the right level of support.In addition to this, we’ve also just launched our new charity partner, Papyrus (Prevention of Young Suicide) dedicated to supporting positive mental health in young adults. We collectively decided on this as a business, to proactively help our local communities across the UK and I’m really looking forward to seeing what we’ll achieve.”A study conducted by MIND, discovered that “56 of employers said they’d like to do more to improve staff wellbeing but don’t feel they have the right guidance” (MIND: Taking care of your staff’s mental health). We share some advice below.Create a culture of communication and transparencyEncourage open conversations about mental health and the support available to ensure people feel comfortable talking about their needs, challenges and worries. Even if you think you have promoted support tools and help available, do it again. Qualtrics, data analysis research company, found that employees were 23% more likely to experience a decline in their mental health due to a lack of communication with their manager. The survey also found that nearly 40% of employees said that no one had asked if they were OK or happy at work (Harvard Business Review: 8 ways managers can support employees’ mental health). It’s also important to be transparent about business changes and updates to ensure people feel part of the strategy and understand how their work is contributing to wider success. Proactively assess employee mental wellbeing Many organisations partner with health companies to offer wellbeing tools, but research has found that many do not proactively assess their employees’ mental health on a regular basis. Self-assessment questionnaires and tools can help explore if further investigation is needed to promote healthy working habits and support individual needs. This is particularly important for those people who are reluctant to share how they’re feeling or seek treatment. By normalising the use of services businesses can reduce stigma and embed these practices into their culture. Tools include; mood assessment checkers, work-life balance questionnaires and online mental health check-ups. Lead by example and model healthy behaviours It’s incredibly important for leaders and managers to make themselves vulnerable and share their own experiences. When team leaders are honest about their own mental health struggles, it makes them human and relatable, opening channels of communication for others to talk about their experiences. Research by Sage Publications showed that authentic leadership cultivates trust between leaders and employees and subsequently improves engagement and performance (SAGE Journals: Authentic leadership and positive psychological capital). It’s important for leaders to not just talk about mental health but to model the right behaviours, such as taking time out to exercise, having a lunch break and not working whilst on holiday.Promote flexibility and inclusionEveryone’s needs will be different and it’s important for managers to regularly check in with their teams to ensure people are equipped with the right working arrangements. Making sure people truly feel empowered to take time off for wellbeing needs, family responsibilities and personal commitments will increase productivity and reduce the risk of burn out. Being accommodating doesn’t have to mean lowering standards, it’s about creating an environment of trust and efficiency.Invest in training Line manager training can equip managers with the skills and tools to encourage open conversations and create an environment of understanding and support. It will not only help them identify triggers early on, but importantly reduce stress amongst team members who may be less likely to share how they’re feeling. There are a number of consultancies who offer face to face and online digital training, such as; MHFA England, Thrive4Life and Mental health at work.Investing in employee wellbeing should be a priority for all businesses. Awareness, communication and training all play an integral part in destigmatising mental health and promoting a culture of understanding and support. For further support on wellbeing in the workplace you can access the below resources.Sources:ACAS: Supporting mental health at workBetter Up: the importance of mental health in the workplaceChampion Health: Stress statistics UK: 2023Deloitte: Poor mental costs UK employers up to £56 billion a yearHarvard Business Review: 8 ways managers can support employees’ mental healthMental health foundation: Mental health at work statisticsMIND: Taking care of your staff’s mental healthONS: Cost of living and depression in adultsSAGE Journals: Authentic leadership and positive psychological capital

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General Insurance newsletter Friday 4th October 2024

Insurance NewsWhat to consider before accepting a counter-offer - The decision to accept a counter-offer requires careful consideration. Assess your current job satisfaction, long-term career goals, and whether the counter-offer genuinely addresses your reasons for leaving. Evaluate if the offer reflects your worth and if it aligns with your professional aspirations. Consider the impact on your relationship with your employer, as accepting may affect trust. Ultimately, ensure your choice aligns with your career path. (IDEX Consulting news, 'What to consider before accepting a counter-offer')How to attract top buyers for your business - To attract top buyers for your business, emphasise clear communication and a strong value proposition. Highlight unique selling points and showcase past successes. Build a robust online presence through targeted marketing and social media engagement. Networking is crucial—attend industry events and leverage referrals to connect with potential buyers. Additionally, ensure your business is presented professionally, with detailed documentation readily available. (IDEX Consulting news, 'How to attract top buyers for your business')From Account Executive to MD in just five years - Transitioning from an account executive to managing director in five years requires strategic career moves. Focus on building strong relationships, understanding client needs, and demonstrating leadership qualities. Pursue continuous professional development through training and mentorship while actively seeking high-impact projects. Showcase results to gain visibility and align your goals with the company's vision. Embrace challenges and be open to feedback, as adaptability is key to accelerating your career growth. (IDEX Consulting news, 'From Account Executive to MD in just five years')How IDEX enabled £56.7m business Clear Group boost revenue and growth - IDEX Consulting played a pivotal role in helping Clear Group enhance its revenue and growth by £56.7 million. The partnership focused on refining Clear Group's strategic approach and optimising operations. IDEX's tailored solutions enabled the company to align its services with market demands and improve client engagement. This collaboration illustrates how effective consulting can drive substantial business transformations. (IDEX Consulting news, 'How IDEX enabled £56.7m business Clear Group boost revenue and growth')A recent report by Insurance Business UK highlights the best insurance brokerages in the UK, showcasing firms that have excelled in service delivery and client satisfaction. Notably, IDEX's very own Paul Davey, Managing Director for GI, contributed insights on what sets the top-performing brokerages apart. He emphasised the importance of well-structured back office operations that support sales teams, allowing them to focus on client acquisition rather than resolving existing issues. Davey also pointed out that successful firms are enhancing their infrastructure for market placement and client service, and increasingly looking to integrate AI technologies to improve efficiency and cost-effectiveness. (Insurance Business, October 2024, 'Best Insurance Brokerages in the UK | 5-Star Brokerages')Saga is in advanced talks with Belgian insurer Ageas for a potential partnership that would see Ageas take over parts of Saga's insurance business, with up-front and commission payments helping Saga reduce its significant debt and shift to a capital-light growth strategy. (Kenneth Araullo, 3/10/2024, Insurance Business, 'Saga reportedly in talks with Ageas for insurance partnership')Severe flooding in Central Europe in September has caused estimated insured losses of €2 billion (US$2.2 billion) to €3 billion (US$3.4 billion), according to Verisk. The Poland-Czechia border was heavily impacted, with Poland reporting damage to over 11,500 residential and 6,000 commercial properties. By late September, Czech insurers received over 60,000 claims totaling CZK 19.3 billion (€770 million or $850 million), about 60% related to business insurance. Vienna's flood defenses were effective, but nearby areas in Lower Austria suffered significant damage from the River Wien. (Mav Rodriguez, 1/10/2024, Insurance Business, 'Central Europe floods could hit €3 billion in insured losses')Kenya Reinsurance Corporation (Kenya Re) and the University of Nairobi have launched the Kenya Re AI4Insurance Hackathon 2024 to address insurance sector challenges using artificial intelligence (AI). Nearly 100 software development students are participating, with prizes including cash awards and a three-month internship at Kenya Re for the top three participants. The initiative aims to enhance technology in Kenya’s reinsurance sector, potentially lowering costs and improving processes. (Mav Rodriguez, 1/10/2024, Insurance Business, 'AI takes spotlight in new insurance hackathon by Kenya Re')RSA Insurance has launched a Directors’ and Officers’ (D&O) protection product to expand its Professional and Financial Risks (Profin) offerings, aimed at protecting UK business owners and executives from management liability disputes. Targeting large firms, multinational companies, and private businesses with turnovers over £250 million, the product is available through RSA’s commercial lines and mid-market channels. This follows recent updates, including a refreshed Management Liability product and other financial risk offerings. (Jonalyn Cueto, 1/10/2024, Insurance Business, 'RSA Insurance launches new D&O protection product')Major global cyberattacks are projected to increase by 105% by the end of 2024, according to QBE's report titled “Connected Business: digital dependency fuelling risk.” The report estimates that strategically significant global cyberattacks will rise to 211 incidents in 2024, up from 103 in 2020. While large-scale attacks like NotPetya are rare, they can have significant impacts, as seen with approximately US$10 billion in damages from that incident. The report's release coincides with UK discussions on enhancing cybersecurity legislation in response to recent high-profile cyber incidents. (Terry Gangcuangco, 1/10/2024, Insurance Business, 'QBE shines light on what's ahead in cyberspace')Cyber MGA Onda has formed a two-year partnership with cybersecurity firm Panorays to enhance its cyber insurance offering. Panorays, recognized in The Forrester Wave™ 2024 report, will integrate its advanced cyber risk assessment tool into Onda’s platform, streamlining underwriting processes. This integration will eliminate lengthy application forms and provide brokers and customers with real-time risk data, helping customers better understand their external attack surface and monitor risks from third-party relationships in their supply chains. (Jonalyn Cueto, 1/10/2024, Insurance Business, 'Onda teams up with Panorays to streamline cyber insurance')Aviva and WWF have released a report, “National nature-positive pathways to guide policy and private sector action,” urging collaboration between the private sector and the UK government to develop nature-positive strategies. The report emphasizes that addressing the climate crisis and nature degradation requires joint efforts and proposes creating “nature-positive pathways” to guide businesses in meeting environmental goals while integrating climate and biodiversity strategies. (Terry Gangcuangco, 1/10/2024, Insurance Business, 'Aviva, WWF urge the UK to develop 'nature-positive pathways')London-based managing general agent Ventis, which began trading in the UK in January, has expanded into the Irish market through an exclusive agreement with Specialist Risk Group’s The Underwriting Exchange, allowing Irish brokers to access its underwriting capacity for mid-market risks of up to €40 million. (Terry Gangcuangco, 1/10/2024, Insurance Business, 'London MGA Ventis expands into Ireland')The US property and casualty insurance industry is on track for increased profits in 2024, with a year-to-date combined ratio of 98%, a 7-point improvement from 2023, and strong premium growth of around 10%. Investment income is also strong, with ROE near 10% in H1 2024, and Swiss Re forecasts full-year ROE at 9.5% for 2024 and 10.0% for 2025. (Kenneth Araullo, 30/9/2024, Insurance Business, 'US P&C insurance industry on track for profits in 2024, says Swiss Re')Mergers and AcquisitionsRyan Specialty has acquired Geo Underwriting Europe assets from The Ardonagh Group, integrating the Rotterdam-based MGA specializing in financial lines into its Ryan Specialty Underwriting Managers division, led by Walter Craft, who joins the executive committee. (Terry Gangcuangco, 4/10/2024, Insurance Business, 'Ryan Specialty completes Ardonagh deal')Optio Group has acquired Luxembourg-based MGA Circles Group for an undisclosed sum, subject to regulatory approval, positioning Circles as Optio's European headquarters in its international expansion. This acquisition will expand Optio’s product offerings and strengthen its presence in Europe, advancing its hub-and-spoke model for growth. Founded in 2001, Circles specializes in contingency and special risks insurance, managing over €50 million in premiums and covering more than 100,000 films and events, with Founder and CEO Olivier Héger continuing to lead the business. (Kenneth Araullo, 3/10/2024, Insurance Business, 'Optio Group acquires Circles Group')Munich Re Specialty has agreed to sell GJW Direct, a specialist in non-commercial marine insurance, to digital managing general agent Ripe for an undisclosed sum, marking Ripe’s second major acquisition in the past year. By integrating GJW Direct, established in 1826, into its portfolio, Ripe aims to leverage its technology and marketing expertise to drive growth. This sale aligns with Munich Re Specialty’s broader strategy to realign its specialty operations and goals. (Terry Gangcuangco, 2/10/2024, Insurance Business, 'Munich Re Specialty sells GJW Direct to Ripe')Miller has acquired Bruzon Correduría de Seguros y Reaseguros, a Madrid-based commercial insurance broker, finalizing the transaction on September 30 after regulatory approvals. Established in 1990, Bruzon specializes in direct and reinsurance risks, and this marks Miller's third acquisition in Continental Europe in two years. The firm will operate as “Bruzon Miller,” retaining its 32-member team under founder and CEO John Bruzon, reflecting a long-standing relationship, as Miller has held a minority stake in Bruzon since before 2015. (Mav Rodriguez, 1/10/2024, Insurance Business, 'Miller expands European operations with Bruzon purchase')JMG Group has completed its 40th acquisition in four years by purchasing Confidential Solutions Group, which includes Platinum Underwriting, Leadenhall Insurance Brokers, and Confidential Solutions Ltd. Founded by Kevin Carrabine, the group has grown to handle £8 million in gross written premiums since its launch in 2002. Carrabine and 13 colleagues will join JMG Group as part of the acquisition. (Kenneth Araullo, 30/9/2024, Insurance Business, 'JMG Group makes 40th acquisition with purchase of Confidential Solutions')MoversLucy Clarke, President of WTW risk & broking, has been elected the first female President of the Insurance Institute of London in its 117-year history, bringing over 25 years of industry experience, including leadership roles at Marsh and JLT Group. (Terry Gangcuangco, 4/10/2024, Insurance Business, 'WTW's Clarke named Insurance Institute of London president')Coalition has appointed Tine Simonsen as Head of Insurance for Continental Europe, leveraging nearly 14 years of experience in cyber underwriting and broking to drive growth in the European market, following her leadership role at AIG and a decade at WTW. (Terry Gangcuangco, 4/10/2024, Insurance Business, 'Coalition picks Simonsen as insurance head for Europe')Adam Humphrey, CEO of CCS & GRS International at Global Risk Solutions, has been elected president of the Chartered Institute of Loss Adjusters (CILA), succeeding Steven Wallace of McLarens, who steps down after a one-year term, with Humphrey bringing over 20 years of experience in managing complex claims and holding senior roles in energy, project, and construction risks. (Kenneth Araullo, 3/10/2024, Insurance Business, 'Adam Humphrey takes helm at CILA')Lockton has launched an Offshore Projects Practice, led by specialists Jack Swift, David Vajnai, and Alex Morgan, who bring more than 35 years of combined experience across the offshore sector, providing bespoke risk transfer solutions and offering insights into sub-sector challenges. The practice focuses on areas like interconnectors, subsea cables, FPSOs, FLNGs, FSRUs, and renewable energy installations where marine, energy, and power risks intersect. (Kenneth Araullo, 3/10/2024, Insurance Business, 'Lockton Launches Offshore Projects Practice for tailored risk solutions')HSB, a specialist engineering and technology insurer within Munich Re, has promoted Terry Dyson to Managing Director of its engineering insurance business, a newly created role under UK and Ireland Chief Executive Stephen Worrall. With over 35 years of experience in the insurance sector, Dyson aims to evolve the engineering insurance unit to meet emerging customer needs; he previously held various senior positions, joined HSB in 2019, and became Commercial Director in 2022. (Terry Gangcuangco, 3/10/2024, Insurance Business, 'Munich Re's HSB picks Dyson to lead engineering insurance')Ascot Group, a specialty (re)insurance enterprise comprising Ascot Underwriting, Ascot Bermuda, and Ascot US, has appointed Neil Dalton as group Chief Claims Officer, a newly created role to enhance claims management capabilities. Dalton, with over 30 years of experience, previously held leadership roles at Markel International and Lloyd’s, joining Ascot in 2007 as Head of Claims for AUL. He will continue to oversee AUL’s claims operations alongside his new group-wide responsibilities. This appointment follows Kewsong Lee's recent selection as Ascot’s new board Chair. (Terry Gangcuangco, 3/10/2024, Insurance Business, 'Ascot promotes Dalton to group chief claims officer')Markel has announced three key hires to expand its international casualty portfolio and enhance its wholesale claims service for brokers. Lauren Percival joins as Executive Underwriter for general liability, collaborating with James Murray to drive growth and maintain high service standards; she has 18 years of experience in the London Market, previously holding senior roles at Arch Insurance International and Chaucer. Olivia Hogan is appointed as Senior Underwriter to enhance the environmental liability offering, bringing 12 years of experience, including leading AIG’s UK environmental line of business. Ed Norman has been named International Casualty Claims Manager, responsible for overseeing claims operations and ensuring customer-focused service, with over 20 years of experience, most recently as Assistant Claims Manager at AXA XL. (Terry Gangcuangco, 3/10/2024, Insurance Business UK, 'Markel brings in trio to boost international casualty')Mosaic Insurance has promoted Francesca Harland to Global Head of Professional Liability, succeeding Anna Jay, who became Active Underwriter for Syndicate 1609 in July. Harland, a key Underwriter since the division's inception in 2021, brings extensive experience in emerging and miscellaneous risks, having joined Mosaic three years ago from Pembroke Syndicate 4000. She has been instrumental in expanding the company’s professional liability offerings in the US and internationally. (Terry Gangcuangco, 3/10/2024, Insurance Business, 'Harland named Mosaic's global head of professional liability')Gallagher in the UK & Ireland has appointed Simon Collings as its new Chief Broking Officer, pending regulatory approval. With over three decades of insurance industry experience, he previously served as Managing Director of Gallagher’s national broking and placement team and joined the firm in 2017 as Market Management Director for UK Retail. Before Gallagher, he held senior roles at Marsh, JLT, and Miller, specializing in placement strategies. (Jonalyn Cueto, 2/10/2024, Insurance Business, 'Gallagher names new chief broking officer')Specialty insurer Beazley has appointed Paul Bantick as Chief Underwriting Officer, replacing Bob Quane, who has retired, while Bethany Greenwood has been named Chief Executive of Lloyd’s managing agency Beazley Furlonge Limited. Greenwood, who will also chair Beazley’s London wholesale management committee, retains her role as Group Head of Specialty Risks. Bantick has been with Beazley’s UK operations since 2005 and will continue to oversee the cyber risks division until a new Group Head is appointed. (Terry Gangcuangco, 2/10/2024, Insurance Business, 'Beazley names CUO, Lloyd’s managing agency CEO')Pen Underwriting's marine business specialist division, Trafalgar Marine Trades (TMT), has appointed Emma Colbourn as UK Senior Marine Trades Underwriter, effective October 8, 2024. Colbourn brings over 25 years of marine insurance experience, joining from Geo Underwriting Services and previously KGM Underwriting Services. In her new role, she will focus on the UK marine trades market, addressing the risk and insurance needs of marine businesses globally. (Mia Wallace, 2/10/2024, Insurance Business, 'Pen Underwriting broadens marine trades division with latest hire')Berkshire Hathaway Specialty Insurance (BHSI) has promoted Caroline Alder-Smurthwaite to its global underwriting office for casualty and healthcare, with Charlotte Behar succeeding her as UK Head of Casualty. Alder-Smurthwaite, who joined BHSI in 2021, brings 25 years of experience in corporate and global casualty roles and will remain based in London. Behar, who joined BHSI in 2020 as UK General Casualty Manager, has nearly 15 years of experience in European underwriting and will also be based in London. (Terry Gangcaungco, 2/10/2024, Insurance Business, 'Behar becomes UK casualty head at BHSI')Chaucer has appointed Iryna Chekanava as Senior Innovation Underwriter, focusing on weather risk, climate change, and parametric insurance; she brings over a decade of experience in insurance technology, having previously managed innovation at Lloyd's Lab and worked with InsurTech firms like Envelop Risk and Blocksure, starting her career at Capgemini. (Mav Rodriguez, 1/10/2024, Insurance Business, 'Chaucer strengthens innovation team with new senior underwriter')Broker Insights has appointed Barbara Miller as Head of Broker Engagement to strengthen relationships and enhance the use of its Vision platform. This newly created role leverages Miller’s over 20 years of experience in financial services and IT, including running a sales and marketing business for insurance brokers. Most recently, she was Group Head of Sales Operations at Clear Insurance Management. (Jonalyn Cueto, 1/10/2024, Insurance Business, 'Broker Insights introduces head of broker engagement')Liberty Specialty Markets has appointed Henry Nelson as Chief Underwriting Officer for its UK and MENA operations, effective in the New Year. Nelson, an 11-year veteran at Liberty, will transition into the role over the coming weeks, working alongside outgoing CUO Mel O’Neill until O’Neill’s retirement at the end of 2024. Nelson, who most recently served as Chief of Staff, brings extensive cross-functional expertise, having held various positions within the company, including portfolio management for London and global products. He joined Liberty in 2016 after working with Aon's crisis management team. (Terry Gangcuangco, 1/10/2024, Insurance Business, 'Liberty Specialty Markets picks UK, MENA underwriting chief')The Lloyd’s Market Association (LMA) has appointed Duncan Dale, CEO of Dale Underwriting Partners, and Sarah Stanford, CEO of Aspen UK, to its board of directors, responsible for shaping the association's strategy and priorities. These appointments follow the departures of Dominick Hoare from Munich Re Specialty Group and Chris Smelt from Managing Agency Partners. (Terry Gangcuangco, 1/10/2024, Insurance Business, 'LMA names new board members')Miller has appointed David Randle as Head of Commercial Business Development in its sports and entertainment division, reporting to Tim Nagle. Randle brings over 40 years of insurance experience, including nearly 28 years at Tysers in senior management roles, and has also worked at Aon as Development Director. (Kenneth Araullo, 30/9/2024, Insurance Business, 'Miller appoints David Randle as head of commercial business development')Liberty Mutual Insurance has appointed Jeff Dailey, former Chair, President, and CEO of Farmers Group with over 40 years of insurance experience, and Linda Mantia, ex-Senior EVP and COO of Manulife Financial, as board members; Dailey is known for his leadership in customer-centric innovation and overseeing Farmers' acquisition of MetLife's property and casualty business, while Mantia brings expertise in corporate strategy and operations from her tenure at Manulife and the Royal Bank of Canada, along with consulting experience at McKinsey & Company. (Terry Gangcuangco, 30/9/2024, Insurance Business, 'Dailey, Mantia join Liberty Mutual Insurance board')All information provided in this Market Digest has been gathered from Insurance Business and IDEX Consulting.

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Financial Services newsletter Friday 4th October 2024

Financial Services NewsThe gender pay gap in Financial Services - To tackle the gender pay gap in financial services, focus on advancing into senior roles by honing your leadership and negotiation skills. Keep up with industry trends, such as pay equity and flexible working policies. Networking with leaders who champion diversity, gaining accreditations, and seeking mentorship can also elevate your career trajectory. Employers value proactive individuals who push for equality while advancing their expertise. (IDEX Consulting news, 'The gender pay gap in Financial Services')The impact of robo-advisers on the Financial Services market - Robo-advisers are transforming financial services by offering low-cost, automated investment solutions. To stay relevant, professionals should enhance their digital skills and focus on personalised services for high-net-worth clients. Embracing this technology will help financial advisers compete in a tech-driven market. (IDEX Consulting news, 'The impact of robo-advisers on the Financial Services market')In-demand skills: how to set yourself apart from the competition - To stand out in today’s competitive market, focus on building a mix of soft and technical skills. Employers prioritise problem-solving, critical thinking, and effective communication. Stay updated on new technologies like AI, and continuously develop your professional skills through learning and mentorship. The key is aligning your skills with employer expectations to remain relevant and competitive. (IDEX Consulting news, 'In-demand skills: how to set yourself apart from the competition')7 tips to negotiate your pay rise - To negotiate a pay rise effectively, research industry salaries, believe in your value, and present your achievements. Prepare by scheduling a meeting in advance, practicing with someone, and staying calm during negotiations. If pay isn’t negotiable, explore other benefits like flexible working or extra annual leave. Always follow up with an email to document the discussion. (IDEX Consulting news, '7 tips to negotiate your pay rise')The FCA has fined Starling Bank nearly £29m for financial crime failings related to its financial sanctions screening and for repeatedly breaching a requirement not to open accounts for high-risk customers; the bank was initially facing a fine of almost £41m but received a 30% discount by agreeing to resolve the breaches and enhance its controls. A 2021 review by the FCA highlighted serious concerns with Starling's anti-money laundering and sanctions framework, leading to restrictions on opening new accounts for high-risk customers until improvements are made.(Financial Planning Today, 2/10/2024, 'FCA fines Starling Bank £29m over screening failures')Data from Royal London reveals that by age 55, women have on average 43% less in their pension pot than men, with significant differences in pension contributions based on age, job type, and income; despite nearly equal participation rates in pension saving, women consistently save less throughout their careers, with the gender pension gap widening from 16% in their 30s to 43% by age 55, impacting their financial security in retirement. (Financial Planning Today, 2/10/2024, 'Gender pensions gap soars to 43% at 55')Tavistock's full-year results highlighted escalating legal tensions with Titan Wealth, as both firms have a shared interest in the fate of collapsed advice firm LEBC, in which Tavistock took a 21% stake before it was sold to Titan-owned Aspira. (Nicola Blackburn, 1/10/2024, Citywire Wealth Manager, 'Titan’s £45m deal adds fresh angle to Tavistock dispute')Albion Strategic Consulting is partnering with P1 Investment Services to offer its smartersuccess investment service on a discretionary basis, with P1 handling execution and portfolio management, while Albion continues to support advisers with portfolio construction, governance, and client communications. (Sophie Downes, 30/9/2024, Citywire Wealth Manager, 'Albion partners with P1 for discretionary service')HSBC plans to leverage its academy training program to recruit hundreds of new staff for a renewed focus on the UK wealth and advice sector, aiming to double its assets under management from £50bn over the next five years, driven by a consumer shift away from independent financial advisers, according to Managing Director for customer channels Christopher Dean. (Sophi Downes, 26/9/2024, Citywire Wealth Manager, 'HSBC leans on academy to capitalise on ‘shift away from IFAs’)Rathbones reported a £200m net inflow in the second quarter, reversing the £600m outflow from the first quarter, with underlying pretax profit surging 120.7% to £112.1m, attributed to a slowdown in senior investment manager departures; this comes amid plans for Investec W&I to merge its bespoke arm with Rathbones’ £45bn bespoke division, marking a significant step in the Rathbones-Investec merger. (Zachariah Sharif, 24/9/2024, Citywire Wealth Manager, 'Investec W&I’s investment assurance lead leaves after 15 years')Paymentshield has launched a referral proposition aimed at helping advisers protect more clients by allowing them to either refer clients to in-house insurance specialists for scheduled advice or provide instant automated quotes via email or text for Home and Landlord’s Insurance, ensuring that clients can still access support from Paymentshield’s referral team during their online journey. (Momodou Musa Touray, 18/9/2024, Money Marketing, 'Paymentshield launches adviser referral proposition')The Platform Association has been launched as a trade body for platforms amid increased regulatory scrutiny, providing members a confidential space to engage with regulators and policymakers; founding members include Abrdn, Aegon, Fidelity, Quilter, Seccl, and SS&C, with an additional 20 platforms and 15 affiliate members verbally committed to join, while discussions are ongoing with around 60 others. (Victoria Bell, 23/9/2024, Citywire Wealth Manager, 'Quilter, Abrdn and Fidelity join rivals to launch platform trade body')West Sussex-based high net worth specialist Servo Private Wealth has been awarded CISI Chartered Firm status, joining a select group of only 20 such firms in the UK; the CISI, which also awards the Certified Financial Planner designation, recognizes firms that meet specific criteria, including regulatory recognition, having at least 50% of staff chartered with CISI, implementing a CISI qualifications and CPD program, and aligning with the CISI Code of Conduct. Servo Private Wealth focuses on serving high net worth business owners and their families across the UK. (Financial Planning Today, 26/9/2024, 'West Sussex Planning firm gains Chartered status')Acquisitive wealth manager Kingswood reported that group assets under advice and management (AUA&M) reached £12.9bn by the end of June, marking an 8.2% year-on-year increase; operating profits rose 21% to £6.1m, while revenue increased by 14% to £40.6m. In its half-year results, Kingswood noted that UK & Ireland assets under advice (AUA) totaled £6bn, aided by the acquisition of Dublin retirement planning firm BasePlan in February, while UK & Ireland assets under management (AUM) stood at £3.7bn. (Financial Planning Today, 30/9/2024, 'Kingswood AUM climbs 8.2% to £12.9bn')Mergers and AcquisitionsTavistock Investments has sold its network advice arm to private equity-backed Saltus for up to £37.8m, with an initial £22m payment and up to £15.8m in deferred payments, marking the end of a challenging period for Tavistock and expanding private equity's presence in the UK advice market. (Victoria Bell & Nicola Blackburn, 1/10/2024, Citywire Wealth Manager, 'Tavistock sells advice network to Saltus in £38m deal')Close Brothers Group has confirmed the sale of its wealth management arm, Close Brothers Asset Management (CBAM), to private equity firm Oaktree for up to £200m, following exclusive talks that resumed in July; this deal highlights the growing trend of UK wealth management businesses being acquired by private equity, shortly after the significant sale of Hargreaves Lansdown. (Jeremy Gordon, 19/9/2024, Citywire Wealth Manager, 'Close Brothers Asset Management sold to private equity for £200m')Skerritts Group has acquired Harrogate-based Ellis Bates Financial Advisers for an undisclosed sum, completing the transaction at the end of September after receiving regulatory approval; this acquisition adds over £1bn in assets under management and strengthens Skerritts' presence in the North of England as the group aims for national expansion with support from Sovereign Capital Partners. (Momodou Musa Touray, 17/9/2024, Money Marketing, 'Skerritts buys Harrogate-based advice firm')WTW has acquired an undisclosed minority stake in private equity-backed Atomos, providing the wealth firm with additional capital to support its growth strategy; this investment builds on the strategic alliance formed between the two in 2022. Mark Calnan, Head of Investments for Europe at WTW, stated that the investment extends their capabilities to a broader audience. As part owner of Atomos, which manages £7bn in assets, WTW aims to enhance the firm's growth potential. Atomos rebranded from Sanlam UK Wealth after being acquired by private equity firm Oaktree in 2021. (Dylan Lobo, 3/10/2024, Citywire Wealth Manager, 'WTW acquires stake in PE-backed Atomos')MoversCharlotte Aspinall has rejoined Charles Stanley as a Senior Investment Manager at its Tunbridge Wells branch, seven years after leaving the firm where she began her career in 2000, having since gained experience at Hurley Partners and Mattioli Woods. (Dylan Lobo, 2/10/2024, Citywire Wealth Manager, 'Charles Stanley alumna returns home after Mattioli Woods stint')Paul Killik is stepping back from day-to-day leadership at Killik & Co, the wealth business he founded in 1989, with Clem MacTaggart, formerly Chief Strategy Officer, and Sarah Threadgould, who joined as Chief Marketing Officer in 2019 from Which?, appointed as joint Managing Partners, while Killik remains as Chairman and his daughter, Georgie Killik, becomes Chief Strategy Officer. (Dylan Lobo, 1/10/2024, Citywire Wealth Manager, 'Paul Killik steps back from his wealth business')Deutsche Private Bank has restructured its central European business to offer ultra-high-net-worth clients a dedicated service, forming a markets investment team led by Liya Rozman, who previously headed the investment managers unit for Emerging Europe and Switzerland, and Adam Bergenfield for traders, while Sean Magee continues to lead the US investment management business, all with a focus on expanding client numbers and providing direct capital markets access. (Sophie Downes, 30/9/2024, Citywire Wealth Manager, 'Deutsche Private Bank shakes up investment arm')Nick Swales has retired as Regional Director of Rathbones' Newcastle office, which he helped launch 11 years ago, and has been succeeded by Co-Founder James Kyle, who has served as an Investment Director since 2013, with the office now managing around £825m in funds and employing about 20 staff. (Jeremy Gordon, 30/9/2024, Citywire Wealth Manager, 'Founding head of Rathbones Newcastle office retires')Helen O’Neill, the former Chief Operating Officer of Tatton Investment Management, has joined Whitman Asset Management as a Senior Adviser, following her departure from Tatton in March after seven years, during which she helped grow assets under management from £4bn to £17bn. (Dylan Lobo, 27/9/2024, Citywire Wealth Manager, 'Ex-Tatton COO Helen O’Neill joins boutique')7IM has expanded its investment team with the hiring of Asim Qadri and Brian Leitao as Investment Managers; Qadri, who has over a decade of experience, joins after three years at Abrdn, while Leitao comes from Mercer, where he was a Senior Investment Research Analyst, and previously worked at Fundhouse, EQ Investors, and Morningstar. These hires follow the recent appointment of Elizabeth Chambers as an Independent Non-Executive Director at 7IM. (Sophie Downes, 26/9/2024, Citywire Wealth Manager, '7IM boosts investment team with Abrdn and Mercer hires')Jessica Lewry has left her role as Head of Investment Manager assurance at Investec W&I after 15 years, making her the most high-profile departure since Portfolio Management Head Jon Walker left last month; Lewry, who joined in 2009 from Merrill Lynch, spent nearly six years in her latest role after advancing from Project Manager and Investment Risk Manager. (Zachariah Sharif, 24/9/2024, Citywire Wealth Manager, 'Investec W&I’s investment assurance lead leaves after 15 years')Premier Miton has appointed Nicola Stronach as Chief Operations Officer, following the recent launch of its model portfolio service; Stronach previously served as Director of Operations at Quilter Investors for three years and has also held roles at Credit Suisse, BNY Mellon, and Merian Global Investors. (Natalia Vasnier, 23/9/2024, Citywire Wealth Manager, 'Premier Miton hires Quilter operations director')Former Charles Stanley Investment Chief Jon Cunliffe has joined JM Finn as Head of the Investment Office, returning to wealth management after nearly three years at non-profit firm B&CE; prior to his tenure at Charles Stanley, Cunliffe held various fixed income roles at Lombard Odier, ABN Amro, and Aberdeen Asset Management, where he led global fixed income macro strategy. (People Moves, 20/9/2024, Citywire Wealth Management, 'Ex-Charles Stanley CIO takes new JM Finn investment role')Schroders has appointed Meagen Burnett as its new Chief Financial Officer (CFO), succeeding Richard Oldfield, who became group Chief Executive earlier this month; Burnett, who joined Schroders in January 2023, has over 25 years of experience in financial services, including roles at M&G, J.P. Morgan, Goldman Sachs, and KPMG. She will serve as interim CFO starting 8 November 2024, until her formal appointment on 1 January 2025, while Schroders’ group Chief Investment Officer, Johanna Kyrklund, will also join the executive board. (Dan Cooper, 26/9/2024, Money Marketing, 'Schroders appoints Burnett as new CFO')Sesame Bankhall Group (SBG) has appointed Toni Smith as Distribution Director to lead its adviser network Sesame; with over 35 years of experience in the intermediary sector, Smith will focus on growing the Sesame business and enhancing the network's mortgage and protection propositions. She joins from PRIMIS Mortgage Network, where she served as Chief Operating Officer and later Chief Distribution Officer, and previously held the role of Business Operations Director at First Complete Limited for 10 years. (Momodou Musa Touray, 18/9/2024, Money Marketing, 'Sesame Bankhall hires new director to lead adviser network')National advice firm One Four Nine has appointed Martyn Southam, a former Manager at Succession Wealth, as Regional Director; Southam brings 35 years of experience in the financial services sector, having worked with mutuals, banks, product providers, and networks. (Momodou Musa Touray, 17/9/2024, Money Marketing, 'One Four Nine hires from Succession to boost regional expansion')The Personal Finance Society (PFS) has appointed Carla Brown as its new President; Brown is the Managing Director of St James’s Place partner firm Oakmere Wealth Management Ltd in Cheshire and also serves as a Director of CL Wills and Estate Planning. A Chartered Financial Planner and Fellow of the PFS, she is an accredited Later Life Adviser and holds a Certificate in Relational Financial Planning, along with an MSc in Wealth Management from Loughborough University. (Financial Planning Today, 26/9/2024, 'SJP partner firm founder appointed PFS President')All information provided in this Market Digest has been gathered from Citywire Wealth Manager, Financial Planning Today, Money Marketing and IDEX Consulting.

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