Reinsurance

Novatae Risk Group, a wholesale insurance brokerage, managing general agency, and program manager, has acquired the assets of Atalanta-domiciled Ajax Specialty Insurance.

The terms of the transaction were not disclosed.

Founded in 2012 by current Chief Executive Officer (CEO), Andy Bierbaum, Ajax is a specialised wholesaler focused on the management and professional liability spaces.

Six years after founding, Bierbaum brought in by co-owner and partner, Karen Kutger.

Ajax’s coverage includes Directors and Officers (D&O), Errors and Omissions (E&O), and Technology/Cyber Liability.

Bierbaum commented, “Our commitment to reviewing and understanding each client’s unique risk profile and corporate structure, combined with our in-depth knowledge of coverage forms and markets ensures that our clients receive the most comprehensive coverage terms available.

Richard Kerr, CEO, Novatae Risk Group, added, “The Ajax team brings deep expertise in management and professional liability to Novatae. They are known for their exceptional service and expertise in creating innovative insurance solutions. Their extensive D&O, E&O, and Cyber Liability expertise will bolster our product offering.”

Kutger added, “We look forward to continuing this approach as part of Novatae.”

Novatae was counseled by Giordano Halleran Ciesla, and advised by MarshBerry. Frost Brown Todd LLP provided legal counsel to Ajax. No other advisors, diligence firms or legal counsel were disclosed.

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Reinsurance broker Gallagher Re has pegged preliminary insured losses from the persistent flooding and severe weather across the central and southern US in early April at between $1 billion and $3 billion, but warns that this initial range is subject to change.

The loss estimate range provided by the broker combines those incurred by the private insurance industry and federally run insurance schemes, including the National Flood Insurance Program (NFIP) and the USDA’s Risk Management Agency crop insurance program.

Of the total damages, most of the wind and hail-related damage from the outbreak is expected to be covered by insurance. The bulk of the flood-related property damage, however, is likely to be largely uninsured as NFIP take-up rates were extremely low in most of the hardest-hit counties, explains Gallagher Re.

The broker also explains that in many instances, fewer than 1% of homes in hard-hit counties across Kentucky, Tennessee, and Arkansas had active NFIP coverage.

Preliminary assessments indicate that the overall financial toll from the April 1-7 SCS outbreak and floods will be extensive, given the considerable losses to homes, commercial assets, automobiles, and agriculture recorded in the Midwest, Mid-South and Lower Ohio and Mississippi River Valleys.

Insured SCS losses have accelerated quickly in recent weeks due to high-impact outbreaks during the second half of March into early April. This included more than 220 confirmed tornadoes and hundreds of reports of hail and severe winds, resulting in extensive damage to residential and commercial properties.

This severe spring storm caused a multi-day severe weather outbreak in the central and southern US. According to reports, the outbreak included a rare High Risk (level 5 of 5) severe weather warning by NOAA’s Storm Prediction Center on April 2nd and a Moderate Risk (level 4 of 5) on April 4th and 5th.

The stalled weather pattern led to torrential rainfall and catastrophic flooding across parts of the Mid-South and Lower Ohio and Mississippi River Valleys through April 7th. Kentucky, Tennessee, and Arkansas were among the hardest-hit states. Some areas received more than a foot of rain, while several locations in Mississippi, Missouri, and Illinois recorded over 10 inches, reports the broker.

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Brenden Beeg has joined Amwins, a distributor of specialty insurance products and services, as Vice President – Alternative Risk.

In his new role, he will be working alongside Alex Kaplan, Amwins’s Executive Vice President for Alternative Risk, and Taylor Kwong-Wright, who serves as Associate Broker, Alternative Risk.

Beeg is joining Amwins from Plover Parametrics, a tech-enabled specialty brokerage focused on solutions for climate and novel risks, where he most recently served as Senior Vice President of Brokering.

Prior to that, the executive was a Business Development Manager, North America for Descartes Underwriting, a role he held for two years following his close to three-years tenure as an Account Specialist at Aon.

Earlier in his career, Beeg was part of The Tokio Marine Group, serving as Business Development Manager for First Insurance Company of Hawaii and as a Marketing Representative before that, where he managed state territory with Philadelphia Insurance
Companies, a Tokio Marine North America (TMNA) subsidiary.

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Moody’s Ratings has changed the outlook of Peak Re to positive from stable, citing that the contagion risk from the reinsurer’s majority shareholder, Fosun International Limited, is declining.

According to the rating agency, the contagion risk, particularly in the form of strain on business growth and financial flexibility, is expected to continue to decline in the next 12 months because of Peak Re’s effective ring-fencing measures.

Moody’s has additionally affirmed the Baa1 insurance financial strength rating (IFSR) on Peak Re, and affirmed the Baa3 (hyb) backed subordinated debt rating of the subordinated perpetual securities issued by Peak Re.

As per Moody’s, the rating affirmation primarily reflects Peak Re’s strong standalone credit profile of a3, supported by its solid position in the Asian reinsurance market, robust capitalisation, and increasing product and geographic diversification.

However, these strengths are reportedly tempered by Fosun’s high debt levels and limited liquidity, as well as Peak Re’s exposure to natural catastrophe risks.

At the same time, Peak Re’s Insurance Financial Strength Rating (IFSR) of Baa1 remains one notch below its standalone profile to account for the potential contagion risk stemming from Fosun’s significantly weaker credit standing.

Moody’s added, “Peak Re continues to operate independently from Fosun, particularly the reinsurer’s capital management and financing activities. This is despite Fosun’s high debt leverage and weak liquidity in the past few years. Peak Re has not paid any dividends nor provided financing to Fosun or its affiliates.

“The ring-fencing measures at Peak Re have proven effective. These measures include an independent board where Fosun does not have majority control, as well as stringent board oversight over related party transactions.

“Fosun’s near-term liquidity buffer has also improved with the offloading of several businesses in the last two years. As such, we assess that the probability of capital flows from Peak Re to support Fosun’s liquidity needs is low.”

The rating agency concluded, “We expect that the reinsurer’s underwriting profitability will continue to improve in 2024 compared to 2023 and remain solid over the next 12-18 months.

“The reinsurer’s P&C combined ratio stood at 87% in 2023. Its strong underwriting results have benefitted and will continue to benefit from prudent underwriting, favorable terms and conditions for reinsurers.

“The declining but still high interest rates will support recurring investment income. Its solid profitability will also support the reinsurer in maintaining a solid capitalization in the next 12 months.”

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Canopius Group, a global specialty and P&C insurer and reinsurer, has appointed Andrew Ziolkowski as its new Head of Australia and New Zealand (ANZ), effective October 25th, 2025.

He succeeds Craig Elliot, who has served as interim head of the Australia business since December 2024. Elliot will continue at Canopius as the Head of Casualty for ANZ, and transition into the newly created role of Head of Distribution for ANZ.

In the new role, Ziolkowski will report to SK Lee, Chief Executive Officer (CEO) for Asia Pacific (APAC) and the Middle East and North Africa (MENA).

Ziolkowski’s remit in the role includes the development and execution of Canopius’ strategy within the ANZ and APAC region.

He will lead the ANZ business units, ensure compliance with regulatory frameworks, and build key relationships with clients and stakeholders.

Ziolkowski has over 28 years of industry experience, having held several senior positions across customer, product, underwriting, claims, actuarial, analytics, and regulatory management.

Most recently, he served as Chief Underwriting and Transformation Officer at QBE Insurance. Prior to this, he was the Group Executive of Insurance for New South Wales (NSW Self Insurance Corporation). He has also held various executive positions at IAG/Wesfarmers Insurance and Zurich Financial Services.

Lee commented on the appointment, “Andrew’s extensive experience and strategic leadership will be instrumental in propelling Canopius’ Australia business forward. We are confident that his skills will help us achieve our growth and profit ambitions. We’re delighted to welcome him to our growing business in Australia.

“We would also like to thank Craig Elliot for his exceptional management of the team during the interim period, and we are delighted he will be leading our distribution efforts as we continue to seek out opportunities with our partners.”

Ziolkowski added, “I am thrilled about the opportunities for Canopius in Australia and New Zealand. I look forward to both expanding our delegated authority business and growing our open market business in the region. I am also very excited about leading a hugely talented team to even more achievements.”

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Aon’s Climate Risk Advisory and environmental risk solutions teams have developed a new specialty insurance product to cover liabilities and mitigate the risk associated with the plugging of abandoned oil and gas wells in the US.

The new Plug and Well Exit Liability product, created in collaboration with U.S. environmental firm Tradewater, provides liability coverage for well-plugging operations, with the option for the associated state regulatory agency to be included as an insured.

In addition to mitigating financial risk in well-plugging projects, the solution also offers some security to buyers and investors in carbon credits arising from such projects.

The sale of carbon credits from well-plugging helps to finance certain projects and is essential to the continuing viability of the sector and its role in mitigating climate risk.

John Minor, national practice leader for structured credit and political risk at Aon, commented: “Our new customized solution will help to drive growth and build resilience in both the carbon credit and well plugging sectors.

“Specialist firms such as Tradewater can now operate with comfort that many resultant liabilities will be addressed by insurance carriers.”

According to data, the well-plugging sector is poised for significant growth, Aon stated, with the number of abandoned wells having increased 5.4 percent between 2021 to 2022, and documented orphaned wells having increased 53 percent from the prior three-year reporting period.

Tim Brown, Tradewater CEO, said: “We are excited to work with Aon and develop this important new product. As Tradewater is committed to creating high integrity carbon credits with the least risk and the most impact, we approached Aon to help create an additional layer of assurance for our methane credits from orphaned gas well plugging projects, and they delivered.”

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The United Kingdom’s non-life insurance sector is expected to remain on stable footing in the near term, according to credit rating agency AM Best, which recently reaffirmed its outlook for the market.

One of the more significant developments in late 2024 was the upward revision of the Ogden discount rate, which plays a central role in determining compensation for long-term personal injury claims.

The change—raising the rate to 0.50%—offered insurers some financial breathing room, particularly those with limited reinsurance cover.

The revision triggered one-time reserve releases, boosting year-end results for several firms.

AM Best sees this adjustment as a short-term positive for underwriting margins, though notes that the benefit may be short-lived as competitive pricing pressure could force insurers to pass some of the gains back to consumers.

The UK motor insurance market, long known for its razor-thin margins and price-driven competition, saw a strong rebound in 2024 following two years of heavy losses. Premium hikes and tighter underwriting controls helped restore profitability, albeit modestly. But this improvement may prove temporary.

According to the Association of British Insurers (ABI), average motor premiums began to ease in the latter half of 2024, and AM Best expects that softening trend to carry into 2025. In such a volatile pricing landscape, sustaining underwriting profits will be an ongoing challenge.

In contrast, the home insurance segment continues to lag behind. Despite inflation and repeated extreme weather events—including the highest number of named storms in nearly ten years—premium levels have not kept pace with rising claims costs.

Data from the ABI suggests that inflation-adjusted pricing for home insurance in 2024 remained below 2017 levels, while the cost of claims has surged by over 50%. Although the Flood Re program has provided some relief to insurers, AM Best believes the home insurance market still lacks the necessary pricing corrections to restore balance.

Economic headwinds are also a concern. Although the UK ended 2024 with a relatively stable inflation rate of 2.5%, as reported by the Bank of England, sluggish economic growth is expected to continue into 2025.

That stagnation could limit insurance demand across both personal and commercial lines. AM Best also highlights the possibility of global economic shocks—particularly from uncertain US foreign policy—as a potential risk factor, noting that unexpected disruptions to global supply chains could spark inflationary pressure, further complicating the pricing landscape for insurers.

One area where insurers are finding support is on the investment side. Interest rates, although now in a gradual downward cycle, remain elevated compared to the past two decades.

After a series of rate hikes between late 2021 and mid-2023, the Bank of England began easing rates more cautiously than markets initially anticipated. As of February 2025, the base rate stood at 4.5%. AM Best points out that this “higher for longer” environment provides an opportunity for insurers to improve investment income without taking on excessive risk—a welcome buffer in a sector where underwriting results are often marginal.

In summary, AM Best’s stable outlook reflects a market bolstered by regulatory adjustments and investment gains, but also weighed down by weak economic momentum and persistent competitive pressures. The path ahead will require continued pricing discipline and strategic agility.

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Reinsurance broker Gallagher Re has announced the appointment of Tom Dixon as Head of Legacy UK.

Dixon brings 20 years of experience in insurance and transactions, beginning in insurance audit and transaction services before transitioning into non-life legacy acquisitions.

He joins Gallagher Re from Perigon Re, where he was Managing Director. Prior to that, he served as CEO of Leamington Insurance Advisors and spent over six years at R&Q Insurance Holdings, most recently as Head of M&A Operations for the UK and Europe.

Earlier in his career, Dixon held roles at Catalina Re, MSIG, Grant Thornton, and Mazars.

Gallagher Re said, “Tom has developed a strong track record of success across multiple roles in the industry. He has a demonstrated track record of navigating the complexities of retrospective / legacy transactions from multiple angles.

“His accounting background and deep knowledge of the Lloyd’s environment will support our existing client proposition. We look forward to building beyond our historic range of services under his leadership.”

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Munich Re Specialty, part of the Munich Re Group insurance operations, has completed the sale of boat insurance specialist GJW Direct to Ripe.

The deal, first announced in October 2024, marks the transfer of GJW Direct after more than 20 years as part of Munich Re Specialty. The decision to sell the business was driven by a review of Munich Re Specialty’s strategic goals and its plans for the next stage of growth.

Danielle Champion, Managing Director of Munich Re Specialty – Global Markets, UK, said, “GJW Direct has been a valued part of Munich Re Specialty for over two decades. This is a great next step for the brand, and we wish Ripe every success as they move forward in driving the future growth of GJW Direct. I’d like to thank the customers of GJW Direct for their trust and continuous support during Munich Re Specialty’s ownership of this prestigious brand.

“Munich Re Specialty’s decision to sell GJW Direct was driven by a reflection on our strategic goals and plans for the next stage of our own growth. Our Specialty strategy in the UK regional market will continue to advance in the coming years and we are excited to progress our offering of specialty solutions for today’s dynamic challenges.”

Founded in 1826, GJW Direct is a non-commercial marine insurance provider offering comprehensive cover for a wide range of boats.

Under Ripe’s ownership, GJW Direct will benefit from enhanced technology and marketing capabilities. Its products have been rebuilt on Ripe’s proprietary technology platform, Juice, which uses data and technology to deliver an enhanced customer experience.

Together with Ripe’s existing products in this space—Insure4Boats and the previously acquired Craftinsure—this acquisition increases Ripe’s market share in boat insurance, positioning the firm at the forefront of the UK marine insurance industry.

Alan Thomas, CEO of Ripe, commented, “The acquisition of GJW Direct represents a transformative moment for Ripe’s growth strategy. By integrating this prestigious brand with over 190 years of heritage into our portfolio, we’re not just expanding our market presence—we’re combining historical expertise with modern technology. Our proprietary platform will enhance the customer experience for GJW Direct policyholders while preserving the brand’s trusted reputation. We are thrilled to welcome GJW Direct policyholders to Ripe.

“This acquisition solidifies our position as a leading specialist in the UK marine insurance market and demonstrates how our technology-focused approach can drive growth for established insurance businesses. We’re actively pursuing further opportunities with like-minded specialist and SME propositions and expect our M&A pipeline to continue to deliver.”

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Developing markets-focused re/insurance group Africa Specialty Risks (ASR) has appointed Trevor Oates as Head of Reinsurance.

Oates joins ASR from Canopius, where he spent 25 years in a range of underwriting roles, most recently as a treaty underwriter. Before Canopius, Oates spent seven years at Aon, having begun his career in reinsurance at Mercantile and General Reinsurance Company in 1987.

In his new role at ASR, Oates will be responsible for ceded reinsurance purchasing across the whole group, which maintains underwriting balance sheets in Bermuda, Mauritius, and at Lloyd’s through Syndicate 2454.

He will also work closely with ASR’s multiple capacity partners, including leading Syndicates who support ASR through the Africa-focused Baobab consortium at Lloyd’s.

Mikir Shah, ASR CEO, and to whom Oates will report, commented, “As our portfolio continues to expand, our reinsurance requirements have become more complex. We now write across multiple markets, including outside the African continent, and continue to expand our product lines.

“Trevor is a hugely experienced reinsurance executive, who has deep experience across our core products and geographies, along with strong relationships with the reinsurance market. I’m delighted to welcome him to ASR and help further our ceded reinsurance programme.”

Oates added, “ASR is an exciting, dynamic and ambitious company. I have been actively involved in building insurance capacity in Africa for more than 35 years, so I am really looking forward to working with Mikir and the team.”

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