Weekly News Update – 8th March

In big news this week Aviva announced their acquisition of Probitas for £242m, following its third attempt to agree terms.  Major industry bodies have been commenting on Wednesday’s Spring Budget and have highlighted the ‘missed opportunities’ in insurance. Unveiling prelim financial results, Lloyd’s CFO, Burkhard Keese said: “The year 2023 marked a remarkable period for the Lloyd’s market.”

Aviva re-enters Lloyd’s market with $300 million acquisition (Source: Reuters)
Aviva “will take over Probitas’ fully-integrated Lloyd’s platform and underwriting unit Syndicate 1492” as it looks to boost its Global Corporate & Specialty (GCS) business. CEO Amanda Blanc commented “Aviva’s presence in the Lloyd’s market opens up new opportunities to accelerate growth in our capital-light General Insurance business”.

“Missed opportunity” in Spring Budget 2024 (Source: Insurance Business Magazine)
BIBA CEO, Graeme Trudgill, is disappointed that there wasn’t more “decisive action on issues such as Insurance Premium Tax, and increased flood investment in response to inflationary pressures” in Jeremy Hunt’s speech this week.

Lloyd’s of London’s underwriting profit nearly doubled in 2023 following ‘outstanding’ year (Source: City AM)
In a trading update Lloyd’s revealed that GWP had increased to £52.1bn and reported an underwriting profit “of £5.9bn, up £3.3bn from 2022’s figures of £2.6bn”.

Generative AI – from experimentation to implementation (Source: BrightTalk)
In this upcoming webinar, experts from QBE Ventures, Inver Re and Miller Insurance will discuss real-world use cases of generative AI within the insurance industry and explore some of the ways to maximise ROI.

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