InsuranceAsia News’ Post

Saga plc. shares jumped on Monday after the over-50s specialist revealed a two-decade partnership with Belgian insurance giant Ageas Group. The agreement will see Ageas operate Saga's home and motor insurance products, including its claims, pricing, underwriting, and price-comparison website activities. Saga will oversee its branding and direct marketing and earn commission based on a percentage of the gross written premiums generated. Ageas will pay the firm £80million upfront, dependent on publishing its interim 2025 accounts without 'material uncertainty or an auditor qualification' and the extension or refinancing of a corporate bond maturing in July 2026. The Belgian insurance giant will hand Saga up to £30million extra in both 2026 and 2032 if it meets specific policy volume and profit targets. Ageas has also agreed to acquire Saga's Acromas insurance underwriting business for £65million. #OpenInsurance #EmbeddedInsurance #Insurtech #Insurance #Partnership

IAG will acquire 90% of RACQ’s insurance underwriting business for AU$855m, with an option to buy the remaining 10% after two years, pending regulatory approval. The deal includes a 25-year distribution arrangement, with RACQ handling marketing, sales, and distribution, while IAG manages underwriting and claims. #Insurance #MergersAndAcquisitions #Australia

𝗬𝗢𝗨 𝗛𝗔𝗩𝗘 𝗨𝗡𝗧𝗜𝗟 𝟱𝗣𝗠 𝗢𝗡 𝗙𝗥𝗜𝗗𝗔𝗬 𝟲𝗧𝗛 𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗧𝗢 𝗚𝗘𝗧 𝗧𝗛𝗢𝗦𝗘 𝗘𝗡𝗧𝗥𝗜𝗘𝗦 𝗜𝗡! Recognising the best of the best in #UKGI #Insurance, the #ITAwards celebrate the outstanding achievements of #brokers, #insurers, and #MGAs. With 30 awards up for grabs, there's something for everyone, so don't miss this opportunity to be crowned the best in the business! Why Enter? - Win industry recognition - Raise your profile - Benchmark your success - Celebrate your team's hard work YOU'VE GOT TO BE IN IT TO WIN IT: https://bit.ly/3RGRGGb #InsuranceTimesAwards #GeneralInsurance #UKInsurance #InsuranceBroker #InsuranceCompany #MGA #InsuranceIndustry #Awards #Recognition #Achievement #Excellence #Business #Teamwork #Innovation #Deadline

Captives is in the news at the moment. We are running two specialist captive sessions at our Global Programmes Europe conference in London on 18 September – 👀 BOOK your space and be part of the conversation... ⭐️ Find out: - What needs to happen to make the UK ‘onshore’ captives feasible? - How does having a captive at home help with managing a global programme? - Why would a European captive manager set up a captive in the UK? - Why does it make sense to host a captive at Lloyd’s BOOK HERE... https://ow.ly/Vglg50SEtnb And much more… #ComRiskEvents24 Marsh Zurich Insurance Lloyd's Sompo CNA Insurance TMF Group #Captives #RiskManagement

Ageas UK 👊 Motor GWP ⬆ up to €1.57bn from €1.11bn in '22 Motor COR ⬇ to 95.2% from 103% in '22 UK growth 🚀 +47% Post-tax profit ⬆ 95% to €84m And still leading the way in broker-led distribution. Maybe #insurancebrokers aren't so bad after all 😇 #insurance #kudos https://lnkd.in/emDq4FG9

Billion Bid From Ageas Board of Direct Line describes bid as ‘highly opportunistic’ Belgian insurer confirms second offer in regulatory filing Direct Line Insurance Group Plc said it had rejected a second takeover offer from Ageas, as the UK firm’s board reiterated its opposition to the approach. The Belgian insurer increased its offer by about 3% in a March 9 proposal, Direct Line said in a statement Wednesday. The latest offer comprises 120 pence in cash and one new Ageas share for every 28.41107 Direct Line Group shares. That would value Direct Line at about £3.2 billion ($4.1 billion), Ageas said in a separate release. That’s a 46% premium to its closing price before the first bid was disclosed in Feb. Direct Line’s board said the latest proposal is “uncertain, unattractive, and that it significantly undervalues Direct Line Group and its future prospects while also being highly opportunistic in nature.” Ageas said that it would continue to engage with the Direct Line board ahead of a March 27 deadline. Shares in Direct Line fell as much as 8.7% in London, with Jefferies analyst James Pearse saying the prospects of an offer reaching his expectation of 270 pence to 300 pence a share are now receding. #directline #generalinsurance

𝗬𝗢𝗨 𝗛𝗔𝗩𝗘 𝗨𝗡𝗧𝗜𝗟 𝟱𝗣𝗠 𝗢𝗡 𝗙𝗥𝗜𝗗𝗔𝗬 𝟲𝗧𝗛 𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗧𝗢 𝗚𝗘𝗧 𝗧𝗛𝗢𝗦𝗘 𝗘𝗡𝗧𝗥𝗜𝗘𝗦 𝗜𝗡! Recognising the best of the best in #UKGI #Insurance, the #ITAwards celebrate the outstanding achievements of #brokers, #insurers, and #MGAs. With 30 awards up for grabs, there's something for everyone, so don't miss this opportunity to be crowned the best in the business! Why Enter? - Win industry recognition - Raise your profile - Benchmark your success - Celebrate your team's hard work YOU'VE GOT TO BE IN IT TO WIN IT: https://bit.ly/3RGRGGb #InsuranceTimesAwards #GeneralInsurance #UKInsurance #InsuranceBroker #InsuranceCompany #MGA #InsuranceIndustry #Awards #Recognition #Achievement #Excellence #Business #Teamwork #Innovation #Deadline

Tokio Marine Group FY 2023 International NPW increased by +4.8% YoY thanks to growth action plans (rate increases and underwriting expansion, etc.) implemented by each entity. Philadelphia Insurance Companies Expansion primarily in new businesses despite the increase in #reinsurance cost (in line with projection). Maintained strong rate increases (FY2023 results: +9%) and increased revenue Delphi Capital Management: Increased for P&C (excess WC) and life (disability / paid leave / group life) due to expansion of underwriting with favorable rates Tokio Marine HCC : Increased due to strong rate increases (FY2023 result: +5% (excluding A&H, Surety, Credit)) and underwriting expansion mainly for A&H and non-US business #Europe Increased due to strong rates increases (FY2023 results: +8%) and steady expansion of highly profitable lines at Lloyd's ’s South & Central America. Significant increase due to strong rate increase and underwriting expansion in 1H despite intensified competition in auto insurance in 2H Asia & Oceania. Increased mainly in auto and overseas travel insurance due to recovery of economic activities https://lnkd.in/e4Ym8RFX

Two Australian brokerages, Steadfast Group Limited and AUB Group Limited, have entered AM Best’s Top 20 Global Insurance Brokers list for the first time, ranking 17th and 18th, respectively. Marsh maintained top spot for the 14th consecutive year, strengthening its position with a US$2bn revenue increase in 2023 to US$22.7bn. Aon was second, with US$13.4bn in reported revenue. However, Gallagher—who has been on an acquisition spree—continued its strong and steady revenue growth since 2020, managing to secure third place in 2023 as a result. The business overtook WTW, who dropped to fourth despite a 5% increase in reported revenue compared to 2022. The UK's BMS Group also made their debut in the rankings this year, coming in at 20th. Elsewhere in Asia, China's Fanhua Inc. maintained its 19th position with revenue of US$450.4m, up 10% from 2022 but down compared to 2019. #insurance #asiapacific

COMMENT: Ageas interest in DLG has too many potholes… Learn more👇 https://lnkd.in/gDvG8_CE If good timing is an essential ingredient to success then it is unlikely Ageas will get its way and acquire the UK motor heavyweight Direct Line Group (DLG). #insurance #reinsurance #insurancemarket #reinsurancemarket #insurancenews #reinsurancenews