Pen Underwriting has signed a deal to extend its partnership with re/insurer SiriusPoint. SiriusPoint will provide 100% of the capacity for Pen’s international professional indemnity portfolio and offer cover for risks emanating from multiple professions and territories outside the UK and Ireland.

Clear Group has reported revenue of £93m for the year ended 31st October 2024. This was up on the £74.7m achieved in the previous year. It said the 25% jump in revenue was driven by a combination of acquisitions and organic growth.

Tesco Insurance and Money Services has appointed Craig Bundell as chief executive officer following its split from Tesco Bank. Tesco recently agreed a ten-year deal with Barclays to offer banking products under the Tesco brand, while retaining ownership of its Insurance and Money Services arm.

Consilium Risk Solutions, the UK division of speciality re/insurance broker Consilium, has launched its first casualty binder. It is backed by A-rated delegated authority capacity and
aimed at low and medium risk contractors. Wordings include cover for working at height, depth or high heat exposure and offer extensions for efficacy, goods on hook, rip and tear and defective workmanship.

Pricing consultancy Pearson Ham has launched a new price tracking service for landlord insurance in a bid to highlight the disparity in what landlords pay for their cover. Pearson Ham said the tracking and analysis service would enable landlords to see the impact their experience, portfolio size, tenant profile and property location had on premiums and to adapt their strategies accordingly.

The Government has announced it is to push forward with plans to create a new framework for the captive insurance market following a consultation on the issue, which was launched back in November 2024. The news received widespread industry support. The government
anticipated that the new framework would include proportionately lower capital and reporting requirements and promote faster authorisations for captive insurers.

Digital bank Monzo has announced the launch of a combined buildings and contents policy for homeowners. Monzo entered the home insurance market in April this year with a contents insurance product for renters and homeowners. The new product will enable policyholders to make mid-term adjustments with no additional fees.

Managing general agent Globe Underwriting, which is part of The Ardonagh Group, has launched a new professional indemnity offering that will build its presence in the financial lines market. To deliver the proposition, Globe has appointed Paul Nolan as head of financial lines and Kiran Wignall as underwriting manager, professional indemnity.

Policy Expert is relocating to a new Scottish office at Maxim Park, which is three times the size of its current premises in the business park. The insurer said the new 22,000 square feet facility would accommodate its core UK motor team, which handles motor and pet insurance claims. Policy Expert said the recent launch of its pet insurance product underpinned the need for larger premises. The firm will complete the move over the summer.

Add-on insurance specialist Alps has teamed up with credit hire company Cogent to offer brokers and their clients access to a vehicle repair and replacement network that seeks to offer transparent pricing and minimise delays. In addition to motor related add-ons such as excess protect, tools in transit, vehicle replacement and road rescue, Alps offers a range of sole trader, commercial, landlord and family legal expenses products. It also offers property related add-ons. 

Liberty Specialty Markets, which is part of Liberty Mutual Insurance, has launched a dedicated product offering professional liability, management errors, theft and fraud cover for financial institutions operating in the cryptocurrency market. It provides limits up to €3m and will target European crypto-asset service providers, particularly those compliant with the EU’s Markets in Crypto-Assets directive.

Intermediary Aon has established a multi-line facility to support clients manage all areas of risk across the development and subsequent operation of a datacentre. It said its new Data Centre Lifecycle Insurance Programme team would deliver an integrated solution that provided solutions for construction, cargo, cyber and operational exposure from under one umbrella.

Descartes Insurance has announced that it will now offer corporate clients and public institutions credit and political risk insurance. This builds on its core parametric insurance solutions for climate, cyber, and emerging risks. To support the move, Descartes Insurance has recruited Hélène Martin, who was formerly head of single risk, credit and political risk – France at Coface. The carrier is a subsidiary of Descartes and was launched in 2022.

Flood Re has reshuffled its executive management team following the appointment of Perry Thomas as CEO in February this year. Latinka Pilipovic (pictured) joins as chief financial officer and board member. She will take up the position on 1st August, subject to regulatory approval. Interim CFO Dave Dunning will step down from his position following a handover period. Pilipovic previously served as CFO for Guardian Financial Services.

Allianz UK has announced a new partnership with Volkswagen Financial Services UK to become its new motor insurance provider. The five-year partnership extends across Volkswagen Group’s car brands in the UK, including Volkswagen Passenger Cars, Škoda, Audi, SEAT and CUPRA.

Managing General Agent Augmented, founded by former Rethink Underwriting CEO Daniel Prince, has launched, utilising digital underwriting tools and artificial intelligence to serve the smart follow insurance market.