Insurance Times delivers a bumper Backchat segment in time for Christmas, including a parade full of traditional British pageantry, editor Katie Scott offering public speaking advice, an underwriter sharing a philosophy podcast and a cyber risk management firm celebrating a new office opening in Leadenhall. What has the insurance industry been up to of late? You heard it here first…
Parading around town
On 9 November 2024, Mark Huxley – immediate past master at the Company of Entrepreneurs, a livery company consisting of individuals that have set up and run successful businesses – appeared in the street parade for the 696th Lord Mayor’s show.
Dating back to the 13th century, the show occurs every year on the second Saturday in November to celebrate the inauguration of the new Lord Mayor of London and welcome them to the city of London.
This year’s parade marked the start of Lord Mayor Alastair King’s year in office.
Phlexible Philosophy
Hamza King, underwriting assistant at MGA Rising Edge, publishes a podcast called Phlexible Philosophy, which sees him interview academics about their books.
The podcast, which launched during the Covid-19 pandemic, currently has six episodes, covering topics such as space ethics and social mobility.
In the latest episode, King interviews Paul Collier about social class. Collier is professor of economics and public policy at the University of Oxford’s Blavatnik School of Government and a director at the International Growth Centre.
Thought leadership
On 20 November 2024, Insurance Times editor Katie Scott served as an expert at a panel training event hosted by The Insurance Breakfast Club (IBC) – a professional development and networking programme for women working in insurance, led by founder and former Aon staffer Katherine Bryant.
Scott gave live feedback as the cohort of delegates participated in mock conference panel debates, as well as joined an on-stage Q&A about working with the trade press and the importance of sharing industry knowledge at professional events.
Sponsored by Deloitte, the event featured delegates from 14 organisations, including Atrium, Axis, Berkshire Hathaway, Chubb, Costero, Howden, Lancashire, Liberty Mutual, the Lloyd’s Market Association, Markel, Tokio Marine Kiln, TransRe, Verisk and WTW.
Lighting up Leadenhall
Cyber security IT provider Intersys hosted a party on 14 November 2024 to celebrate the opening of its new Leadenhall Market office – the company confirmed its new operating site in October 2024.
The lively evening get together, which centred around the annual Leadenhall Market Christmas lights switch on and the venue’s 18 foot Christmas tree, brought together industry leaders, peers and trade press.
InsurTalk
On 17 November 2024, Insurance Times technology editor Clare Ruel was interviewed by Guidewire chief evangelist Laura Drabik for an episode of Drabik’s InsurTalk podcast.
Chatting at Guidewire’s Connections 2024 conference in Nashville, the duo discussed how insurers are using artificial intelligence (AI) and machine learning to transform the claims process.
Art and AI
On 27 November 2024, insurer Hiscox revealed a self portrait of an AI artist to mark the launch of its inaugural Art and AI Report.
The artwork is built from photos of 40 artists’ faces. It highlights the ethical dilemma that is created by the use of AI in art, flagging concerns over copyright and compensations for artists.
Hiscox’s report found that more than three-quarters of art collectors believe that artists should be compensated by AI firms that use their artworks.
The Speculator
There have been two massive M&A deals announced in December 2024.
First, Aviva reached a preliminary agreement with Direct Line Group (DLG) on 6 December 2024, confirming the financial terms for a potential takeover. The DLG board initially accepted a £3.6bn bid from Aviva.
Then, on 9 December 2024, broker Gallagher agreed a deal to acquire AssuredPartners for just over $12bn (£9.4bn).
The first deal is likely to see the formation of a large personal lines player, while the second is essentially seeing a consolidator get consolidated.
With these being game-changing market moves, is this a sign of things to come in 2025?
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