Insurance Times looks at highlights from Q2 2024 in its review of the year
The most popular story with Insurance Times readers from the second quarter involved DLG, with news of three major leadership appointments coming in May.
These appointments were made by chief executive Adam Winslow, who officially joined from Aviva on 1 March and immediately began constructing a new team to deliver a raft of changes designed to cut costs at the insurer.
A large M&A story also topped the charts in Q2, with Markerstudy’s £1.2bn merger with Ardonagh’s personal lines broker Atlanta approved by the FCA on 3 June.
The deal was first announced on 15 September 2023 and since being confirmed, has led to more than 700 job cuts, which were announced in October. Markerstudy explained that the deal had resulted in duplication across several roles, which required the tough decision.
Rounding out the top three stories of Q2 was yet more M&A news, as broker Specialist Risk Group (SRG) was purchased in a deal worth more than £1bn.
The deal saw Singapore-based Temasek Holdings and New York-based Warburg Pincus invest in the growth of the business, while management maintained “significant stake” in the business.
In a post-deal interview, chief executive Warren Downey told Insurance Times that the new investment represented the beginning of “chapter two” for the broker’s growth journey, which would focus on more M&A, international expansion and entering new business segments.
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