City PM Awards 2023: Insurance Company of the Year
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The insurance sector has had an extraordinary year, dealing with natural disasters and climate change on the one hand and investing at pace on the other. This year we’re looking not just at insurers who are delivering for shareholders but those looking to take the lead in greasing the wheels of the British economy.
Aviva
It was another year of strong trading for last year’s winner of this award, despite a challenging economic climate. The newly slimmed-down Aviva delivered growth across all markets and the acquisition of Succession Wealth bolstered the firm’s offering in the UK wealth market – all the while delivering increased returns to shareholders under the impressive leadership of CEO Amanda Blanc. Aviva Investors continued to perform despite market volatility.
Phoenix
More than £1 billion of new business cashgeneration in 2022 – through organic growth – is nothing to be sniffed at. The giant’s Standard Life business continues to attract new customers and
the firm’s M&A strategy continued with the cashfunded pick-up of Sun Life UK. A new ‘brand building’ strategy has put the firm on the
frontfoot and boss Andy Briggs has become a trusted City figure on all things retirement
Rothesay
The UK’s largest specialist pension insurance firm completed de-risking transactions with four pension schemes in the first half of 2022 alone, delivering new business premiums of a cool £1bn
in a buoyant bulk annuities market the firm is perfectly placed to deliver on. The firm now has more than £50bn under management and won particular plaudits for a Ukraine crisis donation scheme, with employee contributions matched 3:1 by the insurer.
Howden
The City-headquartered international insurance broker was on an M&A spree last year, picking up no fewer than 12 firms in the course of 2022, highlighted by the ‘transformation’ acquisition of US-based TigerRisk Partners. The firm has tripled turnover in the last three years despite mounting pressures in the reinsurance market exacerbated by the untimely arrival of Hurricane Ian. A series of
impressive bosses including analytics chief David Flandro and boss David Howden gives the firm an edge in the competitive London market.
Inigo
Since the formation of Inigo in 2021 it has built the largest insurance and reinsurance portfolio from scratch that the Lloyd’s market has ever seen. The underwriter successfully priced its second catastrophe bond despite a toppy market. The ambitious firm founded by a series of London insurance veterans looks set to
continue growing at pace and eye-catching hires in financial and cyber lines have impressed.
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