Page 15 - Insurance Times February 2023

Howden sees record or- organic growth of 26%. The company Beazley launches D&O in-
welcomed 400 new employees during
ganic growth, 60% rise in surance for private equity
the year, and launched several new
revenue for FY22 initiatives. firms
Global re/insurance broker, Howden Beazley, a UK-based specialist insur-
Group Holdings, has announced record Old Mutual to go digital ance provider, has launched a new in-
organic growth of 19%, and a 60% rise surance offering aimed at private eq-
with CoverGo in 13 mar-
in revenue to £1.84 billion for the year uity firms.
ended September 30th, 2022. kets across the continent
Private equity firms and their directors
Old Mutual, one of the largest pan-
Organic growth of 19% is in line with
deal with a variety of risks during an
African financial services groups, and
the previous year and is a result of new
investment’s lifecycle.
CoverGo, the global no-code insurance
client wins and fresh talent joining the
The bespoke offering is designed to
firm, while revenue increased from the SaaS platform for P&C, health, and life,
focus on directors and officers (D&O)
£1.2 billion reported for 2021, as have formed a strategic partnership
risks within the lifecycle of portfolios
EBITDA rose by 69% from £335 million through Old Mutual's investment in
and covers it from the purchase of the
to £565 million. CoverGo's $15m Series A in 2022.
asset to its divestiture.
The company completed 31 strategic Old Mutual, one of the world’s oldest
Beazley product leader – international
acquisitions in the year, including insurance companies, will be able to
management liability Emma Pereira
TigerRisk, which, combined with the leverage CoverGo’s platform to
said: “Private equity firms and their
signed acquisition of March R.S., takes streamline its insurance ecosystem by
revenue on a pro forma basis to more launching insurance products in record directors require specialist D&O cover,
than £2 billion, and EBITDA to £648 time, increasing sales through new and this product brings a unique ap-
million. channels, and improving user experi- proach to the sector.
Howden says that 1,000 new employ- ence across 13 countries in Africa. “Our market-leading D&O policies
ees joined the firm in 2022. At the CoverGo has been adopted by a grow- bring confidence and peace of mind –
same time, £2.9 billion of fresh invest- ing number of insurance companies and with this product, we can provide
ment was made into the Group’s across the globe, especially in the our private equity customers with a
unique capital model from long-term health insurance space, to build and leading D&O risk mitigation solution.”
equity and debt holders, which will be launch products within days, develop Beazley stated that it is capable of
used to support the firm’s sustainable
omnichannel distribution and digitise meeting the full range of insurance
growth strategy in full year 2022.
policy administration and claim settle- demands in the private equity sector
At its DUAL subsidiary, gross written ments. CoverGo’s clients include AXA, through its other offerings such as
premiums doubled to £2.2 billion on Bupa, MSIG (MS&AD), Dai-ichi Life, cyber, mergers & acquisitions (M&A),
the back of the integration of Align and and many others. and SME D&O protection solutions.

14 January 2023 The Insurance Times