EY restructures UK insurance sector model

Consultancy EY has restructured its UK insurance sector model, creating two distinct sub sectors.

The move sees the creation of a new commercial and specialty unit, as well as a life, pensions and personal lines arm.

“The new structure reflects the rapidly changing shape of the UK insurance industry, where the traditional boundaries between retail and commercial insurance are becoming more clearly defined,” EY said.

As part of the move, Benedict Reid has been appointed EY UK commercial and specialty insurance leader, while Alistair Brannan has been appointed EY UK life, pensions and personal lines leader.

’End-to-end view’

Reid said: “Commercial and specialty insurers, and the industry at large, are transforming at an unprecedented pace. Firms are navigating geopolitical uncertainty, climate-related risk and ongoing regulatory change while also reimagining how they operate and serve customers and trading partners in a more digital, data-led market.

”This new model means we can take a truly end-to-end view – from broker to reinsurer – and work with clients as they adapt their business models and position themselves competitively for sustainable growth.”

Brannan added: “The UK’s retail insurance and long‑term savings market is being reshaped by technology, shifting customer expectations and an increasingly complex macro environment.

”Bringing life, pensions and personal lines together puts us in a stronger position to support insurers more holistically as they evolve their propositions in response. I am very proud to be part of this team, helping our clients better serve their customers while collectively working towards improving long-term financial resilience for consumers across the UK.”