Accredited Insurance (Europe) Limited, the A- rated subsidiary of Randall & Quilter Investment Holdings Ltd, has agreed a six-year, £2bn capacity deal with home and motor insurance provider Policy Expert. Policy Expert wrote its first home policy in 2011 and expanded into motor in 2019.
Altelium, which provides warranty insurance for the battery supply chain, has signed a deal with MS Amlin Underwriting to provide a construction all risk and operational all risk insurance solution for the battery energy storage system market.
Ardonagh Europe, part of The Ardonagh Group, will expand its footprint into Italy and has hired Carlo Faina, who was previously CEO of Berkshire Hathaway Reinsurance Group’s Italian operations, to lead the new division.
Fitch Ratings believes the UK’s latest supervisory climate stress test for banks and insurers is the world’s toughest and that some institutions’ capital ratios under the 30-year scenarios are likely to fall close to, or even below, the regulatory minimums.
Loss adjuster Woodgate & Clark has published a commercial property report urging insurers and builders to forge closer working relationships to help manage the impact of supply shortages and inflation on the price of materials.
Broking group Ataraxia has increased its stake in North West commercial broker James Taylor Steven Ltd, which is based in Worsley, Manchester. As part of this transaction, Chris Sedgley will become the managing director as well as a significant shareholder. A stake in the business has also been purchased by SSP insurance brokers based in Altrincham.
Zurich Insurance Group has said it will sell its Russian operation to members of the incumbent team who will then operate the business independently and under a new brand.
The Financial Conduct Authority has issued a warning about a clone broker firm giving out false details including a website address of brokerexpressltd.com. The regulator said this clone company was not regulated or authorised to carry out insurance business.
Insurtech MGA Loadsure has agreed a deal with Burns and Wilcox, an independent insurance wholesaler and MGA operation in North America. The move will see it offer Loadsure’s AI-powered trip transit insurance coverage to independent brokers across Canada.
Digital insurance provider Marshmallow has expanded beyond its core car insurance offering with the launch of Marshmallow Van. It covers van owners who use their vehicle for social purposes, domestic use and commuting. Initially, the product will be available through price comparison website Quotezone and subsequently through by Go Compare and Confused.
Aviva plc has reported gross written premium in its general insurance business of £2.1bn for Q1 2022, up 5% on the same period last year. In the UK, personal lines GWP was down 2% to £627m, while commercial lines GWP rose 11% to reach £611m. The combined operating ratio for the UK general insurance business deteriorated by 7.3 percentage points to 99.4%.
The Ardonagh Group has announced total group income of £288m for Q1 2022, an increase of 44% on the same period last year. It said adjusted EBITDA was up 29% to £86m for the quarter. It invested £15m during Q1 in additional growth drivers such as new hires, IT system improvements, new business campaigns and long-term savings and synergy projects.
Loss adjuster QuestGates has acquired structural engineering consultancy Structural Surveys Limited, which offers its services on both residential and commercial buildings from its eight offices across England, Scotland and Wales. The firm is headquartered in Warrington and will continue to operate under its existing brand as a separate company led by its founder and managing director, Andrew Russell.
Peter Blanc, president of the Chartered Insurance Institute has reaffirmed the importance of professional advice in creating consumer confidence in the insurance sector. Speaking at the professional body’s Ambassadors in Action conference, he said ensuring customers understand and get access to the most suitable products should sit at the heart of the market.
Country Group, which is part of Global Risk Partners, has agreed to acquire the assets of Leicester-based Marsh and Co and a specialist MGA it set up called Ginger Markets. Marsh has a commercial book of business including leisure and associated personal lines. Ginger Markets specialises in marquee and glamping insurance.
Digital insurer Getsafe is launching buildings insurance to its contents insurance product in the UK, where it has grown its customer base to 50,000 people. Getsafe offers cover via an insurance subscription instead of a fixed policy term, which customers manage from their smartphone.