Prestige Underwriting has struck a deal to offer non-standard home insurance to Tesco Bank’s customers who find it difficult to obtain standard cover. The insurance, named Coverall, is underwritten by Prestige Underwriting and offered under the group’s Open and Direct brand.
Re/insurer Apollo will launch a new specialty treaty class of business within the reinsurance division of Syndicate 1969 on 1st January 2024. It will focus on credit, mortgage, and surety reinsurance.
Carbon Underwriting Limited has approval from Lloyd’s to increase its stamp capacity for 2024 and said its Syndicate 4747 aims to increase gross written premium from £150m in 2023 to £204m in 2024.
Aviva has said it uncovered more than 9,250 instances of fraud in 2022 with a value of £120m. The insurer said motor bodily injury fraud accounted for 48% of all fraudulent claims.
Alula Technologies, which is a UK-based firm specialising in solutions for the insurance, healthcare, and pension markets, has acquired cloud-based employee benefits platform, Ovation. Alula said the deal would help it bridge the gap between back-end administration and front-end engagement.
Axa UK is giving contractors body cameras to film footage of remediation work carried out on buildings containing flammable cladding, insulation and other defects, such as missing fire breaks. Investigations made since the Grenfell Tower tragedy in 2017 uncovered defects in thousands of buildings across the UK which now require remediation.
The Forum of Insurance Lawyers has named Peter Allchorne, partner at Beachcroft LLP, as its president for 2024. He has previously chaired FOIL’s motor sector focus team and takes up his post from immediate past president Nicola Critchley, partners and board member at DWF.
The Chartered Insurance Institute is to develop guidance for professionals working with victims of economic abuse. The move follows the release of a report by Surviving Economic Abuse highlighting the impact of some insurance policies on victim-survivors of economic abuse.
Professional services and consultancy business Davies has said significant gaps still exist in the insurance industry around its ability to identify and protect vulnerable customers. Davies said the market could do more to address the needs of a wider scope of vulnerable customers and cater for issues ranging from dementia and poor mental health to financial limitations, lack of digital access and low capability.
Moveda Underwriting, a managing general agent established by the Movo Partnership, has gone live with capacity from AmTrust and Irwell. The MGA has developed a range of commercial combined, property, and liability solutions with limits of up to £5m.
Pen Underwriting has taken Box 393 at Lloyd’s which will be manned by marine underwriters, providing brokers with support in placing complex marine risks in areas including brown water hull, war risk and ports and terminals liability. Pen said it has plans to expand the box’s activities into complimentary and additional lines of business.
Lloyd’s has launched a consultation on its proposed strategy for the next three years in relation to its plans on all aspects of sustainability including underwriting, investments, exposure management and capital and reserving. The move is aimed at assisting market participants in developing and aligning their own strategies.
Chancellor Jeremy Hunt has announced a consultation on the creation of captives in his Autumn Statement, highlighting the Government’s support to boost this section of the UK insurance market. The consultation will begin next year.
Research from Premium Credit has recorded an increase in the number of people who are prepared to pay for their insurance policies using credit. The latest Premium Credit Insurance Index found that 21% of adults said they are more accepting of paying for insurance policies with credit than they were a year ago. This was up from the 15% recorded in October 2022.
Quadrassist, which is the building repair network for specialist loss adjuster Woodgate & Clark, has launched a desktop adjuster service to handle claims of up to £10,000 for insurance providers. Plans are in place to increase this limit.
The Financial Conduct Authority has warned the market of a company using the web address www.knowyoucan.co.uk, which is seeking to impersonate Axa Insurance UK plc and its fellow group company Axa Investment Managers UK Ltd.
The Medical and Dental Defence Union of Scotland, which provides dental and medical indemnity to over 56,000 professionals, has partnered with insurance software solutions provider Genasys Technologies to support its digital evolution programme. Under the deal, MDDUS will move to Genasys’ flagship policy administration platform.