News

Howden has snapped up Ross Insurance Group, a commercial broker leaning towards corporate and technology clients. The broker has a particular focus on financial and construction risks, and in addition to technology deals with clients in financial services, construction, property management and vehicle leasing.
Posted: 2021-12-03
The UK branch of Convex Europe SA, which is part of Convex Group Limited, has received approval from the Financial Conduct Authority and the Prudential Regulation Authority. The approval is effective immediately and means Convex Europe SA can write European business via London.
Posted: 2021-12-03
Not-for-profit electronic trading specialist Placing Platform Limited has confirmed the next generation of its platform will become available in 2022. The first risk was bound on PPL in 2016 and today it is used by around 380 broking and underwriting firms across virtually all classes of business in the London market.
Posted: 2021-12-03
Credit insurance and surety specialist Xenia Broking Group has acquired Northampton-based intermediary, Peter Hill Credit and Financial Risks Limited. The Peter Hill team, led by Mark Davison and Dave Smith, will continue to run the business from its current offices. The operation will be rebranded as Xenia in due course.
Posted: 2021-12-02
Re/insurance broker Consilium has added professional indemnity cover to its asbestos scheme for removers and surveyors, complementing the existing covers for employer’s liability, public liability and plant. The new product is underwritten by Lloyd’s syndicate Probitas 1492. It is available to asbestos removers, demolition contractors, surveyors, general building firms and allied trades.
Posted: 2021-12-02
Broker Arthur J Gallagher & Co has announced the completion of substantially all of the treaty reinsurance brokerage operations from Willis Towers Watson. The combined businesses will trade as Gallagher Re from more than 70 offices across 31 countries and employee around 2,400 people.
Posted: 2021-12-02
Tracking specialist Ctrack has teamed up with machine learning insurtech Humn to create a commercial fleet insurance proposition. Under the agreement, Ctrack Online, the web-based tracking solution, will be integrated with Humn’s data-driven insurance management system, Rideshur.
Posted: 2021-12-01
UK insurtech SchemeServe has launched an integrated accounting function, Digit, to enhance its insurance scheme software. Digit enables brokers to manage the whole transaction journey within SchemeServe from sub-agent reconciliation to insurer settlements and commission transfers, with dedicated ledgers for each.
Posted: 2021-12-01
In its bid to be more assertive, the Financial Conduct Authority has enacted a change to enable senior manager to take more decisions rather than relying on its Regulatory Decisions Committee. The move, detailed in policy statement PS21/16, aims to ensure decisions to prevent or stop consumer harm are taken more quickly.
Posted: 2021-11-30
JM Glendinning Insurance Brokers has strengthened its Birmingham office, appointing Blake Hynds as a client director in its professional risks team and recruiting Lee Gavin as a client service director for its real estate business.
Posted: 2021-11-30
Sabre Insurance Group is seeking a new non-executive director after Catherine Barton stepped down from her NED position, which included acting as chair of the audit committee. Subject to regulatory approval, NED Ian Clark will chair the audit committee.
Posted: 2021-11-30
Stephanie Smith, COO of Allianz Holdings, will step down from her position at the end of the year to pursue new opportunities. Incoming CEO Colm Holmes will have responsibility for naming her replacement after he joins in December.
Posted: 2021-11-29
Asta, the third-party management agent at Lloyd’s, has announced that the Council of Lloyd’s has granted final approval for Medical Protection Society to transition from its current status as special purpose arrangement 1892 to a market-facing syndicate.
Posted: 2021-11-29
Willis Towers Watson has partnered with software provider CodeEast to offer a digital transformation solution to insurance companies and MGAs that aims to improve their real-time risk assessment and pricing and reduce their operational costs.
Posted: 2021-11-26
Secure payment solution provider PCI Pal has upgraded the system used by Chill Insurance to improve security and compliance around payment card transactions, no matter if contact centre agents are working onsite or remotely from home.
Posted: 2021-11-26
RSA Insurance has enhanced its maternity and adoption, paternity and shared parental leave policies with the changes coming into force from 1st January 2022. The changes increase the full pay provided to employees during leave and follow enhancements brought in earlier this year for IVF and fertility leave, neonatal leave and miscarriage leave policies.
Posted: 2021-11-26
Alan and Thomas Insurance Group, the southern hub broker for Global Risk Partners, has acquired Aquilla Insurance Brokers. London-based Aquilla was founded in 2009 and writes insurance across the real estate spectrum. The deal has received regulatory approval and was completed for an undisclosed sum.
Posted: 2021-11-25
Personal lines intermediary BGL Insurance has launched a digital claims portal with Auto Windscreens, which will see it manage all vehicle glass claims across all the motor insurance brands for which BGL arranges and administers car and van insurance. This covers more than 3 million motorists.
Posted: 2021-11-25
Open GI has partnered with Percayso Inform to provide a new data enrichment service to brokers using Open GI’s platforms for motor and commercial vehicle lines of business from early 2022. There are plans to expand the service for home schemes.
Posted: 2021-11-24
Insurtech Send has developed a delegated authority workbench to provide insurers with automated, streamlined bordereaux and coverholder management. The platform processes open market and delegated business in one solution, providing a standardised view of risk exposure and detailed analysis on MGA and coverholder performance in real-time.
Posted: 2021-11-24
87% of managing agents want to increase their stamp capacity at Lloyd’s, according to research completed by Aon’s UK capital advisory team and the Lloyd’s Market Association. The report, entitled, “How CFOs Connect Capital and Business Strategy,” was completed by CFOs at 28 Lloyd’s managing agents, representing 75% of the market’s capacity for 2021.
Posted: 2021-11-23
Insurtech Aventus has launched a digital underwriting solution for both complex and standard insurance products. The technology caters for high volume personal lines products as well as commercial products requiring a high degree of flexibility. The solution also includes dynamic automated bordereaux reporting and performance analytics.
Posted: 2021-11-23
Broker policy administration software provider Ignite Systems and artificial intelligence specialist Nuon AI have teamed up to deliver an AI-driven pricing service. The service delivers real-time pricing insights and adjustments at the point of quote.
Posted: 2021-11-23
Willis Towers Watson has announced that Inga Beale, Fumbi Chima, Michael Hammond, and Michelle Swanback will join its board of directors. Beale, Hammond and Swanback will join the board on 1st January 2022 with Chima following suit on 1st April.
Posted: 2021-11-22
Apollo has received Lloyd’s approval to establish and manage Ibott syndicate 1971 for the 2022 year of account.
Posted: 2021-11-22
Hiscox has announced that Liz Breeze will become interim group chief financial officer. Breeze has been with the insurer since 2012 and geld various roles including head of finance for Hiscox UK and most recently chief financial officer for Hiscox Re and ILS. She will take up the position on 1 January 2022.
Posted: 2021-11-19
Insurtech managing general agent and Lloyd’s coverholder Loadsure has entered into an exclusive partnership with broker NFP’s Canadian operations. Loadsure will provide cargo and shippers’ coverage to NFP’s Canadian logistics clients shipping cargo globally, including inland transit.
Posted: 2021-11-19
The Financial Conduct Authority has said the latest monthly data up to 8th November shows that insurers have settled a total of 25,898 BI claims, up from the previous month’s running total of 24,466, at a cost of around £872m.
Posted: 2021-11-18
Specialist cycling insurer Pedalsure has teamed up with Marsh Commercial, the global intermediary’s UK SME broking business. The partnership aims to deliver a wider suite of products to address the growing scope of risks faced by cyclists.
Posted: 2021-11-18
Cloud-based insurance software provider SchemeServe has found professional indemnity, pubs and clubs, and cyber schemes were the top three performers in terms of volume, gross written premium and commission earnings in the six months to 30th September 2021.
Posted: 2021-11-17
CRIF Decisions Solutions has developed Sherlock Alert to notify fraud prevention teams of suspicious personal injury claims and to give them time to gather evidence and consider their position on fault within the 30-business-day timeframe.
Posted: 2021-11-17
Insurtech Concirrus has named Brian MacInnes (pictured) as its chief analytics officer. He joins from Aon where he spent the past 12 years, most recently focused on building out portfolio solutions and analytics capabilities within the broker’s London Market wholesale insurance business.
Posted: 2021-11-17
Aston Lark has acquired Philip Williams and Company, which has 30 employees and was established in 1975 in Stockton Heath. It has built up a strong presence providing group insurance schemes to the various police federations and other law enforcement agencies in the UK.
Posted: 2021-11-16
Post Office sales of travel insurance have surpassed pre-pandemic levels for the first time since COVID-19 restrictions began. In the three weeks to 7th November, Post Office said it sold almost 5% more policies compared with the same period in 2019. This was up 651% on the same period last year.
Posted: 2021-11-16
HDI Global Speciality has recruited senior underwriter Michelle Boyd to lead its entry into the marine hull and machinery London market. The firm will offer cover for vessel owners, managers, charterers and financiers that includes freight and total loss interests, shipbuilding and conversion risks, loss of earnings and war risks for physical loss or damage and collision liability.
Posted: 2021-11-16
Aston Lark has purchased corporate insurance and employee benefit adviser Innovation Broking, which was set up in 2015 by Paul Dickson and Howard Pearson and is based in London and Watford. It employee 30 people and has a particular focus on the technology, health, film and TV, and charities and care sectors.
Posted: 2021-11-15
Aviva Plc has reported gross written premium of £6.5bn for the first three months of 2021, up 5% on the same period last year. In the UK, personal lines GWP was down by 1% to around £1.8bn while commercial lines GWP was up by 16% to £1.9bn. Aviva’s UK combined operating ratio improved by 6.3 percentage points to 94.2%.
Posted: 2021-11-15
Reinsurance broker Gallagher Re has underlined its intention to develop its capabilities as a cyber insurance-linked securities broker and recruited Theo Norris to lead its push into this sector and to help bring new capacity into the global cyber reinsurance market. Norris’ appointment is the latest of 10 new hires into Gallagher Re’s cyber reinsurance team during 2021.
Posted: 2021-11-15
Insurer Zurich has reported property and casualty gross written premium of around £23.3bn for the nine months to 30 September 2021. This is an 11% increase on the same period last year. In Europe, Middle East and Africa, gross written premiums increased 6% on a like-for-like basis compared with the previous year.
Posted: 2021-11-12
The Association of British Insurers named Hannah Gurga (pictured) as its new director general. She will take up her post early next year. Baroness Nicky Morgan is to become the first independent chair in a newly defined role. Baroness Dianne Hayter will join as an independent non-executive director and become the senior independent director on the ABI board.
Posted: 2021-11-12
Allianz Holdings, the holding company which comprises Allianz Commercial and Allianz Personal, saw gross written premium for the nine months to 30 September 2021 fall 4.4% to around £2.9bn, when compared to the same period last year. GWP for Allianz Commercial was down 4.2% and for Allianz Personal it dropped by 2.3%.
Posted: 2021-11-11
Specialty MGA Fiducia has launched a new commercial combined product, backed by A-rated capacity, for hauliers and couriers, which will be available through its broker partners. The product sits alongside the MGA’s goods-in-transit policies and expands its range of core non-fleet covers.
Posted: 2021-11-11
Xenia Broking Group has taken ownership of the trade credit and financial and specialty risk teams from Lloyd’s insurance broker Parker Norfolk and Partners Ltd. The deal expands Xenia’s existing position as a specialist credit and surety broker.
Posted: 2021-11-10
Motor insurance app Kudo has teamed up with the AA, which will offer an annual breakdown policy to customer buying motor insurance through the app. Kudo tracks motorists and scores them on the quality of their driving. Customers who add breakdown cover to their policy will receive roadside assistance, home start and national recovery from the AA.
Posted: 2021-11-10
GRP-owned Premier Choice Healthcare has acquired Bournemouth-based PMI intermediary Equity Health Solutions, which was established in 2016 and offers personal, business and international health insurance, and personal travel cover. The deal is Premier’s second acquisition since it became GRP’s healthcare hub last year.
Posted: 2021-11-10
Insurance data intelligence provider Percayso Inform has partnered with specialist motor insurance MGA Somerset Bridge to develop an enhanced quote service that enables it to determine and price for manipulative behaviour in the private motor customer quote journey.
Posted: 2021-11-09
Insurer Beazley has reported a 29% increase in gross written premiums to approximately £2.4bn for the nine months to 30 September 2021. The carrier said premium rates on renewal business during the period went up by 23%. Q3 catastrophe loss estimates were £93m net of reinsurance, and investment returns were £73m, down from £92m in the same period last year.
Posted: 2021-11-08
The Movo Partnership network has said it will leave GRP’s Hedron broker network in March 2022 and become an independent appointed representative network. Movo launched in 2019 and now has 52 AR broker members, 30 staff and generates gross written premium of more than £40m.
Posted: 2021-11-08
The Association of British Insurers said the average price paid for comprehensive motor insurance in Q3 2021 was £429 and remained at its lowest level in over five years. The average premium has fallen by nearly £40 in 2021 and in Q3 was 7% lower than the same period last year. The figures are from the ABI’s latest Motor Insurance Premium Tracker.
Posted: 2021-11-05
Insurer QBE has signed a three-year deal with rehabilitation services provider Corporé, which is part of Handl Group. It means Corporé will provide case management and treatment services to all QBE’s injured parties with major and catastrophic injury claims.
Posted: 2021-11-05
MGA Avid Insurance Services has launched an A-rated GAP product which has received approval from Lloyds and will initially be sold to customers via three online retailers. Avid said the move underscored its determination to bring a renewed emphasis on A-rated capacity for niche products within the MGA sector.
Posted: 2021-11-05
Loss adjuster QuestGates has announced its fourth acquisition of 2021 after completing the deal for Focus Claim and Risk Management. Focus specialises in contingency and entertainment claims including cancellation and non-appearance, as well as in prize indemnity. The Focus team will become part of the QuestGates Specialist Services division and work in tandem with QuestGates subsidiary, Hyperion Adjusters.
Posted: 2021-11-04
Global Risk Partners has reported a 30% increase in EBITDA to £80m (2020:£61m) in a trading update for the period to 30th September 2021. In the first three quarters of the year, it said income had risen by more than 20% on the same period last year to £197m.
Posted: 2021-11-04
B2B property insurance platform Ceta Insurance is urging brokers to ensure clients have appropriate home insurance given the high numbers of workers who want to continue working from home as COVID-19 restrictions are relaxed.
Posted: 2021-11-04
Insurer Allianz has appointed its new approved repairer network, putting a focus on firms capable of handling electric vehicle repairs, completing ADAS recalibration and supplying green vehicle parts. The new network, effective from 1st November, is made up of two national suppliers and six regional groups.
Posted: 2021-11-03
UK-based digital underwriting and insurance distribution platform Ripe Thinking Ltd has sold a majority stake in the company to private investment firm Aquiline Capital Partners LLC. Ripe was founded in 1997 and has around 280,000 policyholders in niche markets such as golf, boats, caravans, and cycles. It also provides SME insurance to personal trainers, musicians, and photographers.
Posted: 2021-11-03
Law firm DAC Beachcroft has teamed up with Automated Insurance Solutions to offer insurers digital support in meeting the 30-working-day liability response deadline set by the Official Injury Claim portal. The automated tool helps gather evidence and prepare witness statements.
Posted: 2021-11-03
AllClear Group has announced 70 new jobs at its City of Southend location and signed a deal with Zurich which will see it become the new underwriter for the AllClear and InsureandGo brands. The deal with Zurich follows AllClear’s recent acquisition of InsureandGo from Mapfre Asistencia, which doubled its presences in the UK travel insurance market.
Posted: 2021-11-02
Chester-based Daulby Read Insurance has acquired Chelford-based Hornby Snape Insurance Services, which has a strong presence in its local area and a particular focus on agricultural business. The deal is Daulby’s third acquisition in 12 months and takes its annual gross written premium to around £7m.
Posted: 2021-11-02
Covéa Insurance has signed a partnership with Verex Group, which provides connected car insurance and accident management services to motor manufacturers. Covéa will join Verex’s panel of underwriters, enabling customers buying a car from one of the 16 manufacturers in its alliance to also purchase branded insurance.
Posted: 2021-11-02
Property, commercial and specialty re/insurer IQUW has acquired Agora Syndicate Holdings Ltd and its subsidiaries which provide underwriting services to Lloyd’s Syndicate 3268. The deal is subject to regulatory approval.
Posted: 2021-11-01
Parametric flood insurance specialist FloodFlash has agreed a partnership with Munich Re that will enable the insurtech to expand internationally and provide larger cover limits. Munich Re already provided capacity for FloodFlash+ which serves large and complex risks. It has now become the lead capacity provider for FloodFlash which provides flood cover for SMEs and landlords.
Posted: 2021-11-01
Lloyd’s has signed up to the Net-Zero Insurance Alliance which commits it to transition all of its operational and attributable greenhouse gas emissions to net-zero by 2050 at the latest. It will also set, publish, and report against, interim science-based targets every 5 years to drive near term action.
Posted: 2021-10-29
Fidelis Insurance Holdings has opened a trading floor in Lime Street, London to act as a trading hub for both Fidelis and its MGA platform, Pine Walk Capital. Brokers will have access to Fidelis underwriters, actuaries, wordings and claims specialists and be able to meet with MGAs managed by Pine, such as Kersey, Navium, Oakside, Perigon and Radius.
Posted: 2021-10-29
Arc Legal Assistance has agreed a deal with insurance administrator and distributor Paymentshield to provide family legal expenses insurance and home emergency cover to more than 250,000 of its homeowner and tenant policyholders. The partnership includes the creation of a home emergency claims submission portal, developed in partnership with Legal Insurance Management.
Posted: 2021-10-29
Broker NFP has acquired KGJ Insurance Services Group which has a particular expertise in combined risks for complex and non-standard programmes such as in the marine sector. The broker also offers a range of schemes and access to wholesale markets.
Posted: 2021-10-28
Aston Lark has bought Bainbridge Collins, an independent broker which was established 30 years ago by Cyril Gallagher and is based in the Midlands. The broker specialises in the mid-corporate sector and puts a priority on providing risk management, health and safety and loss prevention advice.
Posted: 2021-10-28
Consolidated global investment into the insurtech sector hit a record £7.25bn across the first three quarters of 2021, according to the Quarterly Insurtech Briefing from Willis Towers Watson. WTW said the 2021 investment total was just under £9m short of surpassing the combined total for 2018 and 2019 with Q4 still to come.
Posted: 2021-10-28
Global commercial insurance pricing increased by 15% in Q3, according to Marsh’s latest Global Insurance Market Index. This is the sixteenth consecutive quarter of rises, although the broker said the rate if increases continued to slow.
Posted: 2021-10-27
The Chartered Insurance Institute has reported a mean gender pay gap of 14.8% for 2021, down from 16.3% the previous year. Its mean gender pension gap was 7.4% in 2021 compared with 17.4% in 2020. The CII said its mean ethnicity pay gap was 25.4% in 2021, the first time it has reported this figure.
Posted: 2021-10-27
H&H Insurance Brokers has partnered with Aviva to launch Farm Complete, which is aimed at the agricultural sector and is part of the broker’s new ‘Distinction’ range of products being brought to the market over the coming months. HHIB operates across the North of England, the Scottish Borders and Wales.
Posted: 2021-10-27
Law firm DAC Beachcroft, in conjunction with cross border claims representative InterEurope UK, has warned insurers to be more vigilant when dealing with claims linked to accidents in the UK made against foreign-registered vehicles, particularly heavy good vehicles.
Posted: 2021-10-27
Joint government and insurance industry body Flood Re is touring flood-prone cities in the UK to highlight the resilience measures that residents and businesses can instal to mitigate against the risks of increased flooding.
Posted: 2021-10-26
Law firm Arch Law has established Arch Fleet, which is a service to help fleet operators improve their risk profile, remain compliant and educate drivers and company management about road risks and better driving habits. The service has been developed by Charlotte Le Maire (pictured), who was previously head of criminal motor defence at DAC Beachcroft.
Posted: 2021-10-26
Financial and Legal Insurance has launched a new legal expenses insurance scheme for foster carers, which will be distributed by London market broker Circle Insurance Services to its Gloucester-based broker Cass Stephens. The product offers legal expenses and loss of earnings cover.
Posted: 2021-10-26
Broker Howden is urging the insurance market to find better ways to protect poorer communities against the increasing frequency and severity of weather-related events and to build more resilience into some of the most vulnerable populations on the planet.
Posted: 2021-10-25
Loss adjuster Woodgate and Clark has highlighted a spate of claims relating to fires at commercial properties which were being used as cannabis farms. The adjuster said that between 2015 and 2020, the number of cannabis farms uncovered in the UK had increased by more than 150%, with criminals shifting away from large farms to smaller scale production.
Posted: 2021-10-25
Insurance Europe has named Denis Kessler, chair and chief executive officer of Scor, as chair of its Reinsurance Advisory Board. This is the second time he has held the position, after filling the seat in 2009/10. He takes over from Christian Mumenthaler, chief executive officer of Swiss Re.
Posted: 2021-10-25
Admiral has selected Guidewire as the new claims management system for its household line of business. The insurer had already deployed Guidewire for its policy administration and billing systems, as well as digital applications, to its motor and household lines of business.
Posted: 2021-10-22
Chris Wallace has been appointed as executive director of QBE’s UK insurance business, taking over the role from Cécile Fresneau who was promoted to run the European operations insurance division earlier this year.
Posted: 2021-10-22
Data covering the first quarter of operation of the Official Injury Claim (OIC) service have been published for claims made between 31 May and 31 August 2021.
Posted: 2021-10-22
Absolute Products has become Aston Lark’s 40th acquisition since formation in 2018, and is the broker’s 24th acquisition in 2021 alone.
Posted: 2021-10-21
Whitespace Platform has released a significant update to its e-trading technology for brokers and insurers.
Posted: 2021-10-21
Beazley has appointed Simon Wilson as head of open market. An experienced underwriter in primary and excess property D&F products, Wilson will join Beazley in mid-January 2022, and will be based at the company’s London headquarters.
Posted: 2021-10-21
The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have opened registration for the new Flood Insurance Directory expected later this year.
Posted: 2021-10-20
RiverStone International, the acquirer and reinsurer of legacy and discontinued insurance business, has announced the appointments of Costas Miranthis as an independent non-executive director to the group board and Neil Taylor as the group chief investment officer.
Posted: 2021-10-20
Global Risk Partners (GRP) has acquired a minority stake in dental and life science specialist broker All Medical Professionals (All Med Pro).
Posted: 2021-10-20
Allianz Insurance is looking to encourage its suppliers to develop their environmental, social and governance credentials and has launched a sustainable procurement charter. In its future tender assessments, Allianz will apply a minimum weighting of 10% to ESG factors. It has also said it will offer ESG support and education to suppliers.
Posted: 2021-10-19
Specialist insurer Tokio Marine Kiln aims to expand its presence in the aviation sector and has appointed David Slevin to the newly created post of departmental head of aviation to pursue growth. He joins from Chubb where he was product head for aviation and is due to take up his position in spring next year.
Posted: 2021-10-19
Charles Randell will step down as chair of the Financial Conduct Authority and the Payment Systems Regulator in spring 2022 and has asked the Chancellor of the Exchequer to commence the process to recruit his successor.
Posted: 2021-10-18
Insurers have now settled in full a total of 24,263 business interruption claims for an aggregate value of almost £767m, up from the £696m reported last month, according to the Financial Conduct Authority. The data is for claims reported up to 5th October.
Posted: 2021-10-18
Manchester-based insurance services provider iRevolution has bought motor broker BG Insurance, its fifth acquisition in the past three years. iRevolution was established in 2013 and other brands in its group include Insurance Revolution, 1st UK Commercial, Policy Link and Utilink Consulting.
Posted: 2021-10-18
Travel insurance specialist True Traveller has signed a deal with Axa Partners UK and Ireland and Axa Partners Central and Eastern Europe to underwrite its insurance scheme, enabling the travel insurance intermediary to maintain its presence in the UK and resume sales to European residents.
Posted: 2021-10-15
The Managing General Agents’ Association has expanded into the Republic of Ireland and confirmed its first member from the country – Blackrock Insurance Solutions. Blackrock is a specialist in liability and property and was acquired earlier this year by insurance intermediary Specialist Risk Group.
Posted: 2021-10-15
Ahead of politicians returning to the House of Commons next week, insurer Axa has published five recommendations to put safety and sustainability at the heart of the UK’s building regulations and planning process. The recommendations were developed by cross industry experts, including residential and commercial developers and construction industry groups.
Posted: 2021-10-15
Drivers are now paying £97 less than they were a year ago for comprehensive car insurance, according to the latest Car Insurance Price Index from Confused.com, in association with Willis Towers Watson. It found premiums are now the cheapest they have been since mid-2015.
Posted: 2021-10-14
Commercial broker Radius Insurance Solutions has expanded its motor and fleet capabilities with the acquisition of Leeds-based Milestone Insurance Consultants, which has a focus on taxis and couriers, and its underwriting brand Signature Underwriting. Radius Insurance also includes The Burley Group and has offices in Sheffield, Leeds, Glasgow and Essex.
Posted: 2021-10-14
London-based insurtech Hug Hub has secured a strategic investment from data analytics provider Verisk. The deal will enable Hug Hub to expand the capabilities of the digital platform it provides to insurers, MGAs and brokers to engage with their customers.
Posted: 2021-10-14
London-based specialty intermediary Nexus Group has secured a £70m loan facility with Barings LLC. Nexus will use £50m of the facility to refinance existing debt and the other £20m to fund further acquisitions.
Posted: 2021-10-13
Aviva has signed a five-year extension to its exclusive distribution agreement with estate agent Connells Group, which acquired Countrywide in March 2021. The deal builds on the contract first put in place in 2017 and sees Aviva provide Connells’ mortgage and rental customers with protection insurance.
Posted: 2021-10-13
Howden has reached an agreement to acquire Aston Lark from Goldman Sachs Asset Management and Bowmark Capital. Subject to regulatory approval, the transaction marks Howden’s largest acquisition to date, creating a UK business managing over £6bn of GWP for more than 1.7 million policyholders, served by over 5,000 employees from 160 locations in the UK and Ireland.
Posted: 2021-10-13
Specialist re/insurer and syndicate management services provider Apollo Group Holdings has secured an investment of approximately £66m from Alchemy Special Opportunities Fund IV LP. The deal, which is subject to regulatory approval, will help fund Apollo’s commitment to digital transformation and new and emerging markets.
Posted: 2021-10-12
Minster Law has signed a five-year deal with broker Principal Insurance to provide non-fault motor legal services to its customers. The arrangement builds on an initial contract signed in 2019. Principal is a specialist in motorcycle insurance as well as catering for other drivers.
Posted: 2021-10-12
Arch Insurance International has appointed Tom Rivers as its new chief risk officer with immediate effect. He joins from Axis Managing Agency where he was CRO and has also served as CRO at Novae Group. Arch Insurance International is part of Arch Capital Group Ltd and includes Arch Insurance UK.
Posted: 2021-10-12
Insurance distribution company A-Plan Group has snapped up Welsh broker Watkin Davies Insurance Consultants Limited, which was established in 1978. The commercial broker has a specialist national driving school business and generates gross written premium of around £10m.
Posted: 2021-10-11
Helios Underwriting has completed seven acquisitions for an aggregate cash consideration of £5.1m. The deals bring a combined additional syndicate capacity of £6.6m. The limited liability vehicles Helios has acquired are: Kemah Lime Street Capital Limited, Nameco (No 1130) Limited, Nomina No. 070 LLP, New Filcom Limited, Nameco (No.389) Limited, Nomina No 469 LLP and Nomina No 536 LLP.
Posted: 2021-10-11
Digital insurer Getsafe has raised just over £43m in extra funding, extending its Series B round of investment to approximately £68m. Investors include Swiss Re, Earlybird, CommerzVentures and a number of family offices from Germany and Switzerland.
Posted: 2021-10-11
Thomas Miller Specialty Construction and Aviva have partnered to provide capacity for their latent defect offering for commercial developers operating in the mixed use development market in the UK.
Posted: 2021-10-08
Brokers are under increasing pressure as a range of factors have seen stress levels rise in the workplace, according to Ecclesiastical’s latest Broker Wellbeing Survey. The research, published ahead of World Mental Health Day on 10 October, found the number of brokers suffering a mental health issue linked to work is at its highest level since the industry survey launched three years ago.
Posted: 2021-10-08
The value of the average general insurance fraud has risen while detection rates have also improved according to new figures from the Association of British Insurers.
Posted: 2021-10-07
Marsh has announced the appointment of David Bruce as CEO of Marsh Commercial, a role he will take up on 1 January subject to regulatory approval. He will also join Marsh’s UK & Ireland executive committee.
Posted: 2021-10-07
Lloyd’s Insurance Company (LIC) has announced new leadership appointments for its UK branch.
Posted: 2021-10-07
Speciality re/insurance MGA Rokstone has brought a new terrorism facility to market, which will be available to brokers through its digital distribution platform iSure. The UK facility is backed by A-rated capacity and follows Rokstone’s launch of a US terrorism product in July of this year.
Posted: 2021-10-06
Pen Underwriting has acquired Manchester Underwriting Agencies Limited and its wholly owned subsidiary Manchester Underwriting Management Limited. MUM is a full-service underwriting agency with a team of 50 generating gross written premium of more than £60m. It deals exclusively through brokers and is based out of five locations around the UK.
Posted: 2021-10-06
Global Risk Partners has completed its acquisition of Willis Towers Watson’s commercial risk and broking business in Northern Ireland. The £65m gross written premium portfolio has been absorbed by GRP’s ABL Group. The combined operation will move to new offices in City Quays, Belfast on 21st November.
Posted: 2021-10-06
Aston Lark, the consolidating broker backed by Goldman Sachs, has acquired Birmingham-based broker S Johnson and Company Ltd. The commercial broker led by Steven Johnson and Graham Ettrick is a specialist in cover for the music industry and the gun trade. It also offers high net worth personal lines home insurance.
Posted: 2021-10-05
Direct Line and Churchill have relaxed restrictions to COVID-19 cancellation cover on their travel policies. Policies will now cover cancellation due to: a passenger being instructed to quarantine or self-isolate: a government lockdown preventing travel: pre-booked accommodation no longer being available and changes to Foreign, Commonwealth & Development Office travel advice within 28 days of departure.
Posted: 2021-10-05
Lloyd’s broker Tysers has updated its suite of entertainment industry products to offer an online insurance solution for freelancers working in the music industry in the UK and Europe. Another product, Tysers Elite, covers the assets and liabilities of those working in the festival industry, including bands.
Posted: 2021-10-05
Bollington Insurance has been rebranded as Gallagher following its acquisition back in February 2021. The deal saw Gallagher take on 420 employees and 230,000 customers across mid-market commercial, niche lines, and SME and micro-SME businesses as well as personal lines.
Posted: 2021-10-04
South West London broker Bedford Insurance has partnered with telematics insurtech ThingCo to support a new proposition for commercial and personal lines motor customers. Under the deal Bedford Insurance’s Rightsure brand will offer customers Theo, ThingCo’s solar powered, self-installed telematics device which collects driving data for every trip.
Posted: 2021-10-04
Allianz is offering around 1,400 independent brokers access to the legal advice helpline run by Allianz Legal Protection. The 24/7 support line will offer advice on areas such as employment disputes, debt recovery, contracts, intellectual property and COVID-19 regulations.
Posted: 2021-10-04
Minster Law has agreed to acquire Irwin Mitchell’s back book of fast-track road traffic accident, employer liability and public liability injury claims. The deal will add around 6,500 cases per year to Minster Law’s case volume and follows Irwin Mitchell’s decision to focus its personal injury services on serious injury and complex needs cases.
Posted: 2021-10-01
Research published by Marsh has unveiled a 53% year-on-year rise for 2020 in the number of protected or segregated cell company formations, according to its 2021 Captive Landscape Report. Marsh suggested the speed at which cell companies can be established may have been a factor in their growth during the pandemic.
Posted: 2021-10-01
Jensten Group has set its sights on growth in the construction sector and is developing a construction underwriting proposition for the SME and middle market, incorporating single project, contractors all risks, and annual policies. It is also seeking to attract more high-end, high value construction clients to its broking business.
Posted: 2021-10-01
Insurance data provider Percayso Inform has partnered with the Vulnerability Registration Service, which is a not-for-profit organisation that maintains a central database of people registered as vulnerable in the UK. Percayso Inform wants to use this data to help insurers identify and support vulnerable customers.
Posted: 2021-09-30
Motor insurtech Ticker has teamed up with digital insurance distribution and underwriting firm Abacai Group to increase its capacity and refine its pricing capabilities. Ticker launched in 2019 with support from Munich Re Ventures. It targets novice drivers and van drivers.
Posted: 2021-09-30
More than three quarters (79%) of those aged from 18 to 34 agree that it might save them money to have multiple policies with the same insurer. Slightly fewer (73%) agree that it would make insurance easier to deal with, according to research from digital insurer Getsafe.
Posted: 2021-09-29
Lloyd’s has granted ‘in principle’ approval for Oman Insurance Company and third party management agency Asta to launch Syndicate 2880 under the syndicate-in-a-box initiative. The syndicate plans to start underwriting for the 2022 year of account and will be the first to operate on the Lloyd’s platform under the Dubai International Financial Centre.
Posted: 2021-09-29
Plum Underwriting, Open GI and Verisk have partnered to combine their underwriting, technology, and enrichment expertise to create an enhanced home insurance offering for brokers. The initial focus will be on using data enrichment to pinpoint flood risks at the point of quote for individual properties.
Posted: 2021-09-28
The Insurance Institute of London has announced Julian Enoizi, CEO of Pool Re as its president and Christopher Lay, CEO of the UK and Ireland region of Marsh as its deputy president for the coming year.
Posted: 2021-09-28
Helios Underwriting Plc has acquired four Lloyd’s limited liability vehicles for a total consideration of approximately £5.8m. The four LLVs are: North Breache Underwriting Limited, Nameco (No 1011) Limited, G.T.C. Underwriting Limited and Nameco (No 2012) Limited.
Posted: 2021-09-27
Speciality insurer Beazley has appointed Bob Quane as its new chief underwriting officer, subject to regulatory approval. Quane joins from Axis Capital where he was CUO and will take up his new role on 11th October. He will be based in New York, highlighting Beazley’s ambitions on the US market.
Posted: 2021-09-27
Insurance services provider Charles Taylor has expanded the capabilities of its loss adjusting services with the launch of its speciality lines division. The new practice will be led by Laetitia Fouquet and Nicholas La Stella.
Posted: 2021-09-27
MGA platform Volante Capital Holdings (Bermuda) Ltd has secured ‘in-principle’ approval from Lloyd’s to launch Syndicate 1699 for the 2022 year of account. The syndicate will be managed by Asta Managing Agency Ltd and have an initial stamp capacity of £130m.
Posted: 2021-09-24
UK water leak alarm system LeakBot has teamed up with MGA SageSure and is now being used in the US for the first time. SageSure has distributed LeakBot sensors to home insurance policyholders in New Jersey. The deal builds on partnerships that LeakBot has already established for use in the UK and Europe.
Posted: 2021-09-24
The Guernsey International Insurance Association has awarded its first environmental, social and governance accreditation for an insurance entity to Dunant Re IC Limited – an incorporated cell of Replexus ICC (Guernsey) Limited, managed by Aon Insurance Managers (Guernsey). The GIIA’s ESG framework was launched earlier this year.
Posted: 2021-09-23
Specialty re/insurer Chaucer has signed a long-term partnership with Allphins to use its exposure management platform to better understand its energy reinsurance risk accumulation. Chaucer said the move would enable it to more accurately control the amount, and the quality, of risk sitting in its book if business.
Posted: 2021-09-23
Specialist re/insurer Apollo Partners LLP has teamed up with Risk Management Solutions and will incorporate its ExposureIQ application into its exposure management workflow. The move will provide Apollo with a single source of exposure data which can then feed multiple applications.
Posted: 2021-09-23
Goldman Sacks backed consolidator Aston Lark has acquired Irish broker Deanspoint Insurance Brokers Limited, which trades as Abbey Murphy Insurance, and Bournemouth-based broker, The Health Insurance Company. The latter acquisition bolsters Aston Lark’s employee benefits and healthcare insurance business with further deals planned.
Posted: 2021-09-22
Allianz Insurance has changed the cover on its motor fleet (15 or more vehicles) and its small fleet (4 to 14 vehicles) policies in response to the increasing number of electric vehicles that comprise fleets. The cover now includes third-party liability during charging, and damage cover for cables, connectors and electric wallboxes located at the insured’s premises or employee’s home.
Posted: 2021-09-22
Technology firms RightIndem and Iotatech have teamed up to help insurance businesses improve their claims journeys from first notification of loss through to settlement and to reduce costs and claims lifecycles. RightIndem offers a cloud-based software platform to handle FNOL while Iotatech is a SaaS technology provider of policy and claims solutions.
Posted: 2021-09-22
Jensten Group has completed the acquisition of Tasker Insurance Group, which was first announced in July this year. The deal has now gained regulatory approval and includes Tasker Insurance Brokers, Tasker & Partners, and Gresham Underwriting.
Posted: 2021-09-21
Allianz Holdings has launched a transitioning at work policy which will be implemented across its UK businesses. The policy includes information on the legal context and protections that relate to transgender employees, as well as key considerations and responsibilities for employees and line managers.
Posted: 2021-09-21
London-based specialist MGA, Landmark Underwriting has been awarded the title of Chartered Insurance Underwriting Agent from the Chartered Insurance Institute. The title first became available in March 2020 as a result of a partnership initiative between the CII and the Managing General Agents’ Association.
Posted: 2021-09-21
Pool Re has announced the appointment of Angela Knight CBE as non-executive chair. Ms Knight’s career combines political experience and business knowledge. She has held the roles of economic secretary to the Treasury, chief executive of the British Bankers Association, chair of the Office of Tax Simplification and a number of non-executive positions.
Posted: 2021-09-20
The Business Group Alliance for Net Zero has this morning sent a letter to Boris Johnson urging him to align economic and fiscal policy with its decarbonisation strategy. The letter also warns that the UK government’s failure to act decisively on climate change will carry much greater risks and costs.
Posted: 2021-09-20
The British Insurance Brokers’ Association has launched a new member scheme from Yutree Underwriting targeting firms operating in the media and entertainment sector. The scheme offers a policy covering production exposures such as cancellation, abandonment or postponement and covers costs, cast and extra expenses, alongside property, liability and BI cover. Professional indemnity and terrorism can also be included meaning that this is a comprehensive combined policy for this sector.
Posted: 2021-09-20
Data insight consultancy Consumer Intelligence says average UK home insurance premiums are down 5.6% in the last 12 months, although it expects rates may rise as COVID-19 restrictions are lifted. The average buildings and contents policy now costs £144. Londoners continue to pay the most for their home insurance.
Posted: 2021-09-17
Insurers have expressed a willingness to underwrite fire safety risks on projects to remove defective cladding from high rise buildings, but have called on the construction industry to focus on quality, as serious questions remain about accountability, supply chain management and the ‘lowest cost culture’ in the sector.
Posted: 2021-09-17
Zurich UK has signed a five-year deal with specialist and niche motor insurer KGM Underwriting, which is part of the A-Plan/Howden Group. The deal secures Zurich’s solus capacity for KGM’s motor portfolio and the arrangement, which begins in January 2022, is worth over £700m of gross written premium.
Posted: 2021-09-16
Over two thirds (69%) of MGAs expect partnerships to increase in 2022, a view shared by one third (33%) of carriers, according to research from law firm Clyde & Co. It also found that 87% of carriers and 67% of MGAs think the claims process requires improvement, with many citing better communications and clearer processes, as areas on which to focus.
Posted: 2021-09-16
Global reinsurance broker Gallagher Re has launched Gallagher Automated Insurance Analytics, a scalable, automated analytics platform aimed at reducing the time to mine and analyse data for insights. GAIA collects and enriches data from disparate systems, runs it through automated modelling workflows and then delivers pricing, portfolio optimisation and e-placement options.
Posted: 2021-09-15
Insurtech Concirrus has unveiled its next-generation platform to help commercial insurers capture the value of data available from the Internet of Things and transition to digital operating models. The London-based company has also opened a US office to build its presence in the North American market.
Posted: 2021-09-15
US insurer Liberty Mutual Insurance has committed to a 50% reduction of Scope 1 and 2 global greenhouse gas emissions from 2019 levels by 2030. The firm owns Liberty Specialty Markets, which is based in London, operates in Lloyd’s and has offices in Bristol and Manchester.
Posted: 2021-09-15
International brokers network Brokerslink has appointed Fenchurch Law as an affiliate. In this role the law firm will offer a dedicated advisory service for claims and coverage disputes relating to policies written exclusively into the Lloyd’s and London markets. Fenchurch Law has specific expertise across construction, property, financial and commercial, professional, product and environmental.
Posted: 2021-09-14
Insurtech Adiona has launched a new telematics motor insurance product rating drivers on how, where and when they drive. Its app-based product allows customers to manage their policy online, from purchasing cover through to making and completing a claim.
Posted: 2021-09-14
Lloyd’s broker Tysers is growing its presence in Dubai in a move that builds on the firm’s strategy to expand its international operations. Tysers opened its Dubai office in 2006. It has developed into a regional hub focusing on the marine, non-marine, financial, and professional risks sectors.
Posted: 2021-09-14
PIB Group has added Nottingham-based JRT Insurance Brokers to its stable. JRT was established in 2015 and has a team of 14 who cater for both private and business clients, specialising in the construction, care, hospitality and leisure industries. The deal comes days after PIB acquired Purfleet-based Simply Insurance Services.
Posted: 2021-09-13
Rating agency Moody’s has acquired a minority stake in flood modelling specialist Fathom, which was formed in 2012 out of the University of Bristol Hydrology Research Group. Moody’s will take a seat on Fathom’s board of directors and use Fathom’s insights into flooding to better inform its appraisal of businesses.
Posted: 2021-09-13
The Chartered Insurance Institute has named Mandy Hunt, chief underwriting officer for commercial lines at RSA, as the new chair of the Society of Underwriting Professionals, which has 11,000 members. Hunt joined the advisory board in 2019. She replaces previous chair David Williams, managing director, underwriting and technical services at Axa.
Posted: 2021-09-13
Willis Towers Watson has set out its strategy following the collapsed acquisition by Aon and is seeking to, “grow, simplify, transform” the business and return more than £2.9bn to shareholders in 2021/22 through share buybacks.
Posted: 2021-09-10
Handl Group’s rehabilitation business, Corpore, is offering insurers access to SilverCloud, which is a digital mental health treatment platform. Already used by the NHS, Corporé will use SilverCloud to manage the psychological impact on parties injured sustained as a result of accidents, including road traffic accidents.
Posted: 2021-09-10
Speciality re/insurance MGA Rockstone has appointed Ian Anson as group managing director. Rockstone currently generates gross written premiums of around £360m in several specialty lines including marine, terrorism and political violence, direct and facultative property, treaty property, construction and engineering, and liability.
Posted: 2021-09-10
Lloyd’s has posted an aggregated profit of £1.4bn for H1 2021, compared with the £0.4bn loss recorded for the same period last year. It announced a combined ratio of 92.2%, improving on the 110.4% posted for H1 2020.
Posted: 2021-09-09
Professional services and technology business Davies has acquired Asta, a third-party management agent at Lloyd’s. The deal expands Davies’ ability to offer end-to-end insurance management solutions to intermediaries, captives, syndicates, insurers, reinsurers and insurtech businesses.
Posted: 2021-09-09
Willis Towers Watson has partnered with Applied Systems Europe to support real-time pricing in its Radar Live programme, which enables insurers and MGAs to develop their rates, underwriting rules and adjustments, and then deploy them to the market in real time.
Posted: 2021-09-09
NuVenture International has launched MGA Nivante to offer specialist combined insurance products for the UK care sector. Co-founders Jade Knight (pictured) and Melissa Kalsi are both experienced underwriters in the sector. Nivante is broker-only and backed by A-rated capacity.
Posted: 2021-09-08
Aspen Insurance Holdings has reported net income after tax of £63.5m for the six months ended 30th June 2021, compared to the loss of £125.6m announced for the same period last year. Gross written premiums decreased by 4.7% to approximately £1.45bn in the six months, compared with £1.53bn posted last year.
Posted: 2021-09-08
Vehicle repair and claims management system AudaEnterprise Gold has teamed up with German manufacturer MAN Truck to add calculations of its vehicles to the system. This covers the truck maker’s range of lorries from the light commercial TGE to the heavy commercial TGX, TGL, TGM, TGA and TGS vehicles.
Posted: 2021-09-08
Purbeck Personal Guarantee Insurance, which provides personal guarantee cover to the owners and directors of SMEs, has launched an administration portal for commercial finance and insurance brokers. The portal lets brokers get a real-time view of applications, policies and commission statements.
Posted: 2021-09-07
Belfast-based Willis and Company Group Holdings Limited has rebranded to WF Risk Group Limited following a number of recent acquisition and a period of growth. The move standardises operations across its eight offices, which comprise different companies and 140 members of staff.
Posted: 2021-09-07
Low Earth orbit satellite communications company OneWeb has agreed an insurance deal with an aggregated value of around £720m with broker Marsh. The deal covers physical loss or damage to the GEN 1 satellites and launch vehicles used in OneWeb’s latest launch programme.
Posted: 2021-09-06
Swiss Re is to create a centralised cyber underwriting team with global responsibility for the carrier’s underwriting and product development activities in the cyber space. John Coletti will join the company as head of global cyber, while current head of cyber Maya Bundt will take on a newly created role at Swiss Re Institute’s Cyber Centre of Competence.
Posted: 2021-09-06
Zurich UK has announced that Caroline Dunn will take up the position of chief underwriting officer in November. Dunn joins from Lloyd’s where she was responsible for distribution strategy. Prior to that she spent 14 years with insurer RSA.
Posted: 2021-09-06
Insurtech Quotall has entered into a three-year strategic partnership with MGA Markham Private Clients to provide a high net worth e-trading system for Markham to expand its broker panel and facilitate an electronic trade, quote and buy facility for its broker partners.
Posted: 2021-09-03
Specialty insurer Canopius has announced Gavin Phillips as group financial officer. He will take up his position in January 2022. The news follows the decision of incumbent CFO Nigel Meyer to step down from his duties in March 2022. Phillips joins from PwC where he was regional financial services leader.
Posted: 2021-09-03
Insurance provider Battleface has launched a travel insurance policy for space tourists, underwritten in Lloyd’s, to cover those travelling with companies such as SpaceX, Blue Origin, Virgin Galactic and Space Perspective. Cover includes accidental death and permanent disablement.
Posted: 2021-09-03
Specialist insurance provider CFC has added a phishing simulation tool to its mobile app, Response, to enable clients to run faux phishing campaigns within their organisation. Targets who erroneously click are redirected to an educational page where they can learn how to identify and prevent future phishing attacks and social engineering campaigns.
Posted: 2021-09-02
AllClear Travel Insurance has doubled the size of its UK operations with the acquisition of InsureandGo from Mapfre Asistencia. AllClear focuses on specialist travel insurance for clients whatever their age or medical condition. InsureandGo will join AllClear Gold, Tailor Made, Breeze and Black Travel Insurance as part of AllClear’s portfolio of UK brands.
Posted: 2021-09-02
Verisk-owned Sequel has acquired Manchester-based broking software specialist Ignite Systems. Ignite licences an integrated software as a service platform which includes policy administration, rating engine and digital engagement for brokers and MGAs with a specific focus on motor, property, and pet insurance. The platform will form part of Sequel’s digital ecosystem going forward.
Posted: 2021-09-02
Ascot Group has launched Ascot Reinsurance, a new global platform which offers a single point of entry to all its reinsurance products worldwide. The solutions available will continue to be provided by its existing operating companies, which are Syndicate 1414 at Lloyd’s, Ascot Bermuda Limited, and various U.S. statutory companies.
Posted: 2021-09-01
Willis Towers Watson has named Andrew Krasner as CFO. He will replace Mike Burwell in the role. WTW has also announced a new global leadership team to oversee three geographies split into two segments and various corporate functions. The three geographies are Europe, International and North America and the two segments are health wealth and career, and risk and broking.
Posted: 2021-09-01
Swiss Re Corporate Solutions has teamed up with tropical cyclone risk analytics firm Reask, to expand its parametric windstorm solution, Storm. The insurer will leverage Reask’s windspeed data to provide tropical cyclone coverage to corporate and public entities exposed to the risk.
Posted: 2021-08-31
Zurich Insurance Group has appointed Paolo Mantero to the role of group chief strategy officer. Currently chief financial officer commercial insurance, he will assume the new role from 1 January 2022, reporting to Mario Greco, group CEO.
Posted: 2021-08-31
The Association of British Insurers has welcomed the FCA's multi-firm review assessing general insurance product value and COVID-19 guidance, which was published this week.
Posted: 2021-08-27
Skuld has launched an online marine claims tool that will allow customers to receive reimbursement of crew claims automatically.
Posted: 2021-08-27
Marsh has appointed Stefan Farahani as head of specific risks in the UK private equity and mergers & acquisitions practice.
Posted: 2021-08-27
Insurance professionals believe ‘personal skills’ are the most important competency requirement for fresh entrants to the profession to possess. A social media poll of 800 Chartered Insurance Institute members conducted in June found that 56% believe having the right attributes for successful social interaction was the key skill that people entering the profession needs to have.
Posted: 2021-08-26
Zurich Insurance Group has appointed Peter Kasahara to the new role of group chief data officer to oversee all aspects of data management and to help drive the group’s digital transformation.
Posted: 2021-08-26
Lloyd’s has announced a new partnership with geospatial insurtech McKenzie Intelligence Services (MIS). The two-year agreement provides the Lloyd’s market with access to multi-source intelligence including satellite imagery, through the Global Events Observer (GEO) platform, which it says will help deliver faster claims decisions and payments for customers.
Posted: 2021-08-26
Simply Business has announced an extended partnership with RSA, adding the insurer’s More Than and RSA landlord insurance products to its panel of landlord insurance providers.
Posted: 2021-08-25
Duncan Carter has been appointed CEO Retail at Global Risk Partners (GRP). He joins GRP from Marsh UK, where he was head of placement and networks. He will report to group CEO Mike Bruce, who said the need for the new role has come about as a result of continued growth of the retail division, which now employs over 1,000 staff in offices across the UK
Posted: 2021-08-25
Insurance firms may not be ready to implement new product governance rules put in place to ensure insurance provides fair value, according to a review published today by the Financial Conduct Authority. The review warns that too many firms are not fully meeting the FCA’s standards, with many likely to be unprepared to meet new enhanced rules on product governance, which come into force on 1 October 2021
Posted: 2021-08-25
The Council of Lloyd’s has confirmed BLW’s registration as a Lloyd’s broker. BLW was established in 1971 and since its inception has traded as a Lloyd’s coverholder. The firm was acquired in July 2020 by S&G Risk Solutions Limited and is owned by CEO Brett Sainty and CFO and COO Mark Greenwood.
Posted: 2021-08-24
Private equity firm CVC Capital Partners has acquired RiverStone Europe which specialises in non-life run-off insurance books and has significant experience of working with insurers in Lloyd’s and the wider UK market. Since 2010 RiverStone has completed 22 acquisitions of legacy non-life books from insurers and today manages around £2.9bn of insurance reserves.
Posted: 2021-08-24
Mosaic Insurance and DXC Technology have partnered to launch a new insurance platform for the speciality market. The technology provides transparent and instantaneous sharing of data across the platform among brokers, syndicated capital partners, reinsurers and regulators.
Posted: 2021-08-23
Tysers has launched a cloud-based platform to consolidate processes and automate the end-to-end lifecycle of a policy. Tconnect provides automated sanctions checking and task and query management workflow, as well as contract certainty checks and centralised governance data.
Posted: 2021-08-23
Law firm DAC Beachcroft has warned that changes to the Highway Code, proposed by the Department for Transport, may result in motorists being presumed to be liable in accidents involving pedestrians and cyclists and enforce a greater level of responsibility on those who can do the greatest harm, should an accident occur.
Posted: 2021-08-21
The Ardonagh Group has reported income of £433.2m for the six months ended 30 June 2021, a rise of 33.4% on the same period last year. Adjusted EBITDA was up 53.4% to £153.3m. The firm said its existing shareholders have subscribed for £350m of additional equity and its existing lenders have agreed to back further funding of £550m.
Posted: 2021-08-20
The Financial Conduct Authority has published updates to the new rules it is introducing to address the issues found in it GI Pricing Practices Market Study. In May it set out the final rules being introduced (PS21/5) and the updates, concerning issues such as discount, incentives and commission, are given in PS21/11.
Posted: 2021-08-20
Barclays has partnered with business insurance provider Simply Business, giving the bank access to a panel of insurers and enabling customers to get a quote for business insurance cover online or over the phone. The move builds on other strategic partnership announced in recent years as Barclays seeks to expand its offering.
Posted: 2021-08-19
Gateshead-based broker Talbot Jones has acquired Pwllheli-based March Insurance Services, expanding its presence into North Wales. March Insurance Services’ director Amanda Williams joins the Talbot Jones team as associate director and will continue to work with her previous clients.
Posted: 2021-08-19
MGA and ancillary insurance products and services provider CPP Group UK has teamed up with Just Travel Cover to launch Smart Luggage, a parametric product for lost luggage. If luggage is missing after 30 minutes, customers will receive an automatic payment of £50, and a further payment of £500 if it is still not located after 48 hours.
Posted: 2021-08-18
A new corporate travel insurance product from Jackson Lee Underwriting includes COVID-19 cover for cancellation, curtailment or medical expenses and repatriation. Policies are underwritten by Ergo Travel Insurance Services Limited on behalf of Great Lakes Insurance SE.
Posted: 2021-08-18
Aston Lark Ireland has acquired Dublin-based broker AR Brassington & Co Limited, which was established in 1929 and is a subsidiary of ARB Group. It specialises in travel solutions for customers as well as in the wholesale sector and has developed and online travel trading platform.
Posted: 2021-08-18
Figures from the Financial Conduct Authority show that interim and final payments from insurers for non-damage business interruption cases related to the test case total £968.1m, according to the latest monthly data collected by the regulator. Cases where final payments have been agreed and settled reached 21,198, up from last month’s running total of 18,958.
Posted: 2021-08-17
Willis Towers Watson has announced that Carl Hess has been selected as the company’s new president and next chief executive officer. He will take up the CEO position on 1st January 2022 upon the retirement of John Haley. Hess currently serves as the company’s head of investment, risk and reinsurance.
Posted: 2021-08-17
French insurer Axa has announced it has agreed to sell Axa Insurance Pte Ltd – Axa Singapore – to HSBC for a total cash consideration of approximately £415m. The move is part of Axa’s strategy to refocus on its core markets. The transaction is subject to regulatory approval and is expected to complete before the end of the year.
Posted: 2021-08-17
Broker Arthur J Gallagher & Co has announced an agreement to acquire Willis Towers Watson’s treaty reinsurance brokerage operations in a £2.35bn deal that is expected to conclude before the end of the year. Willis Re’s treaty reinsurance business operates in 24 countries, places more than £7.22bn of premium annually and represents over 750 insurance and reinsurance company clients.
Posted: 2021-08-16
The temporary agreement between the Association of Consumer Support Organisations and the Association of British Insurers to expedite dispute resolution will not be renewed after it expired on 13th August. Both bodies believe the terms of the agreement are now common practice or no longer necessary as the pandemic subsides.
Posted: 2021-08-16
Aviva plc has reported a dip in group operating profit to approximately £1.1bn for H1 2021, compared to the £1.2bn posted for the same period last year. In its UK commercial lines business, gross written premium was up 16% to £1.3bn, while in personal lines the gross written premium held steady at £1.2bn.
Posted: 2021-08-13
Globally, total economic losses in H1 2021 were £56bn, according to Swiss Re, down by 33% on the £83bn announced for the same period last year and less than the 10-year average of £78bn. Insured losses for H1 2021 nudged up 4% on last year to hit £30bn.
Posted: 2021-08-13
Connected car services specialist Verex Group has announced a partnership with car manufacturer Genesis Motor UK to provide it with branded insurance and accident management solutions.
Posted: 2021-08-13
Zurich Insurance Group has reported business operating profit of approximately £1.9bn for H1 2021, a jump of 60% on the £1.2bn reported for the same period last year. The group’s property and casualty division reported business operating profit up 108% to £1.2bn, and a combined operating ratio of 93.9%, an improvement on the 99.8% announced in the same period last year.
Posted: 2021-08-12
Insurer Ageas UK has reported a result after tax of £29.8m for the first half of 2021, up by more than 30% on the £22.8m posted for the same period last year. Gross income for the period dipped 1.8% while the combined ratio improved from 97.8% to 96%.
Posted: 2021-08-12
Sharing economy insurance specialist Pikl has signed a distribution deal with esure and Sheila’s Wheels. The two personal lines carriers will now sell Pikl’s branded host insurance top-up product to people who rent out assets, such as a room in their home, a whole property, or a car parking space.
Posted: 2021-08-11
Birmingham-headquartered loss adjuster QuestGates has acquired specialist adjuster, all-uk, which focuses on third party property damage, bus and coach, removers and self-storage claims. The all-uk team will remain in place and report to Stuart Lansdown, director of third-party services at QuestGates.
Posted: 2021-08-11
Managing general agent start-up platform NuVenture International Ltd has launched Hoxton Insurance Services, which focusing on mid and high net worth personal insurance in the UK. The MGA will trade exclusively through brokers and offer protection for homes, possessions, fine art, valuables, cars, travel and investment properties. It is supported by capacity from insurer Hiscox.
Posted: 2021-08-11
Goldman Sachs backed consolidator Aston Lark has acquired Essex Insurance Brokers, which was established in 1964 and is based in Hornchurch. It has a particular focus on the film and visual arts insurance sector and is seen as a good fit for Aston Lark’s Performance Film and Media brand.
Posted: 2021-08-10
Blenheim Underwriting Limited has secured the final approval and requisite permissions from the PRA, the FCA and Lloyd’s to act as a managing agency in respect of Syndicate 5886. Blenheim Underwriting is a wholly owned subsidiary of White Bear Capital Limited. Syndicate 5886 has an underwriting capacity of £325m for 2020.
Posted: 2021-08-10
Motor claims accident management company Action 365 has partnered with e2e Total Loss Vehicle Management, which will now handle its total loss claims including recovery and storage management and financial settlement with the policyholder.
Posted: 2021-08-10
Allianz Holdings plc, which owns Allianz Insurance and LV= General Insurance, has recorded an operating profit of £169m for H1 2021, a 6% drop on the same period last year. It also posted a 6% drop in gross written premium which fell to £1.86bn for the period. The combined operating ratio improved by 1 percentage point to 91.7%.
Posted: 2021-08-09
Leicestershire-based Blythin and Brown Insurance Brokers has been bought by Jonathan Blythin and Richard Picton, two longstanding members of management team. The broker has been in existence for more than 50 years and has a focus on the construction, leisure and hospitality sectors.
Posted: 2021-08-09
Lloyd’s has named the 11 insurtech start-ups that will make up the seventh cohort of its Lloyd’s Lab innovation accelerator programme, putting a focus on claims, data and models, and cryptocurrencies. The firms all specialise in creating simpler products for customers in these areas and were chosen from a total of 179 applications.
Posted: 2021-08-09
Rating agency Moody’s has acquired climate and natural disaster risk modelling and analytics specialist RMS from Daily Mail and General Trust plc, in a deal worth approximately £1.4bn. The purchase will push revenue at Moody’s insurance data and analytics business to around £360m.
Posted: 2021-08-06
Direct Line Group has reported an operating profit of £369.9m for H1 2021, a jump of almost 40% compared to the £264.9m posted for the same period last year. Across the group, in-force policies dipped 1.1% to 14.5 million. Gross written premium slipped 1.5% to £1.6bn.
Posted: 2021-08-06
Insurer Hiscox has recorded a pre-tax profit of approximately £96m, reversing to the loss £100m it recorded for the same period last year. Gross written premiums increased by 8.5% to £1.7bn and the insurer announced a group combined ratio of 93.1% for the period, an improvement on the 114.6% posted for H1 2020.
Posted: 2021-08-05
Goldman Sachs backed consolidator Aston Lark has added Kidderminster-based Plester Group to its stable, expanding its presence in the Midlands. Plester has a 19-strong team and operates across personal and commercial lines. It was established in 1964.
Posted: 2021-08-05
Axa is deploying a new digital claims solution called STeP for its motor insurance customers, offering them multi-channel journeys when making a claim and connecting them with vehicle repair and replacement suppliers involved in the process. Axa is looking at using the technology to develop the digital journey it offers across other business lines.
Posted: 2021-08-05
London-based high net worth specialist Gauntlet Insurance Services has acquired Bolton-based Three Sixty Insure Ltd, which also specialises in the private client sector and was established in 2008. The deal is Gauntlet’s first since it was acquired by Global Risk Partners in 2019.
Posted: 2021-08-04
Connected car services specialist Verex Group has agreed a new expanded contract with RCI Financial Services to offer branded insurance and connected services to motor manufacturers Renault, Dacia and Alpine and, for the first time, Nissan. The deal will enable the manufacturers to offer services including usage-based insurance and electronic first notification of loss at the point of sale.
Posted: 2021-08-04
Insurance broker and benefits consultant NFP has acquired Dublin-based personal and commercial lines broker Aiken Insurances Limited. AIL specialises in professional indemnity, D&O, complex commercial liability and property risks, as well as the leisure and entertainment, and construction sectors. AIL also maintains facilities as a Lloyd’s coverholder.
Posted: 2021-08-04
Ceta Insurance has added boat insurance specialist Topsail to its panel to broaden its existing offering to brokers in the marine market. Topsail provides cover for yachts, motorboats, sailing dinghies, small craft, ribs, sports boats, inland crafts and narrowboats.
Posted: 2021-08-03
Automated accident management company Call Brian has set up a personal injury claims service to help motorists injured in a road traffic accident make a claim through the government’s Official Injury Claim portal. Russell Atkinson (pictured), former head of National Accident Helpline will lead the service.
Posted: 2021-08-03
The twinned Hire Association Europe and Event Hire Association have announced Towergate Insurance Brokers will take on responsibility for HAE EHA Insurance Services from 1st October 2021. The move follows a competitive tender and will see Towergate cater for 800 member firms across the event, and plant and tool hire sectors.
Posted: 2021-08-03
Brit has announced gross written premiums of just over £1bn for the six months ended 30 June 2021. This is a rise of 14.2% on the £922m reported for the same period last year. Brit’s combined ratio for H1 2021 was 94.6%, an improvement on the 106.7% achieved in the same half last year.
Posted: 2021-08-02
Swiss Re has announced group net income of £719m for the first half of 2021, compared with the loss of £816m recorded for the same period last year. In its property and casualty reinsurance division, Swiss Re reported a combined ratio of 94.4%, compared to the 115.8 announced for H1 2020.
Posted: 2021-08-02
Chubb has launched its Chubb Academy to attract a broader range of talent into the company. The academy offers a two-year programme and is aimed at people in the early stages of their career. There is no requirement for previous insurance industry expertise or a university degree and the insurer is particularly encouraging people from socio-economically disadvantaged backgrounds to apply.
Posted: 2021-08-02
Specialist lines MGA Occam Underwriting has promoted chief financial officer Mark Fisher to chief executive officer, subject to regulatory approval.
Posted: 2021-07-30
The UK government has outlined its latest plans for tackling flood risk, pledging £5.2bn of investment over the next six years, including £860m over the next 18 months on over 1,000 schemes across England to protect some of the most vulnerable communities.
Posted: 2021-07-30
The Tasker Insurance Group has announced the acquisition of Insure Risk, subject to FCA approval. Located in Altrincham, Cheshire, Insure Risk is a £2.5m GWP commercial broking business which Tasker believes will add further depth to Tasker Insurance Brokers in the North West bringing mid corporate capability and extending the Tasker PI capability within the region.
Posted: 2021-07-30
Lloyd’s has outlined plans for how the insurance industry will partner with critical industries to support and accelerate the transition to a low carbon economy, including the launch of new products for electric vehicles.
Posted: 2021-07-29
Emerging risk and cyber specialist underwriter CFC has announced that chief innovation officer Graeme Newman has been appointed as the company’s new CEO. Founder and current CEO, Dave Walsh, will assume the role of group CEO effective immediately, subject to regulatory approval.
Posted: 2021-07-29
A knowledge gap on cyber insurance could result in mis-selling and poor customer outcomes, according to a survey by the Chartered Insurance Institute.
Posted: 2021-07-29
Ecclesiastical Insurance has launched a new technology system designed to protect properties. Ecclesiastical Smart Properties is a risk management technology being rolled out to selected heritage, education and faith customers.
Posted: 2021-07-28
Arthur J Gallagher could still seek an acquisition of all or parts of Willis Towers Watson including Willis Re after the deal with Aon fell through, according to Bloomberg Intelligence (BI).
Posted: 2021-07-28
Broker Right Choice has announced a new telematics partnership with UK Insurtech, ThingCo.
Posted: 2021-07-28
Markel UK, the division of Markel International that provides insurance, tax and legal services for SME businesses, has announced a partnership with technology firm Cytora.
Posted: 2021-07-27
Global commercial insurance prices increased 15% in the second quarter of 2021, according to the global insurance market index released by Marsh
Posted: 2021-07-27
Chubb has announced the launch of an insurance solution for offshore wind farms. The new policy has been developed to support green energy providers through the full offshore wind farm process, from project inception through to energy production, storage and distribution.
Posted: 2021-07-26
Lloyd’s has announced the appointment of Vicky Carter as Deputy Chair of Lloyd’s, effective 1 September 2021. Carter has sat as an elected member of Lloyd’s Council since February 2019 and has worked for the Lloyd’s market for 40 years, starting her career in medicine before moving to Reinsurance Broking in 1980.
Posted: 2021-07-26
Allianz Insurance has added present position trackers to its claims hub, allowing brokers to get live status updates on five key aspects of motor claims. The platform maps claims along five stages - policy cover, liability, vehicle, third party and recovery - and pulls information from the system so that brokers can have the latest on each or all five aspects.
Posted: 2021-07-26
Aon and Willis Towers Watson have agreed to terminate a proposed £21.5bn merger following an “impasse” with the US Department of Justice. The Department of Justice last month moved to block the planned acquisition by Aon, arguing that it would eliminate competition and lead to higher prices and reduced innovation for customers in the US.
Posted: 2021-07-26
Adrian Furness will take over as chief executive officer of Covéa Insurance, replacing James Reader who is stepping down from the role. Furness was previously chief operating officer and his been with the business in various roles for more than 10 years.
Posted: 2021-07-23
Aston Lark Ireland has announced its acquisition of Dublin-based personal lines specialist Principal Insurance Ireland DAC, which was established in 2015 and focuses on the motorcycle market. It has a market share in excess of 30% and an 18-strong team.
Posted: 2021-07-23
Staysure Group has launched a pet insurance product through its brand Petsure that offers cover for dogs and cats regardless of their pre-existing medical conditions or age. The product offers a range of limits and Petsure can include a mix of up to eight cats or dogs on a single policy with tailored cover levels for each pet.
Posted: 2021-07-23
Insurance software solutions provider Sapiens International Corporation has teamed up with re/insurer Munich Re to offer technology-led consultancy and solutions to insurers to enable them to better serve the SME commercial market in the UK. Once the partnership is up and running, it will be expanded to the Nordics and South Africa.
Posted: 2021-07-22
Specialist managing general agent Medical and Commercial International has received in-principal approval from Lloyd’s for Syndicate 1902 to underwrite business incepting from 1st January 2022. It aims to generate £45m of gross written premium in its first year focusing on core medical and commercial liability classes.
Posted: 2021-07-22
Munich Re has said it will report a net profit for Q2 2021 of around £946m when it publishes its results on 10th August. It said this would take half-year net profit to £1.5bn and put the group on track to hit its annual target for the year of £2.4bn.
Posted: 2021-07-22
Global Risk Partners has agreed to acquire Willis Towers Watson’s commercial risk and broking business in Northern Ireland, which will become part of GRP-owned ABL Group. The deal will add gross written premium of £57m to Belfast-based ABL Group, and includes the transfer of all associated WTW employees.
Posted: 2021-07-21
Axa UK will deploy BETSIE – buildings enhanced triage steering intelligence engine – its in-house machine learning tool, to streamline the handling of complex commercial property claims. The move follows a successful pilot in which BETSIE processed 1,300 escape of water claims and delivered a 25% reduction in re-routing.
Posted: 2021-07-21
The Confused.com Car Insurance Price Index in association with Willis Towers Watson has found that the average comprehensive car insurance premium for Q2 2021 was £522, down by 12% (£71) on the same period last year. According to the index, this is the lowest average figure for five years.
Posted: 2021-07-21
Ageas Insurance has forecast a jump in the number of crash for cash induced road collisions in the coming months as the UK leaves lockdown and traffic volumes increase. The insurer said it saw cases rise by 150% when the first national lockdown was lifted in 2020.
Posted: 2021-07-20
Speaking on the Financial Conduct Authority’s Our Role and Business Plan webinar, Nikhil Rathi, CEO at the FCA, said the regulator must become a “a forward-looking, proactive regulator” as it seeks to deal with what he called the “profound forces” that were reshaping financial services.
Posted: 2021-07-19
The British Insurance Brokers’ Association has created an Insurance Technology and Innovation Committee with members including Acturis, Applied Systems, Durell, HUGHUB, Open GI, Polaris, Schemeserve and SSP. The committee will formalise the relationship between members and insurance technology suppliers and represent and protect the interests of members.
Posted: 2021-07-19
Research from specialist insurer Beazley has found that clients want more than financial protection from their insurance partners including additional risk insight and risk management services, and cover that flexes with their changing needs.
Posted: 2021-07-19
Consolidator Aston Lark has reported revenue of £91.7m in 2020, up by 28% on the previous year and driven by its eight acquisitions during the period. The broker said its core organic commission and fee growth was 4.4% for the year. A further 17 acquisitions have been undertaken in 2021.
Posted: 2021-07-16
DCJ Insurance Group, which is owned by Global Risk Partners, has acquired Mansfield-based broker Real Insurance Group Limited. Real Insurance was established in 1976 and was a member of the Hedron Network, which GRP also acquired this year.
Posted: 2021-07-16
Specialist re/insurer Apollo Syndicate Management has secured in principle approval from The Council of Lloyd’s to convert Special Purpose Arrangement 1971 into a standalone syndicate. SPA 1971 was launched under the ibott brand in 2019 and caters for clients in the sharing economy.
Posted: 2021-07-16
Allianz Holdings is to create new personal and commercial lines divisions following the acquisitions of LV= General Insurance and L&G General Insurance. Allianz Personal will comprise the LV= Retail business, LV= Broker, L&G GI, Petplan, Home & Legacy and Allianz Musical Insurance. Allianz Commercial will comprise Allianz’s Mid-Corp Commercial, Engineering, Construction & Power, SME and Legal Protection businesses.
Posted: 2021-07-15
Flood Re backed 218,090 policies in the year ending 31st March 2021, an increase of 11% on the previous year. As it plans towards exiting the market in 2039, Flood Re highlighted the need for insurers to embrace a “build back better” strategy when settling flood claims, to increase the resilience of properties to subsequent flooding.
Posted: 2021-07-15
The winners of the 2021 National Insurance Awards were revealed at last night's gala dinner and awards ceremony.

Hosted by comedian Felicity Ward, the National Insurance Awards showcase outstanding performance in general insurance.
Posted: 2021-07-15
Admiral Group has announced it expects to report higher than expected profit before tax for H1 2021 of between £450m and £500m. These figures exclude the sale of the Penguin Portals comparison businesses which completed on 30th April 2021.
Posted: 2021-07-14
Insurers in both the life and property and casualty markets plan to accelerate their use of automation in their actuarial and reserving processes over the next five years, according to research from Willis Towers Watson.
Posted: 2021-07-14
Hedron Network, part of Global Risk Partners, has added Zurich Insurance to its panel for a wide range of manually traded and packaged commercial lines products. The news follows the decision by Markel to join the Hedron panel in June.
Posted: 2021-07-13
Consolidating broker Aston Lark has acquired London-based golf insurance specialist Linkscover, which was set up in 2015. The intermediary provides insurance to golf clubs throughout the UK. The deal expands Aston Lark’s footprint in the sport and leisure sector.
Posted: 2021-07-13
Insurer Beazley has named Troy Dehmann as chief operating officer with immediate effect. He joins from HSBC where he was global COO for finance operations and core finance. He will be based in the London and replaces Ian Fantozzi who now leads Beazley’s digital business unit.
Posted: 2021-07-13
The European Commission has given the green light to Aon’s acquisition of Willis Towers Watson, so long as it delivers, “full compliance with a substantial set of commitments offered by Aon, including the divestment of central parts of WTW's business to the international brokerage company Arthur J. Gallagher.”
Posted: 2021-07-12
US wholesale broker Jencap Group has acquired St Albans-based Worldwide Hole ‘N One Ltd, which has been a Lloyd’s coverholder for more than 25 years through its primary brand Worldwide Special Risks. The UK broker specialises in the live events market offering cover for cancellation, non-appearance, and event property and liability.
Posted: 2021-07-12
The Financial Conduct Authority has fined Lloyds Banking Group’s insurance division - LBGI - £90.7m for using language in renewal communications deemed to be unclear, unfair and misleading. LBGI comprises Lloyds Bank General Insurance Limited, St Andrew’s Insurance Plc, Lloyds Bank Insurance Services Limited and Halifax General Insurance Services Limited.
Posted: 2021-07-09
Travel insurance specialist Staysure Group has acquired Rock Insurance Group, which focuses on white labelled and partnership business in the travel insurance sector. The deal will increase Staysure Group’s customer base to more than 4 million people and expand its footprint into the B2B market.
Posted: 2021-07-09
Arc Legal Assistance and sister business Legal Insurance Management have signed a deal to provide family legal protection cover to Lloyds Banking Group customers through its brands Lloyds Bank, Halifax and Bank of Scotland.
Posted: 2021-07-09
Regulators in financial services are seeking views from the market on how to improve diversity and inclusion, including targets for representation and increased accountability for senior leaders. The proposals from the Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England are outlined in discussion paper DP21/2.
Posted: 2021-07-08
Tigon Underwriting, which is owned by Rock Insurance Group, has expanded its travel product to provide cancellation cover to policyholders contacted by the NHS Test and Trace system and told to self-isolate within 14 days of their departure date. The cover is available for both domestic and international trips.
Posted: 2021-07-08
JMG Group, the parent of broker JM Glendinning, has acquired Surrey-based Bickley Insurance, which will continue to trade under its own brand. The commercial lines broker has a team of eight and has been led by managing director Jeff Bickley since a management buyout in 1991.
Posted: 2021-07-08
The insurance industry has reacted positively to the publication of the Building Safety Bill and the improved standards and regulations it aims to bring to the construction industry. It has also urged the government to go further and expand the scope of the Bill’s reach in higher-risk buildings.
Posted: 2021-07-07
Aston Lark’s latest acquisition is London-based ES Risks, which provides wholesale re/insurance facilities to brokers, MGAs and re/insurers. ES Risks was established in 2007 and has a team of 45 people. It covers all classes of business and works with clients in 20 countries.
Posted: 2021-07-07
The AA will handle all its household claims inhouse, after striking a 5-year deal with Synergy Cloud to use its claims platform. The technology links insurers with supply chain partners and customers to give them direct control of the claims process.
Posted: 2021-07-07
Wakefield-based legal services firm Minster Law has agreed an exclusive 5-year partnership with Esure Group to deal with motor personal injury and legal claims for its esure and Sheila’s Wheels brands.
Posted: 2021-07-06
The British Insurance Brokers’ Association has launched a home insurance scheme with Reading-based insurtech OneClickCover Ltd. The scheme offers unlimited buildings cover and £80,000 of contents cover. OneClickCover, underwritten by Royal & Sun Alliance can offer home insurance to over 85% of all properties in the UK.
Posted: 2021-07-06
Vecta Risk Partners has completed a management buyout from Castel Underwriting Agencies four years after it launched on the MGA formation platform. Vecta focuses on group and individual accident and health, travel and lifestyle insurance covers. The management buyout was led by Vecta’s partners Richard Gorely, Andy Juggins and Vyv Townend.
Posted: 2021-07-06
Insurance broker Gallagher has acquired Edelweiss Gallagher Insurance Brokers, the Mumbai-based business in which it previously held a 30% stake. Edelweiss Gallagher operates in sectors including corporate, affinity and association, reinsurance and global, and digital solutions.
Posted: 2021-07-05
The Association of British Insurers has announced a boardroom shake-up to refocus the organisation and help the wider industry “boost customer trust, enhance reputation and tackle future risks such as climate change.” The move sees the ABI create a new post of independent chair, and new roles of president and deputy president of its board.
Posted: 2021-07-05
Law firm DAC Beachcroft and carrier Markel Insurance have joined forces to launch a skills sharing and mentoring initiative for people involved in any aspect of claims handling. The programme, called Mentoring the Market, will offer events and seminars in addition to mentoring opportunities.
Posted: 2021-07-05
The Holiday Travel+ and Sports Travel+ schemes offered by the British Insurance Brokers’ Association and provided by Jackson Lee Underwriting now include enhanced COVID-19 cover. The extension covers people who are vaccinated and travelling to European countries where the Foreign, Commonwealth and Development Office has advised against “all but essential travel” due to COVID-19.
Posted: 2021-07-02
The European Commission has scrapped the need for UK drivers to show a motor insurance Green Card as part of a package of measures announced to find a practical solution to the ongoing issues at the Norther Irish border created by Brexit.
Posted: 2021-07-02
Howden Group Holdings’ data division HX has launched digital platform Nova to offer users access to business intelligence relating to the insurance market. The available data includes pricing and placement information, loss trends, regulatory submissions and broader market financials to assist users in analysing their own operations.
Posted: 2021-07-02
Jensten Group has acquired Tasker Insurance Group in a deal that adds £50m to Jensten’s gross written premium, taking it to a figure of £300m. Tasker Insurance Group includes Tasker Insurance Brokers, Tasker & Partners and Gresham Underwriting. The deal is subject to regulatory approval.
Posted: 2021-07-01
The Ardonagh Group has announced plans to launch Inver Re, a reinsurance broker with the stated ambition of becoming a top-five global player. The news comes on the back of Ardonagh’s acquisition of the insurance operations of BGC Partners, comprised of Ed and Besso Broking Groups.
Posted: 2021-07-01
Specialist insurance provider CFC has teamed up with the Centre for Telehealth and E-Health Law to offer free risk management services as part of its eHealth product range. The services include a digital training solution aimed specifically at telehealth providers.
Posted: 2021-07-01
Simon Wilson has been named as Markel International’s next president, succeeding William Stovin who has led the Markel International division since 2008. The transition is part of a planned succession that will fully take effect no later than 1st January 2022, pending regulatory approval.
Posted: 2021-06-29
Willis Towers Watson has announced the live trading of complex commercial risks after integrating its broking platform with Ki, making it the first broker to digitally trade specialty risks at Lloyd’s.
Posted: 2021-06-29
Charles Taylor has announced the appointment of John Pickersgill as group chief commercial officer, effective today.
Posted: 2021-06-28
Covéa has rolled out Iotatech’s new Policy Platform across its motor business. The new platform offers full policy lifecycle management, promising highly configurable workflows and integration with affinity partner, third party and legacy systems.
Posted: 2021-06-28
HRH The Prince of Wales has launched a Sustainable Markets Initiative (SMI) Insurance Task Force, which aims to "to provide climate positive financing and risk management solutions to support and encourage individuals and businesses around the world to accelerate their transition to a sustainable future."
Posted: 2021-06-25
Car manufacturer Ford is working with UK usage-based motor insurance provider By Miles and will provide connected vehicle data to enable By Miles to offer cover to drivers without the need for an additional plug-in device. The insurance product is expected to launch later this year.
Posted: 2021-06-25
Rating agency Moody’s says European insurers have been ‘relatively unscathed’ by COVID-19, despite some significant and unexpected losses, and must now prepare for post-pandemic challenges. It highlighted the accelerated switch to digital and the gap between policy cover and customer expectation as particular issues, and predicted an uptick in sector M&A activity as carriers sought refuge in scale.
Posted: 2021-06-25
Insurer Zurich has announced a set of interventions to help it "identify and address issues around career progression, pay gaps and ethnic minority representation" across its UK workforce. Its ethnicity pay gap data for 2021 shows a mean pay gap of 10.2%, up from 9.8% last year. Zurich’s ethnicity bonus gap stands at 37%, up from 19.6% in 2020.
Posted: 2021-06-24
Carpenters Group has joined the Managing General Agents’ Association as a supplier member. The legal firm provides claims services to insurers, brokers and MGAs. The arrangement will give members access to the firm’s service such as FNOL claims handling and defendant litigation services.
Posted: 2021-06-24
handl Group has launched handl Engage, which is a full-service proposition for insurers dealing with the impact of the government’s personal injury reform. It follows the recent launch of the Official Injury Claim portal and the estimated 20% drop in claims resulting from teething issues around the new process.
Posted: 2021-06-23
The Lloyd’s Market Association has unveiled findings from its six-month project Dare, carried out in partnership with consultancy 6point6, to offer a reimagined model for delegated authority business. The work included 45 group workshops and 12 SME interviews with over 330 attendees, supplemented by 4 online surveys with over 200 responses.
Posted: 2021-06-23
Swiss Re has sold a stake of around 6.6% in Phoenix Group Holdings plc for £437m. The shareholding was acquired in the sale of ReAssure in 2020. Swiss Re said the sale was part of a regular review and rebalancing of its investment portfolio and is consistent with its overall investment strategy across equity and alternative investments.
Posted: 2021-06-23
The Institute and Faculty of Actuaries says the professional standards and education syllabus which support actuaries involved in pricing for the UK home and motor insurance market should have an increased focus on consumer fairness..
Posted: 2021-06-22
Vehicle management platform Caura has raised around £3m in new capital, which will help it expand its in-car insurance offering in the UK. Caura allows users to input their vehicle’s registration number to automatically set up payments for services such as insurance, MOT, city congestion charges, tolls, and tax. It currently works with insurers including Aviva, LV, ERS and Makerstudy.
Posted: 2021-06-22
We are delighted to report some exciting news for the National Insurance Awards 2021, which takes place on 14th July. Due to strong bookings, and the need to run this event in a COVID-secure environment, we have secured the stunning Great Room at the Grosvenor House in Park Lane for the evening.
Posted: 2021-06-21
Amicus Insurance Solutions has completed a management buy-out with Adam Scott buying the shares of his fellow co-founder Richard Evans, who is set to retire. Amicus is based in the South East and is the preferred supplier of insurance to the Scaffolding Association. The MBO was financed by a commercial loan facility from Shawbrook Bank.
Posted: 2021-06-21
Specialist insurance provider, CFC’s new Syndicate 1988 has incepted. To bolster its own risk capital, the syndicate worked with Aon Capital Advisory to attract third-party support from an ILS manager and reinsurers. It is also believed to be one of the first MGA-to-syndicate businesses to secure risk capital from a pension fund.
Posted: 2021-06-21
Consolidating broker Aston Lark has acquired Bolton-based Premier Insurance Consultants, which has eight employees and controls gross written premium of more than £2m. The commercial broker has a particular niche specialism in the concrete industry. The deal is Aston Lark’s fifteenth acquisition of 2021.
Posted: 2021-06-18
UK insurtech Send Technology Solutions has launched a global SaaS platform that supports the underwriting process from submission to bind. The AI-enriched, API-enabled platform includes advanced functionality such as bordereau and cover holder management, and a rating component. The official launch follows two years of operational usage with one of the UK’s top five composite insurers.
Posted: 2021-06-18
The Association of British Insurers and Flood Re have highlighted the value of maintaining flood defences in the UK ahead of the government’s consultation on its comprehensive spending review. A joint report found river flood defences provide protection valued at £568m a year and that every £1 spent on flood defence maintenance, saves £7 in spending on new defences.
Posted: 2021-06-17
London-based insurtech Tractable has raised around £43m in Series D funding, which was led by Insight Partners and Georgian. Tractable uses artificial intelligence to analyse photos of damaged cars and helps insurers assess the cost of repairs. The new funding values the company at one billion dollars, giving it unicorn status.
Posted: 2021-06-17
UK insurance placing specialist InsurerCore is joining the Licensed Integrator Partner community of ACORD Solutions Group, the industry-owned subsidiary of insurance standards body ACORD. The InsurerCore platform lets underwriters, brokers, and agents showcase new products, monitor market appetite, expand professional networks, and advertise their proposition to the industry.
Posted: 2021-06-17
Aon’s proposed $35bn purchase of Willis Towers Watson is being challenged by US antitrust regulators, who say the proposed merger would eliminate competition and lead to higher prices and reduced innovation for customers in the US.
Posted: 2021-06-17
Specialist insurer Peach Pi has teamed up with insurtech MGA Tapoly to create insurance for freelancers and micro SMEs operating in the health and wellbeing sector. The flexible product is available online and includes cover for professional indemnity, public liability and treatment risk.
Posted: 2021-06-16
Asset manager Legal & General Investment Management has published its annual Climate Impact Pledge report, in which it announced it will divest from four new companies, due to insufficient action to address the risks posed by climate change. These companies are AIG, Industrial and Commercial Bank of China, PPL Corporation and China Mengniu Dairy.
Posted: 2021-06-16
Research from the Association of Medical Insurers and Intermediaries has found a majority of members expect to see an increase in demand for individual private healthcare in 2021. Lengthening NHS waiting lists was cited as a major driver for the forecast demand.
Posted: 2021-06-16
Acrisure Re, the reinsurance division of broker and fintech services provider Acrisure, has launched a London-based cyber reinsurance division in partnership with cyber risk modeler, Kovrr. The new division will be led by Cyber Practice Leader, Tom Quy and aims to offer data-driven risk analysis to better inform insurers on their cyber reinsurance needs.
Posted: 2021-06-15
Managing general agent Dual, the underwriting arm of Howden Group Holdings, has established a forestry offering to add to its product stable. The proposition will be led by Gordon Steward, reporting directly to Richard Clapham, CEO, Dual Group.
Posted: 2021-06-15
Data from the Financial Conduct Authority shows that insurers have settled 43% of accepted COVID-19 business interruption claims, following the test case and appeal contested by the regulator. So far, insurers have paid £268m in interim payments and £467m in final settlements.
Posted: 2021-06-15
Broker Clear Insurance Management has purchased Horsham-based Anderson White Insurance Brokers. Clear’s team in Cranleigh will relocate to new offices in Horsham, where the Anderson White team will join it. Clear said it was looking for further growth opportunities in the South East.
Posted: 2021-06-14
Aston Lark Ireland has completed its fourth acquisition in 2021 and has announced the purchase of Dublin-based broker McMahon Galvin Limited. The target broker was founded in 1970 and specialises in car, motor and business insurance covers.
Posted: 2021-06-14
The majority (86%) of SMEs in the UK are without cyber cover according to Aviva. Research by the insurer found significant regional variation with just 3% of Scottish SMEs having cyber insurance compared to almost a third (32%) in Northern Ireland.
Posted: 2021-06-14
UK motor insurers achieved a 90.3% net combined ratio in 2020, following the unprofitable 100.8% recorded the previous year, according to consultancy EY’s latest UK Motor Insurance Results. But it predicts a return to the red in 2021 and forecasts a net combined ratio of 103% for the market. It expects this to deteriorate further in 2022 to 112%.
Posted: 2021-06-11
Covéa Insurance has agreed a deal with water leak detector, Leak Bot to roll out its devices to the insurer’s high net worth customers across the UK through its broker and affinity networks. The new deal builds on an existing relationship that began in 2017.
Posted: 2021-06-11
Insurer Chubb has developed a pay as you roam travel insurance proposition, which uses mobile phone roaming data to identify when customers are away from their home country and to activate coverage automatically at a daily premium. It will be made available through the insurer’s partners in the banking, fintech and telecommunications industries.
Posted: 2021-06-11
The most successful insurers have a number of factors in common, including 'thoughtful growth', a focus on markets in single countries and digital maturity. This is among the findings of a study conducted by Acord and Alchemy Crew on the primary drivers of success among 40 of the largest insurers headquartered in Europe.
Posted: 2021-06-10
IDEX Consulting has completed its merger with Aspects Insurance Recruitment, the consultancy set up by Allison Marshall in 2007.
Posted: 2021-06-10
CPP Group UK has partnered with NPA Insurance to run the claims and 24/7 emergency helpline service for its new key insurance offering.
Posted: 2021-06-10
Insurer RSA will join digital broker Simply Business’s panel of providers. It will offer insurance products to Simply Business’s customers through the More Than and RSA brands. The insurer will also offer its RSA Shop insurance to help meet growing online demand from shop owners.
Posted: 2021-06-09
Insurance provider CFC has launched a new transaction liability solution for the micro end of the M&A market. Its Private Enterprise policy insures the sellers of businesses with an enterprise value from around £175,000 up to approximately £7m for damages and defence costs resulting from a claim against them for a breach of a representation or warranty in the purchase agreement.
Posted: 2021-06-09
Dublin-based commercial broker Crotty Insurance, which was acquired by Global Risk Partners last year, has purchased Cavan-based broker Martin Insurance. The target broker specialises in commercial covers such as airside, marine and cargo, professional indemnity, contractors, construction, apartment block and motor fleet.
Posted: 2021-06-09
Legal expenses insurer DAS UK Group has teamed up with litigation funding provider Maxima to launch a new clinical negligence and personal injury scheme called Optimise, which is aimed at smaller legal practices, including sole practitioners and small departments.
Posted: 2021-06-08
Private medical insurance provider Now Health International Group has announced a new partnership with Starr Insurance Companies to deliver growth in the UK and underwrite its WorldCare and more affordable SimpleCare healthcare products. Starr replaces Axa PPP Healthcare as Now Health’s insurance partner.
Posted: 2021-06-08
Law firm DAC Beachcroft has launched a new microsite to support insurers’ claims teams in navigating their way through the new rules and procedures introduced by the government’s new package of whiplash reforms and the Official Injury Claim Portal that went live on 31st May 2021.
Posted: 2021-06-08
Direct Line Group has launched a new technology platform for Direct Line, Churchill and Privilege motor customers. The platform offers customers the opportunity to self-serve and the ability to engage with support teams in a web chat or on the phone. It was developed and deployed in partnership with Capgemini.
Posted: 2021-06-07
Insurance broker Howden has announced the launch of Parhelion, which it says will be the world’s first fully sustainable insurer. Parhelion is targeting a capital raise of around £350m and will implement an underwriting approach based on data, technology and proprietary ESG criteria. It aims to start underwriting from 1st January 2022.
Posted: 2021-06-07
XS Direct has acquired Kitsune Associates, after it was announced last year it would be put into run off. The news came to light when Trevor Bowers, previously managing director for Kitsune Associates, posted details of the purchase on LinkedIn.
Posted: 2021-06-07
Aviva plc has signed a five-year strategic partnership with Darwin Innovation Group, which will initially focus on an autonomous vehicle trial at the Harwell Science and Innovation Campus in Oxfordshire. Data gathered from the trial will help Aviva to build an insurance model for such vehicles.
Posted: 2021-06-04
Aviva detected more than 12,000 instance of fraud in 2020, a rise of 10% on the previous year. On motor policy applications, uncovered fraud was up by 34% and on motor injury claims it rose by 20%. Aviva said it saw a 26% rise in the proportion of home insurance claims rejected for fraud. Detected fraud on EL and PL claims was up by 5%.
Posted: 2021-06-03
SME insurance provider Superscript has struck a partnership with cyber security specialist CyberSmart, making it faster and easier for firms to get cyber cover. The deal means that once SMEs complete the government-backed Cyber Essentials certification on CyberSmart’s website, they can subscribe to Superscript’s cyber insurance without leaving the website.
Posted: 2021-06-03
Data, analytics and technology provider LexisNexis Risk Solutions surveyed 3,000 homeowners and renters and found that two out of three are happy to bend the truth to get a cheaper quote online. Fraud data from the Association of British Insurers suggests this manipulation typically consists of non-disclosure of previous claims.
Posted: 2021-06-03
Ethos Broking UK has purchased Drayton Insurance Services via its Norwich-based regional hub, Hugh J Boswell. Drayton Insurance Services was founded in 1997. It has offices in Norwich, Poringland, Aylsham and Ipswich and handles £14m if gross written premium. It employs 40 people and they will all stay with the business following the deal.
Posted: 2021-06-02
Roadside assistance and services provider Allianz Partners has joined forces with software company BeNomad to integrate a new electric mobility solution – ev-Move – into its roadside assistance operations. The ev-Move platform helps electric vehicle drivers estimate their energy consumption and optimise their trips.
Posted: 2021-06-02
Specialist legal expenses insurer, Financial and Legal Ltd, has developed a new product range to cover excess losses on home, motor and bike policies. It also offers a combination product. The products are available via brokers.
Posted: 2021-06-02
The Financial Conduct Authority has implemented changes to prevent a renewal quote for home and motor insurance being more expensive than it would be for a new customer. The pricing, auto-renewal and data reporting remedies come into effect on 1 January 2022.
Posted: 2021-06-01
Law firm Slater and Gordon has launched a new platform called micase, to deal with claims for whiplash, following the government’s creation of the Official Injury Claim portal. Claimants using the law firm’s platform will be able to access legal advice if needed, and will be charged on a no win no fee basis.
Posted: 2021-06-01
Lloyd’s, DXC Technology, the Lloyd’s Market Association and the International Underwriting Association have signed an agreement to support the creation of a digital and technology-led market as set out in the Future at Lloyd’s Blueprint Two. The underlying aim is to a enable customers to get cover more quickly and receive faster claims payments.
Posted: 2021-05-28
Law firm Minster Law has urged for industry collaboration and co-operation ahead of the launch of the Official Injury Claim portal to ensure customers’ needs remain central to considerations in the face of expected teething problems. The OIC portal will go live on 31st May.
Posted: 2021-05-28
Specialist motor broker Principal Insurance has teamed up with technology firm ITS Telematics Solutions and intermediary XS Direct Insurance to develop a new telematics solution. Principal offers a range of motorcycle, car, van, home, courier and commercial policies and has 40,000 policyholders.
Posted: 2021-05-28
The Ardonagh Group will buy the insurance brokerage business of US intermediary and technology business BGC Partners for around £350m. Ardonagh will fund the acquisition, which is subject to regulatory approval, through a combination of equity and debt. Under the deal it will acquire Ed Broking Group and Besso Insurance, which were recently grouped together with other businesses under the Corant Global brand.
Posted: 2021-05-27
Allianz Holdings has announced that Jon Dye will step down as CEO at the end of November 2021. He will be succeeded by Colm Holmes, currently CEO of Aviva General Insurance. To replace Holmes, Aviva has appointed Adam Winslow, who was CEO of Aviva’s international businesses and responsible for overseeing its strategic divestment programme.
Posted: 2021-05-27
London-based managing general agent Rising Edge has officially launched to the market, after announcing its creation earlier in the year. It specialises in D&O cover. Vantage Risk Ltd, the Bermuda-based Class 4 reinsurer will provide the “A-”rated reinsurance capacity. Accredited Insurance (Europe) Limited, a Randall & Quilter Group Company, also “A-”rated, will provide Rising Edge with the required insurance licenses to underwrite business.
Posted: 2021-05-27
Dundee-based insurtech Broker Insights has reported revenue of £2.25m for the year ended 31st January 2021. This is its second year in business and sees it double the revenue announced for year one. The firm runs a searchable platform that connects insurers and brokers in the UK. It also doubled gross written premium on the platform for the year to hit £1bn.
Posted: 2021-05-26
Insurtech Insurian has launched its services to the UK insurance industry, seeking to make it easier and quicker for carriers to develop and launch new products. The Insurian platform is underpinned by insurance operating system Genasys. It segregates new product design and build programmes from existing systems to minimise development and delivery risks.
Posted: 2021-05-26
Legal and business services provider DWF has announced two acquisitions to enhance its insurance sector capabilities. It has bought Zing365, a specialist provider of compliance training to the insurance and financial services markets, and Canadian claims management and adjusting business Barnescraig and Associates.
Posted: 2021-05-26
Insurance data and analytics provider Lexis Nexis Risk Solutions can now provide motor insurers with details of cancellations and gaps in cover that occurred during the COVID-19 lockdowns. The aim is to ensure those who chose to cancel their motor insurance or allowed it to lapse during the lockdown period are priced more fairly when they next shop for insurance.
Posted: 2021-05-25
Two alternative dispute resolution schemes for minor injury claims have produced positive results in relation to both costs and time. Claimspace, part of handl Group, has run a pilot scheme in conjunction with Verisk. Another concurrent scheme was run by Yorkshire law firm Minster Law in association with technology company Nuvalaw.
Posted: 2021-05-25
After the event insurance provider DAS UK Group has signed a deal with law firm Pattinson and Brewer to provide a clinical negligence product for its clients. The legal practice works with the UK’s largest trade unions as well as directly with individuals and has offices in London, York and Bristol.
Posted: 2021-05-25
Insurtech Ripe has announced statutory EBITDA of £4.8m for the year ending 31st December 2020, up from £2.75m the previous year. Turnover for the year was up by 25% to £18.8m, form the £15m posted for 2019. Ripe offers targeted products which can be quickly launched to market.
Posted: 2021-05-24
Aston Lark Ireland has acquired Veritan Consultants Limited, which trades as Brady Burns & Associates. Brady Burns was founded in 1989 by Joe Brady and Breda Burns. It specialises in delivering commercial and personal lines insurance solutions to retail and business customers.
Posted: 2021-05-24
FMG, the fleet incident management and recovery services firm, has chosen DWF 360 and its claims management software, EvoClaim, to help identify fraud, to generate efficiencies across its claims profile and to improve customer experience.
Posted: 2021-05-21
Square Pegs has become an underwriting cell in its own right within Castel Underwriting Agencies Limited. It offers brokers specialist business insurance coverage for complex and unusual SME risks via an e-trading platform. The move comes on the back of strong growth since it launched in 2019.
Posted: 2021-05-21
Broker Policy Bee is campaigning to publicise the intricacies of professional indemnity insurance and has published a checklist for buyers, urging them to check whether the insurance they buy has sufficient limits and will respond if needed. The broker said its largest PI claim in 2020 was settled at £465,000 and excluded legal fees.
Posted: 2021-05-21
Howden Broking has acquired Medical Professional Risk Solutions, which specialises in serving the primary care sector. MPRS provides accident and health, professional liability, medical malpractice, and commercial combined cover for general practice, private practice and GP federations. The deal will expand Howden’s existing health and care division.
Posted: 2021-05-20
Huw Evans, director general of the Association of British Insurers, will leave his role at the end of the year to join KPMG as a partner in its insurance and long-term savings practice from January 2022. Evans has been director general since February 2015. He joined the ABI in 2008 as operations director before becoming director of policy and deputy director general in 2013.
Posted: 2021-05-20
London-based underwriting agency Attento has opened its doors for business. The agency deals in commercial motor and associated products in the United States and Canada and offers the surplus lines markets an alternative solution for their insurance requirements.
Posted: 2021-05-20
Lloyds Banking Group has signed a deal with Allianz Partners UK to underwrite and administer its travel insurance offering. The insurer already supplies home emergency cover to Lloyds Banking Group customers. Allianz Partners UK will provide travel cover for holders of Added Value Accounts and Ultimate Reward Current Accounts for Lloyds Bank, Bank of Scotland and Halifax.
Posted: 2021-05-19
Third party managing agent Asta has received ‘in principle’ approval from the Lloyd’s Council for the transition of the Medical Protection Society’s Special Purpose Arrangement 1892 to a full syndicate. This will be effective 1st January 2022. The special purpose arrangement, which offers medical malpractice insurance, was established in 2019. It has a stamp capacity of £14.7m for 2021.
Posted: 2021-05-19
Acrisure Re has established an international facultative unit, which will be led by Matthew Harvey who will be based in London. He joins from Willis Towers Watson where he was senior vice president, broker and producing broker for the international property team.
Posted: 2021-05-19
Allianz Insurance is to move its flagship Manchester office into Landmark, which is a sustainable building in the city’s business district. The carrier has signed a ten-year lease and will occupy the first floor of the building in St Peter’s Square.
Posted: 2021-05-18
The Financial Conduct Authority has opened a consultation (CP21/13) on its plans to introduce a higher level of consumer protection in retail financial markets. It said the new duty will ensure that consumers always get products and services that are fit for purpose, that represent fair value and are clearly communicated and understandable.
Posted: 2021-05-18
Handl Group has signed an exclusive deal with AI-based mental healthcare company Limbic to provide its service to insurer customers. Limbic’s platform is currently available as part of a number of NHS services. This is the first time it will be available elsewhere.
Posted: 2021-05-18
Insurer Beazley has announced gross written premiums of around £688m for the three months ended 31st March 2021, up 16% on the same period later year. Premium rates on renewal business were also up by 16% on Q1 last year.
Posted: 2021-05-17
The Managing General Agents Association and the Association of Consumer Support Organisations have agreed to team up and form a partnership focused on supporting consumer rights and enhancing relationships and understanding between the two groups of members.
Posted: 2021-05-17
Acturis has added CFC’s Cyber Now product to its platform. The product provides cover against social engineering, theft of personal funds, cyber extortion and cryptojacking. It also offers first-party cyber cover including business interruption that is triggered by both malicious cyber events and IT system failures throughout the insured’s supply chain.
Posted: 2021-05-17
Allianz Holdings plc, which includes Allianz Insurance and LV= General Insurance, has announced a 10.6% drop in gross written premium for Q1 2021. Allianz Insurance said GWP for the quarter was £451m, down 12.3% on the same period last year. LV= General Insurance announced GWP of £466m, down 8.9% on Q1 2020.
Posted: 2021-05-13
Business consultancy CapGemini and non-profit networking organisation Efma, have published their World Insurance Report 2021. The research highlights the needs for carriers to prioritise customer convenience, to increase their digital capabilities and to be more personalised in customer communications.
Posted: 2021-05-13
Insurance software provider Schemeserve has announced the launch of SchemeServe Network, which is a collaborative facility allowing any insurance scheme to be shared and replicated by any other broker, MGA or insurer. SchemeServe currently operates more than 270 schemes and controls £240m of gross written premium via its cloud-based platform.
Posted: 2021-05-12
The insurance market has underscored the need to align the planning and regulatory systems for housing in the wake of the Queen’s Speech, which outlined the legislative agenda for the forthcoming parliamentary term. The market also welcomed the focus put on skills and training and the positive impact this would have on the sector.
Posted: 2021-05-12
Lorega Limited has achieved Chartered Insurance Underwriting Agents status. The accreditation was launched by the Chartered Insurance Institute, with the support of the Managing General Agents’ Association, in 2020. Lorega’s chartered designation adds to that held by its loss adjusting business Lorega Solutions, which has Chartered Loss Adjuster status.
Posted: 2021-05-12
Covéa Insurance has partnered with pay-by-mile insurtech, By Miles, reflecting increasing interest in usage-based motor insurance – a trend which has only gained momentum as a result of the pandemic.
Posted: 2021-05-12
Data analytics and technology provider LexisNexis Risk Solutions has launched Broker Intelligence to give small to medium sized UK brokers access to enriched risk data at the point of quote and/or renewal. It aims to enable brokers to price more effectively, cut operational costs and improve customer journeys in personal lines.
Posted: 2021-05-11
Insurance provider Paymentshield has signed a further five-year partnership deal with referencing company Goodlord, which will distribute contents and liability insurance products to tenants. The agreement builds on the existing relationship between the two firms which began in 2016.
Posted: 2021-05-11
After the event insurance provider DAS UK has teamed up with law firm Smith Partnership to provide a clinical negligence product for its clients. Smith Partnership has six offices across the Midlands and works on client cases in areas such as delayed diagnosis or treatment; incorrect diagnosis; dental negligence; and hospital or care home neglect.
Posted: 2021-05-11
Seventeen Group has acquired Ipswich-based Ryan Insurance Group for an undisclosed sum. Ryan Insurance was established in 1975 and employs more than 50 people. It handles more than £12m in gross written premiums. Two thirds of the business is commercial and one third is private clients.
Posted: 2021-05-10
RSA Group has confirmed its acquisition by Intact and Tryg will complete at the end of May having received the necessary regulatory approvals. In a trading statement for Q1 2021, the insurer also announced gross written premiums were up 2% on the same quarter last year at just over £2bn.
Posted: 2021-05-10
A social media survey of almost 4,000 members of the Chartered Insurance Institute has found that half expect to work remotely for two or three days a week once COVID-19 restrictions are lifted. Just 10% said they intended to return to the office five days a week when allowed.
Posted: 2021-05-10
Gallagher has teamed up with its appointed representative Doctors Indemnity to make it easier for medical clinicians to generate professional indemnity insurance quotes tailored to their practice. Clinicians can now generate quotes through the Healthcode’s Private Practice Register platform.
Posted: 2021-05-07
Telematics provider Carrot Insurance has teamed up with RoadHow, an app-based, AI-powered driver coaching platform, to support the backlog of 420,000 learner drivers waiting to sit their test. Examinations resumed on 22nd April after being stopped due to COVID-19 restrictions.
Posted: 2021-05-07
Direct Line Group has launched a smartphone app-only version of its telematics offering DrivePlus, in partnership with telematics specialist The Floow. The app-only version turns a driver’s smartphone into a telematics device and offers a mobile-first, fully digital user experience. The DrivePlus app runs on the FloowDrive platform.
Posted: 2021-05-07
Travel, insurance and assistance solutions provider Collinson has renewed its partnership with EasyJet until at least April 2024. It will provide the airline’s passengers with a range of insurance options including COVID-19 cover for all domestic travel.
Posted: 2021-05-06
Insurer Hiscox said strong growth in its Hiscox London Market, Hiscox Europe and direct and partnerships business helped it achieve grows written premiums of around £904m in Q1 this year, up 6.3% on the same quarter last year.
Posted: 2021-05-06
Specialist insurance provider CFC has improved its mobile app, Response, enabling users to activate cyber security tools, such as deep scanning and dark web monitoring, with a single click. Both tools use a combination of proprietary, commercial, and open-source threat intelligence technology.
Posted: 2021-05-06
Direct Insurance Group has completed a global restructure and rebrand to Aventum Group. The group’s global broking operations will come together under the brand Consilium, while its MGA underwriting businesses will sit under the name Rokstone. The group said it now accounted for gross written premium of more than £430m.
Posted: 2021-05-05
Willis Towers Watson has launched DataValidator 2.2, an updated version of its proprietary technology, which helps insurers validate and clean data for financial modelling and reporting purposes. The new version has improved processing power enabling users to handle larger data volumes. It also has enhanced business process management, governance, and automation capabilities.
Posted: 2021-05-05
Global Risk Partners has confirmed that it has received regulatory approval for its acquisition of Marsh’s UK networks business. The networks business is made up of Marsh ProBroker, Bluefin Network and Purple Partnership. The acquisition also includes Marsh Connections, Marsh Labyrinth and Broker2Broker.
Posted: 2021-05-05
Admiral Group has announced that ZPG Comparison Services Holdings UK Limited has completed the purchase of Penguin Portals Group, comprising online comparison portals Confused.com, Rastreator.com and LeLynx.fr as well as the group’s technology operation Admiral Technologies.
Posted: 2021-05-04
The Association of British Insurers said the average price paid for comprehensive motor insurance in Q1 2021 was £436. This was down £32 (7%) on Q4, 2020 and was the biggest quarter-on-quarter drop since the ABI started collecting the data in 2012. The ABI’s Motor Insurance Premium Tracker records the price paid and not the price quoted.
Posted: 2021-05-04
Insurer More Than has launched a new mileage-based car insurance product in response to changing driver dynamics created by COVID-19. Developed in partnership with data driving business IMS (Insurance & Mobility Solutions), the product is for those driving up to 7,000 miles a year.
Posted: 2021-05-04
Specialist insurance provider CFC has announced it has ‘in principle’ approval from Lloyd’s to create CFC Syndicate 1988, which will be managed by Asta Managing Agency Ltd. The syndicate aims to go live on 1st July and will write specialist, emerging and digital economy risks with a planned gross premium of over £100m in its first year.
Posted: 2021-04-30
Private equity firm Cinven and British Columbia Investment Management Corporation have acquired specialist legacy group Compre. Cinven and BCI are now the majority shareholders alongside Compre’s management team who remain in their roles and as minority shareholders.
Posted: 2021-04-30
Data from cloud-based insurance software platform SchemeServe points to strong growth in the cyber scheme market, although demand in the contractors all risks sector was hit hard by COVID-19. The findings are form SchemeServe’s bi-annual premium index of the schemes market and cover the period from 1st October 2020 to 31st March 2021.
Posted: 2021-04-30
A total of 27 firms have signed the Association of British Insurers’ Making Flexible Work Charter. Its aim is to attract and retain the best talent from all backgrounds to the sector, respond to the changing expectations of all employees and firms post-pandemic, and to improve gender equality in the industry.
Posted: 2021-04-29
The Insurance Fraud Bureau has announced a partnership with Shift Technology to build an AI-powered fraud detection system for the UK insurance sector. The new platform is scheduled to be delivered in 2022. The IFB said insurance fraud cost the UK economy £3bn annually.
Posted: 2021-04-29
Chubb has partnered with Willis Towers Watson to use its point-of-sale insurance rating software, Radar Live. According to WTW, the software allows prices, rules, adjustments, scores and other metrics to be deployed directly to a rating system calculated in real time.
Posted: 2021-04-28
Icelandair is partnering with Cover Genius to offer embedded COVID cover for its worldwide customers. The new COVID Plus Medical Cover will ensure that travellers and their travel companions are covered if they get COVID-19 or another illness or injury while travelling, or if they need medical assistance while they are overseas.
Posted: 2021-04-28
Covéa Insurance has teamed up with DAS UK Group to provide a cyber insurance product as part of its HNW Home Insurance offering. The cyber cover provides a limit of indemnity of £50,000 for Covéa’s Executive Home policy or £100,000 for its Executive Plus product.
Posted: 2021-04-27
London-based company NuVenture is seeking to attract MGAs to its new platform, launched in partnership with consulting, managed services and technology specialist Xceedance. The first MGAs to use the platform is expected to be operational within the coming weeks.
Posted: 2021-04-27
Lloyd’s has defended its move towards being a more sustainable marketplace after several individuals from Extinction Rebellion gathered in Leadenhall to dump a pile of fake coal outside the Lloyd's building, to express their ire about the support Lloyd’s provides the fossil fuel industry via insurance and investment.
Posted: 2021-04-26
Insurer Zurich has reported claims for catalytic converters thefts across the UK have increased five-fold in just two years with repairs linked to claims costing customers an average of over £1,200. Zurich said the majority (78%) of converter thefts last year related to Honda, Toyota and Lexus hybrid vehicles.
Posted: 2021-04-26
Motor accident claims in Q1 2021 fell by 31% when compared to the same quarter last year, according to figures released by the government's Compensation Recovery Unit, following a freedom of information request made by the Association of Consumer Support Organisations. ACSO believes the fall is symptomatic of an ongoing trend and numbers will continue downwards after COVID-19 restrictions have been lifted.
Posted: 2021-04-26
Dash cam provider Nextbase has teamed up with intermediary Cornmarket Insurance Services to launch Nextbase Insurance, offering motor cover underwritten by a range of insurers including Ageas and Axa. Nextbase Insurance will offer discounts to drivers who have a Nextbase dash cam installed in their car.
Posted: 2021-04-23
Lloyd’s has appointed Kroll Bond Rating Agency to provide an additional independent opinion of its financial strength. The rating agency has assigned the market an AA- insurance financial strength rating with a stable outlook. It found Lloyd’s maintains strong capital and solvency positions, with net resources increasing to £33.9bn in 2020 and a central and market wide solvency ratios of 209% and 147% respectively.
Posted: 2021-04-23
The Chartered Insurance Institute has created a President’s Forum to explore customer needs that are not currently being fully met by the insurance profession. Julie Page, CEO of Aon UK and current president of the CII, will chair the forum. The aim is to produce guidance and key actions for further development on addressing emerging risks and the changing insurance needs of consumers and SME businesses.
Posted: 2021-04-23
The Financial Conduct Authority has said its overall annual funding requirement for 2021/22 is £616.5m, up by 4.5% on the previous year. The regulator has published its fees and funding proposals in consultation paper CP21/8 and will publish feedback and a final policy statement on fees in July.
Posted: 2021-04-22
Insurance industry think tank The Geneva Association has published a report entitled Public-Private Solutions to Pandemic Risk outlining four possible government-led schemes that could help close the protection gap for business interruption risk in the case of a pandemic. The four schemes relate to direct insurance, reinsurance, social insurance and post-event protection.
Posted: 2021-04-22
Munich Re has posted a preliminary net profit of around £518m for Q1 2021 despite above average major loss expenditure in property and casualty reinsurance, relating primarily to an unusually severe cold snap in the US, and in particular Texas. COVID-19 losses also hit the results, but were in line with expectations.
Posted: 2021-04-22
Allianz Insurance detected a record £65.8m worth of insurance fraud in 2020. The insurer saw a 6.5% rise in property fraud detection over the year. It said large loss claims accounted for £1.3m of savings, which it attributed to the success of a new large loss team adopting a ‘Know Your Opponent’ strategy focused on rogue loss assessors.
Posted: 2021-04-21
Insurance intelligence provider Percayso Inform has teamed up with Cazana, which has a database of vehicles and automotive transactions covering MOT history, sales events, valuations and vehicle specifications including any ADAS features. The partnership will help Percayso Inform support its clients’ pricing and fraud prevention strategies.
Posted: 2021-04-21
Construction and development business Higgins Group has appointed Gallagher as its professional indemnity broker. Higgins is headquartered in Essex, employs 260 people and is one of the largest family-owned construction businesses in the South East of England. It specialises in new build, conversion and restoration projects.
Posted: 2021-04-21
The Association of British Insurers has launched a free online training platform to improve the level of understanding of mental health in customer-facing roles. The platform was developed in collaboration with employee health and wellbeing specialists, Rightsteps, which is part of health and care social enterprise Turning Point.
Posted: 2021-04-20
Lloyd’s and London Market service provider Advent Insurance Management has launched a technology business called Ecliptic. The new venture will part-build solutions for potential clients to prove a concept works in practice before they commit to buying the end product. It will also provide an innovation lab and a drop-in, collaborative space staffed by experts.
Posted: 2021-04-20
Close Brothers Premium Finance has highlighted the role of brokers in helping retail, hospitality and other businesses to navigate the easing of lockdown rules. It said brokers were well placed to provide support in areas such as health and safety, risk management, legal and regulatory requirements, as well as around the increased cyber risk many face having become more reliant on digital processes.
Posted: 2021-04-20
Fraud and financial crime firm Synectics Solutions has teamed up with voice analytics specialist Digolog to provide AI and machine learning capabilities, to help identify and manage suspicious insurance claims and improve the customer experience for genuine claimants. The partnership aims to address a rising tide of fraud in the insurance sector.
Posted: 2021-04-19
Re/insurance software specialist Sequel Business Solutions and insurance standards-setting body ACORD have announced a joint initiative to create expanded data standards for the London Market and the wider global insurance system. The standards relate to a variety of business activities including placing, underwriting, and distribution.
Posted: 2021-04-19
Goldman Sacks backed consolidator broker Aston Lark has agreed terms to acquire D O’Loughlin & Co Limited, which trades as the O’Loughlin Insurance Group. The broker is based in Swords, County Dublin and was founded in 1984. It is Aston Lark’s second Irish acquisition this year.
Posted: 2021-04-19
Lloyd’s has announced the next eleven insurtech start-ups joining the sixth cohort of the Lloyd’s Lab innovation accelerator programme, which will be focused on creating simpler products for customers, including solutions related to climate risks. The 11 firms were selected from 177 applicants and the programme starts on 26 April.
Posted: 2021-04-16
Technology provider Acturis has teamed up with RAC to offer RAC Breakdown products via its broker management system. The partnership enables brokers to access private, commercial and fleet breakdown products. They can quote and bind the products via the cloud-based technology.
Posted: 2021-04-16
Law firm DAC Beachcroft is launching a Celtic customer care package for the Scotland and Northern Ireland jurisdictions, using animations to explain the insurance claims litigation process. It builds on the suite of animations created for England and Wales.
Posted: 2021-04-16
According to data from the latest Pearson Ham Quarterly Market Price Index both motor and home insurance premiums saw marked price reductions in Q1 2021. Motor premiums reduced by 5%, combined buildings and contents premiums were down by 1.4%, while contents-only cover dropped by 4% in the quarter.
Posted: 2021-04-15
Emerging risk analytics specialist Praedicat has developed a new platform to help syndicates at Lloyd’s understand how their existing book of business is exposed to emerging risks and to produce compliant reports on six specific liability scenarios, as required by the market.
Posted: 2021-04-15
Vehicle and driving data company IMS has partnered with car sharing marketplace Turo to offer a telematics-based vehicle security package to car owners using its platform. Vehicle owners using Turo can get IMS’ telematics hardware installed in their vehicles, with security specialists W4G providing ongoing monitoring and theft recovery services.
Posted: 2021-04-15
Specialist insurance and reinsurance broker BMS has launched Pathlight Analytics, which helps clients examine data to drive better insight into their specific capital and risk transfer goals and objectives. The platform works across both insurance and reinsurance.
Posted: 2021-04-14
Sedgwick has teamed up with the University of the West of England to assess 702 home insurance claims and the issues affecting the cost and duration of flood damage claims. The work was funded by Flood Re and highlights the ability of resilience measures to reduce the time and value of claims.
Posted: 2021-04-14
Figures from Willis Re’s 13th Reinsurance Market Report, which tracks the capital and profitability of the global reinsurance industry, show the total capital dedicated to the global reinsurance industry was £477bn at the end of 2020, an increase of 7% on the previous year.
Posted: 2021-04-14
Insurance brokers and intermediaries reported 15 conduct rule breaches between 9 December 2019 and 31 August 2020. This is from a universe of more than 6,000 solo-regulated insurance intermediaries with a regulatory responsibility to inform the FCA each year of any conduct breaches by certified staff. The figures come from a freedom of information request by consultant Sicsic Advisory.
Posted: 2021-04-13
RAC Insurance has set up its own personal lines broker to accelerate growth and hit gross written premium of £300m by 2023. Telematics motor insurance will be offered first, with van and home insurance propositions to follow. RAC Insurance has appointed CDL as its technology provider. Europa Group will provide policy administration services and a branded contact centre.
Posted: 2021-04-12
MS Amlin has extended its reach into the US managing general agent market with the acquisition of International Transportation and Marine Office, LLC and its associated subsidiaries. The primary subsidiary, International Transportation and Marine Agency, LLC, provides marine and other specialty lines of insurance and will write business into Syndicate 2001.
Posted: 2021-04-12
The Competition and Consumer Commission of Singapore is seeking public feedback on the proposed merger of Aon and Willis Towers Watson. The one-week consultation period opened on Friday and closes at 2pm on 16th April. The proposed merger was announced over a year ago in March 2020.
Posted: 2021-04-12
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