News

Managing general underwriter Carbon Underwriting has selected three unnamed coverholders for its first year, after securing underwriting permission for its Syndicate 4747 to write two classes of business across three continents.
Posted: 2020-08-04
Hiscox has earmarked £177m for COVID-19 claims in its H1 2020 results and announced a pre-tax loss for the period of £106m, compared with a profit of £129m for H1 2019. The group reported a gross written premium of £1.7bn for the period, down 4% on the previous year.
Posted: 2020-08-04
Julie Harrison is to head up the HR function across Allianz Insurance and LV= General Insurance after being appointed chief HR officer for Allianz Holdings.
Posted: 2020-08-04
The Financial Conduct Authority has confirmed that its High Court business interruption insurance test case has concluded, and that judgement is awaited. Lord Justice Flaux expressed a hope that judgement would be available by the middle of September, though he made no commitment to a date.
Posted: 2020-08-03
QBE European Operations has deployed Artesian Solutions’ client intelligence platform in a multi-year deal across the insurer’s UK underwriting division. The platform will provide a central resource of externally-derived insight with historical and real-time analysis.
Posted: 2020-08-03
Aston Lark has announced the acquisition of specialist employee benefits intermediary, Private Healthcare Managers. Serving the SME and corporate clients, PHM places around £4m GWP per annum across its portfolio.
Posted: 2020-08-03
British insurtech Digital Risks has rebranded as Superscript in a move the fledgling company says embodies its ambition to "raise the bar" on how insurance is delivered for SMEs, "by prioritising and elevating SMEs’ needs to give them the freedom to do what they do best".
Posted: 2020-07-31
The British Insurance Brokers’ Association’s has formed a multi-sector Access to Insurance Committee to drive progress in this important area. The AIC's main aim is to help consumers access different types of insurance where they face challenges due to age, medical conditions or disability or because of prevailing conditions.
Posted: 2020-07-31
London-based broker, Miller has registered a new branch in Geneva, Switzerland. Whilst it has plans to broaden the remit of the hub, the initial focus will be on credit and political risks for financial institutions, commodity traders, exporters and investors.
Posted: 2020-07-31
Charlotte Clark CBE has been appointed as director of regulation at the Association of British Insurers. Hugh Savill is retiring at the end of the year. Clark is currently the director of capability and learning at the Department for Work and Pensions, prior to which she held the position of director of private pensions, and head of pensions and savings at HM Treasury prior to that. She was awarded a CBE for her role in the establishment of Auto Enrolment.
Posted: 2020-07-30
Investment in healthcare insurtech is dominating the market landscape as new technology gains momentum and consumer demand for a healthier lifestyle fuels appetite for sharing data.
Posted: 2020-07-30
Lloyd’s has today published its new culture dashboard, as it commits to a raft of other measures, including a new gender-related target and a commitment to achieve parity over the next decade.
Posted: 2020-07-30
QuestGates has enhanced its cyber adjusting offering with the appointment of a new panel of specialist partners, including Grant Thornton and Envista Forensics. The loss adjuster is also now working with law firms, Beale & Co and Kennedys, both of which provide worldwide coverage in the cyber market.
Posted: 2020-07-29
Managing general agents are failing to deliver a ‘modern customer experience’, many having no single view of the customer through their IT platform. This is among the findings of a survey carried out in June by the Managing General Agents' Association and Aventus.
Posted: 2020-07-29
The average price paid for motor insurance in the second quarter of the year was at its lowest quarterly level in four years, according to the ABI’s latest Motor Insurance Premium Tracker, the only survey examining the price consumers pay for cover, rather than the price they are quoted.
Posted: 2020-07-29
In response to growing concern among SMES about policy exclusions, the Chartered Insurance Institute is urging insurers to take action to restore trust in the profession. The CII’s own Public Trust Index for April suggests SMEs that had experienced little financial impact due to coronavirus restrictions were still focused on the same issues as before lockdown – the most important of which was renewal pricing.
Posted: 2020-07-28
Some £1.21bn was raised by insurtech firms in the Q2, as the sector brushed itself off following the COVID-induced slowdown in the first quarter. The total, up over 70% on Q1, was driven in part by later-stage investments, including four mega-rounds in excess of £77.6m, according to data from Willis Towers Watson.
Posted: 2020-07-28
Tysers has named Clive Buesnel as its new chief executive officer. Buesnel has spent the majority of his career in operational and strategic roles in the UK and global insurance markets, most recently as senior partner, vice-chairman and UK head of insurance at Deloitte. Prior to this he spent a decade at Xchanging, where he was a founding director.
Posted: 2020-07-28
The Chartered Insurance Institute will from next year start requesting examples of the impact of Chartered firms' diversity and inclusion policies as part of its previously announced plan to ensure programmes are making a "positive difference to the make-up of the profession".
Posted: 2020-07-27
Following the Government's decision to change travel guidance for Spain, the ABI has said that passengers who booked their trip or took out cover after COVID-19 was declared a pandemic may not be covered for the disruption or any cancellations.
Posted: 2020-07-27
The FCA has proposed an extension until 31st October 2020 of the temporary measures it put in place to help customers who hold insurance and premium finance products and who may be suffering from COVID-related financial difficulties.
Posted: 2020-07-27
Beazley has recorded a loss before tax of £10.8m for the first half of 2020 and a combined ratio of 107%, which has deteriorated from 100% for the same period the previous year. The insurer said the loss was largely due to pandemic-related claims. It estimated these at £133m net of reinsurance.
Posted: 2020-07-24
The Financial Conduct Authority has reported an attempt to reproduce its Financial Services Register on a non-FCA website. It said: “We are currently working to get the page taken down and have alerted members of the public through our website and social media channels.”
Posted: 2020-07-24
Brokerslink has added aerospace and aviation broker Piiq Risk Partners to its global network.
Posted: 2020-07-24
Allianz Assistance has updated its travel insurance to include pandemic-related cancellation cover for insured events, as well as medical assistance abroad.
Posted: 2020-07-23
Willis Towers Watson has teamed up with software provider SSP as part of its Radar Live collaborator programme, which helps insurers deliver real-time pricing to the market. Radar Live helps insurers, MGAs and intermediaries rate risks quickly and accurately and then provide that information at the point of sale.
Posted: 2020-07-23
Specialist insurance provider CFC says the insurance sector could face a major headache from the dramatic shift to remote medical consultations driven by COVID-19
Posted: 2020-07-23
Swiss Re has reported a first half net loss for 2020 of approximately US$1.1bn, driven by claims and reserves relating to COVID-19 of US$2.5bn. The company has also announced the completion of the sale of its subsidiary ReAssure Group plc to Phoenix Group Holdings plc for £1.2bn. It received a 13.3% stake in Phoenix Group Holdings plc as part of the deal.
Posted: 2020-07-23
Genworth Financial has settled its dispute with Axa over PPI mis-selling costs for a total of more than £620m. The announcement follows the High Court’s liability judgement of 6th December 2019 and comes before the High Court issued its judgement on damages.
Posted: 2020-07-22
An increase in the number and cost of motor premiums will generate annual compound growth of 3.4% in the UK’s private motor insurance market and see it reach £15.5bn by 2024.
Posted: 2020-07-22
Six out of 10 (59%) motor fleet managers believe they have experienced fraud and more than a third (36%) have been a victim, according to Allianz Insurance. The research backs up figures from the Association of British Insurers which uncovered 55,000 fraudulent claims in 2018 with a value of £629m.
Posted: 2020-07-22
Munich Re has announced a €700m hit from COVID-19 claims in Q2 2020 and scrapped plans to buy back shares. In an announcement ahead of releasing its full figures for Q2 on 6th August, the German reinsurer said it had recorded a net profit of approximately €600m for the period. Munich Re said the largest share of its COVID-19 losses came from cancelled events.
Posted: 2020-07-21
The Chartered Insurance Institute has partnered with the newly launched International Association for the Sustainable Economy to create environmental, social and corporate governance qualifications. The CII will join the association’s board and academic committee to help to create the content for the ESG exams.
Posted: 2020-07-21
The Financial Conduct Authority has opened a consultation (CP20/10) on extending the deadline by which solo-regulated firms must have first assessed the fitness and propriety of their Certified Staff. The proposed 31st March 2021 extended deadline will also apply to training staff in the Conduct Rules and reporting Directory Person data.
Posted: 2020-07-20
Law firm BLM has launched an insurance fraud and intelligence tool called Fraud Edge. Users will have access to BLM’s suspected insurance fraud claims data and intelligence. They will also get detailed insight on opposing parties including claimant law firms, claims management companies, medical practitioners, and auto repair services.
Posted: 2020-07-20
Rating agency AM Best has affirmed its financial strength rating of A and its long-term issuer credit rating of A+ for Lloyd’s. The ratings were also affirmed for Lloyd’s China and Lloyd’s Brussels. AM Best said the outlook for these ratings was stable.
Posted: 2020-07-20
Travel industry trade association ABTA has launched a new travel insurance product underwritten by Axa. The ABTA Travel Sure product offers single and annual multi-trip policies. It is targeted at travellers with existing bookings or rescheduled holiday bookings to countries that are exempt from the Foreign and Commonwealth Office’s current advice against all but essential travel and require cover for COVID-19 medical expenses whilst on holiday.
Posted: 2020-07-17
Endsleigh Insurance Service has teamed up with Ingenie Business to support its Endsleigh Loop product, aimed at young drivers and students. Under the contract, Ingenie Business will provide a white-labelled end-to-end telematics, behavioural coaching, data analytics, policy administration, and claims management solution.
Posted: 2020-07-17
Lloyd’s of London has approved Whitespace Platform as one of two ‘fully recognised’ systems for the electronic placing mandate for managing agents.

The platform was designed by London-based Whitespace Solutions Ltd and launched in August 2019.
Posted: 2020-07-17
EMEA insurers saw Solvency II ratings fall by around 20% in Q1 2020 and overall property and casualty losses from COVID-19 will total between €50 and €80bn worldwide, according to Moody’s. The ratings agency said the pandemic has had an adverse but "so far manageable impact on the European insurance sector".
Posted: 2020-07-16
Privately-owned e-scooters remain illegal for use on the UK’s public highway and GoCompare has highlighted concerns that drivers caught using them could be fined, lose their licence or incur increased motor premiums. Lee Griffin, founder and chief executive of GoCompare Car Insurance, said: “Privately-owned e-scooters are currently banned from use on the public highway but, this doesn’t seem to be deterring people from using them.
Posted: 2020-07-16
The Ardonagh Group has a £300m war chest to fund future growth after completing a successful £2bn debt raise and the acquisitions of Arachas and Bravo Group for a combined value of over £550m. Ardonagh has raised £1.575bn through a unitranche facility and £400m through senior payment-in-kind toggle notes.
Posted: 2020-07-15
Hiscox has invested in its AI-driven liability cat risk modelling capabilities and licensed the CoMeta and Oortfolio platforms from risk analytics specialist Praedicat. Praedicat’s AI technology mines peer-reviewed published scientific literature to extract signals of emerging risk. It then maps these risks to commercial activity and quantifies potential losses from mass tort litigation.
Posted: 2020-07-15
Telematics specialist Marmalade has retained the Young Driver Telematics scheme for members of the British Insurance Brokers’ Association. BIBA and Marmalade have worked closely together to support members using the scheme through educational webinars, Marmalade’s broker dashboard and its broker support team.
Posted: 2020-07-15
The government is proposing changes to Flood Re and the levy raised from UK insurers as part of a £5.2bn flood investment programme. The proposals include the ability for Flood Re to offer discounted premiums to households that have fitted property flood resilience measures.
Posted: 2020-07-14
Almost a third of insurance buyers will be more questioning of the small print in their insurance policies as a result of the COVID-19 pandemic. Research commissioned by IT company Guidewire Software also found that almost one in five (17%) believe the industry did not do enough to help consumers in their response to COVID-19.
Posted: 2020-07-14
Six in 10 insurance professionals have had clients contact them for help because they are struggling to pay their insurance premiums. A survey of 221 Chartered Insurance Institute members found 61% had heard from consumers who could no longer pay their insurance premiums as their finances had been hit by the economic fallout of COVID-19.
Posted: 2020-07-14
The Association of British Insurers has announced that its chair, Jon Dye, chief executive, Allianz Insurance, and deputy chair Julian Adams, director, public policy and regulation, M&G plc, have extended their current roles by a year. Both came into post last summer and will now serve until next summer, instead of stepping down this year.
Posted: 2020-07-13
In an open letter to the UK government, Legal & General has called for tighter standards and tougher legislation to improve the environmental performance of UK property. According to L&G, buildings account for over a third of overall UK greenhouse gas emissions today, with heating and hot water constituting 20%.
Posted: 2020-07-13
Thieves stole more than 150,000 vehicles in 2018/19, up by 56% (54,932 vehicles) on the previous year, according to RAC Insurance analysis. Following a Freedom of Information request, the broker analysed figures from police forces for the years 2014/15 to 2018/19. The Metropolitan Police reported the highest increase in the number of thefts. In 2018/19 a total of 30,733 vehicles were stolen, up by 9,635 on the previous year. West Midlands police force reported an increase of 5,677 vehicle thefts for the year, taking its total to 10,372.
Posted: 2020-07-13
Cycling insurer, Bikmo has cut premiums for eBikes by 25% to accelerate market penetration and boost the take-up of electric assisted riding in the UK. It claims that 40% of e-Bike riders are uninsured, and that 45% access cover through their home insurance policy. Only 15% of riders have a specialist policy. Bikmo will now insure a £2,000 eBike in the UK from around £9 per month, which is typically 25% less than a non-assisted road bike of the same value.
Posted: 2020-07-10
Swiss Re believes total insurance premium levels will return to pre-pandemic levels in 2021, and that the market is well-capitalised enough to manage the spike in losses related to COVID-19. Uncertainty remains over the total claims bill, and Swiss Re said the mid-point of the range of current estimates from various external and public sources was around £44bn.
Posted: 2020-07-10
Action by the members of the British Insurance Brokers’ Association and the Association of British Insurers is bearing fruit for long-standing motor and home insurance customers, according to a report published by BIBA today.
Posted: 2020-07-10
Insurance sector merger and acquisition activity in the second quarter of 2020 plummeted by almost 70% on the same period the previous year, according to corporate finance partnership IMAS. The drop-off in insurance deals was significantly sharper than the fall of 40% seen across financial services as a whole during this period. Across financial services there were 36 M&A transactions with a value of more than £5m in Q2 2020. In 2019, quarterly transaction numbers for £5m plus deals were between 60 and 69.
Posted: 2020-07-09
Parametric solutions may offer a better mass market business interruption pandemic solution to UK SMEs than traditional policies, although there are still challenges to overcome.Yasha Kuruvilla, insurance analyst at GlobalData, said: “Given that only a minority of companies have cover against pandemics, the cost to insurers if the majority of businesses were covered would be exorbitant. This limits the efficacy of the traditional insurance model when dealing with pandemics.
Posted: 2020-07-09
Digital solutions and services provider iPipeline has launched a product to let advisers view and compare providers’ non-medical underwriting limits at quote stage.
Posted: 2020-07-09
Sean McGovern has been appointed as CEO UK & Lloyd’s market at AXA XL, a role he has carried out on an interim basis for some months. Since joining XL Group in 2016, McGovern has led the claims, legal and compliance and regulatory and government affairs functions. He was also key in the formation of AXA XL following their recent merger.
Posted: 2020-07-08
Flood Re is pushing for a ‘build back better’ approach after reporting gross claims costs of £160m for 2019/20. The pay outs for 2019/20 are ten times higher than the previous year. This week, Flood Re chief executive Andy Bord, emphasised the need for any COVID-19 recovery plan to ‘build back better’ and for continued and sustained investment in flood-risk management strategies.
Posted: 2020-07-08
CRIF Decision Solutions has launched its open insurance solution, CRIF Digital Next, to help insurers take advantage of the consumer shift to digital driven by the COVID-19 lockdown. CRIF Digital Next gives insurers access to real-time open banking data, enabling them to better understand customer behaviours and create more efficient products and processes.
Posted: 2020-07-08
Insurer Beazley has gone live with an online booking system to help brokers schedule virtual meetings with underwriters and to share relevant documents securely. Beazley Booking was developed in partnership with Microsoft and IT consultancy Redspire. Brokers can access the system using a secure login.
Posted: 2020-07-08
Aviva plc has appointed Amanda Blanc as chief executive. She replaces Maurice Tulloch who stepped down from the role due to family health reasons. Blanc had been serving as a non-executive director and was appointed to the Aviva board in January 2020. She chaired the Customer, Conduct and Reputation Board Committee.
Posted: 2020-07-07
Insurtech travel insurance provider Koala has secured almost €1.6m in funding. The investment was led by London based incubator and fund Insurtech Gateway alongside Playfair Capital, Techstars Ventures, and private investors.
Posted: 2020-07-07
Insurtech UK, the trade association for insurance technology start-ups, has signed a deal with online investment platform Seedrs. The partnership aims to better connect emerging insurtech businesses to investors looking to support disruptive technologies.
Posted: 2020-07-07
BGL Group has gone live with an insurer outsourcing solution to help carriers launch new products and overcome cost and efficiency issues created by legacy systems and processes. Under the banner, Distribution as a Service, BGL says it can manage individual elements of an insurer’s existing direct general offering, such as the digital customer journey. It claims it can also lead on the entire end-to-end process, from product development and channel distribution, through to customer servicing.
Posted: 2020-07-07
Collapsed insurer appetite to write business interruption cover, which includes losses stemming from a pandemic, leaves Wimbledon and other large events more exposed. Data and analytics company GlobalData said large events and sporting tournaments would have to shoulder considerable risks as insurers backed out of the market.
Posted: 2020-07-06
Intermediary Rock Insurance Group has launched travel insurance and cancellation products for the travel trade.The first product covers agents against cancellation costs if a customer books a holiday and needs to cancel due to testing positive to COVID-19.
Posted: 2020-07-06
The classification of e-scooters as motor vehicles in the UK is a significant opportunity for insurers. Research from data and analytics firm GlobalData highlighted that under the current business model, riders using e-scooter rental platforms are liable for any damage or harm caused by their use of the vehicle.
Posted: 2020-07-06
Insurtech UK has called on the insurance industry not to cut funding for technology projects and to remain committed to investing in innovation and process development. It urged the industry to continue supporting the active exploration of strategic partnerships with insurtechs.
Posted: 2020-07-06
Data from MoneySuperMarket shows that the average fully comprehensive motor premium in Q2 2020 of £475 was down by 2% on the previous quarter, and by 6% since the start of the year. But the drop may be short lived.
Posted: 2020-07-03
Legacy acquirer Compre has completed a second transaction with QBE. The agreement follow’s Compre’s acquisition of QBE’s share of the Ridgwell Fox & Partners pool legacy reinsurance business in 2016.
Posted: 2020-07-03
Insuretech MGA, Arma Karma has teamed up with data enrichment specialist Percayso Inform, ahead of its scheduled summer launch.
Posted: 2020-07-03
Allianz Global Corporate & Specialty will cut hundreds of jobs as part of its recently announced restructure. A spokesperson for AGCS said: “The reorganisation and process improvements could result in the loss of around 700 jobs by 2024.”
Posted: 2020-07-02
Airmic, the UK association for risk and insurance professionals, has lent its support to Lloyd’s and its proposals to drive recovery from the impact of COVID-19. Yesterday, Lloyd’s published a report setting out possible solutions to support businesses and evolve insurance cover to accelerate recovery from the current pandemic. It also detailed suggestions to improve resilience to future systemic catastrophic events.
Posted: 2020-07-02
SME and landlord insurance provider Simply Business has appointed DAS UK as its insurance provider for home emergency, business legal expenses, and landlord legal expenses including tenant default.
Posted: 2020-07-02
Lloyd’s has today published proposals to accelerate societal and economic recovery from the impact of COVID-19. It also announced the formation of a new Centre of Excellence, backed by £15m of seed capital, to increase the understanding and effective provision of cover for systemic catastrophic events.
Posted: 2020-07-01
Warranty and indemnity claims are on the rise according to merger and acquisition adviser, Howden M&A, which forecasts a pricing correction and significant capacity crunch in the coming months. The adviser says in the last two years W&I claims have risen to an approximate rate of one in every seven policies. In the three years prior to this, it was about 1 in every 11 policies.
Posted: 2020-07-01
GRP has made its first foray into healthcare with the acquisition of broker Premier Choice Healthcare. Further deals are set to follow.
Posted: 2020-07-01
Allianz Global Corporate & Specialty has embarked on a transformation programme to rebuild profitability. It aims to strengthen its underwriting and claims functions and streamline its business and processes. AGCS chief executive Joachim Mueller came into post in December 2019. In the first quarter of 2020, AGCS reported a combined ratio of 117.5%, up from 99.7% in the same period the previous year.
Posted: 2020-07-01
LexisNexis has added new dimensions to its Informed Quotes platform, including geospatial data including perils data such as flood, fire and subsidence and 42 further data enrichment datasets including publicly available data and identity verification data, property and business data.
Posted: 2020-06-30
A new survey of MGAA members shows that the vast majority are ready for a return to face-to-face client and broker meetings following the economic shock of lockdown and negative headlines circling the industry.
Posted: 2020-06-30
Specialist insurer Beazley has successfully finalised its claims transformation programme. Guidewire's ClaimCenter is now fully integrated with the London Market Electronic Claims File Write-Back.
Posted: 2020-06-30
London-based start-up Capacity Place, a marketplace for delegated authority and treaty reinsurance placements which aims to match capacity seekers with capacity providers, has been launched.
Posted: 2020-06-26
The rise in remote working on the back of the coronavirus pandemic and subsequent spike in cyber attacks on SMEs will further drive uptake of cyber insurance, according to analysts at GlobalData. The firm’s latest thematic research on cyber insurance highlights that the purchase of cyber policies among UK SMEs has increased considerably since 2015.
Posted: 2020-06-25
Data analytics provider Verisk has launched a new version of its personal injury claims damages calculator for insurers, providing greater classification of multiple injuries in low frequency, high value claims.
Posted: 2020-06-25
The coronavirus pandemic will force the insurance industry to embrace digital, according to research from the Cass Business School. It also suggests the pandemic has underlined the value of having a chief risk officer to navigate strategy and identify opportunities. The rapid acceleration of COVID-19 has,argues the report, Risk, Strategy and Digi-Change and the Role of the CRO, brought about a wholescale change in working practices for insurers, with speed and efficacy of data increasingly important.
Posted: 2020-06-24
The Hiscox Action Group has formally applied to intervene in the Financial Conduct Authority's High Court test case designed to clarify business interruption policy wordings and coverage from the coronavirus pandemic. The SME policyholder action group said the move followed the refusal of Hiscox's to agree to an expedited arbitration process.
Posted: 2020-06-24
Specialist insurer Beazley has launched a standalone contingency policy designed to cover event organisers if a transmission failure disrupts or cancels a virtual streamed event. The policy covers first-party losses including organisational costs, expenses, or gross revenue from advertising and ticket sales.
Posted: 2020-06-23
Broking group Ardonagh has refinanced its debt structure to £2bn from £1.2bn enabling it to complete the acquisitions of the Bravo Group, the Arachas Group and Bennetts Motorcycling Services. The new financing includes a £300m delayed draw facility to support future mergers and acquisitions.
Posted: 2020-06-23
The Primary Group is to take a majority stake in the Leeds-based personal lines MGA UK General Insurance, which it sold to J C Flowers in 2017, for an undisclosed sum.
Posted: 2020-06-23
Former RSA Insurance Ireland chief financial officer Rory O’Connor has been disqualified for 8 years 4 months and fined €70,000 by the Central Bank of Ireland for his admitted participation in a breach of financial services law by the company.
Posted: 2020-06-22
The Insurance Charities is calling for insurance employees to support its annual awareness-raising campaign. The annual initiative, which is particularly poignant in light of the financial impact of the coronavirus pandemic, is designed to ensure as many employees and former employees working in insurance are aware of the practical and financial support available.
Posted: 2020-06-22
The British Insurance Brokers’ Association has renewed its cyber insurance scheme with CFC Underwriting. The scheme, originally set up in 2004, provides businesses with cover to protect against cyber crime, business interruption and privacy events.
Posted: 2020-06-19
The Insurance Charities has put out a call for insurance industry employees and former employees impacted financially by the coronavirus pandemic to apply for full funding for qualifications provided by the Chartered Insurance Institute. The initiative follows a donation of £25,000 from the professional body’s education and training trust, which estimates up to 100 individuals could benefit.
Posted: 2020-06-19
Markel International has pulled out of the personal accident and contingency insurance market with immediate effect, putting a number of roles at risk. In a statement the specialist insurer said its wholesale business will now focus solely on its entertainment book.
Posted: 2020-06-18
Lloyd’s of London has issued a statement apologising for its role in the eighteenth and early nineteenth century slave trade, acknowledging its past links to slavery. It is not the only company to do so in the wake of the killing of George Floyd in the US, with drink and food chain Greene King also recognising its connection via its founder.
Posted: 2020-06-18
An online survey of insurers' changing priorities as a result of the COVID-19 pandemic by consultancy Alan Walker shows a major focus on remote working for 2020 and 2021 – and a reduced focus on changing and enhancing existing supply chains.
Posted: 2020-06-17
Zurich UK and law firm BLM have published a best practice guide for the insurance industry in a move designed to help improve the detection of fraud related to escape of water claims. Aimed at claims handlers, loss adjusters and intermediaries it identifies key questions to ask to spot fraud.

According to the Association of British Insurers, insurers pay out £2.5m every day on EOW claims.
Posted: 2020-06-17
Mark Bailie is set to take over as chief executive of BGL Group in September as long-standing CEO Matthew Donaldson steps down this week from the broker after seven years in the role. Bailie was most recently chief executive of Royal Bank of Scotland's digital banking app, Bó, which he also founded. He spent ten years at RBS, where he was appointed chief operating officer in 2016, prior to which he worked in private equity having started his career at PwC..
Posted: 2020-06-17
Mactavish is calling on Herbert Smith Freehills, which is representing the Financial Conduct Authority in the COVID-19-related legal review of failed business interruption claims, to disclose if it also represents any of the insurers or brokers whose wordings will be subject to scrutiny.
Posted: 2020-06-17
Thirteen PIB-owned commercial insurance broking businesses are to lose their brands and become part of PIB’s speciality division PIB Insurance Brokers.

The brands to go are Cooke & Mason, DE Ford, Franklands, Lorica, PIB Private Clients, PIB SME Insurance, QPI, Wilby (including Websters Insurance Brokers), WW Group, BKG West, Cobra Insurance Brokers and QPI.
Posted: 2020-06-16
Incoming chief executive officer of Ageas UK, Ant Middle has split his former role as chief customer officer in two, with the new roles focused on operations and distribution respectively.
Posted: 2020-06-16
Loss adjuster McLarens has acquired London-based adjuster Lloyd Warwick International, which specialises in onshore, offshore and renewable energy claims, from Crawford & Company for an undisclosed sum.
Posted: 2020-06-16
Mike Bruce has stepped up to group chief executive of Global Risk Partners following the completion of the acquisition of the business by private investment firm Searchlight Capital Partners. Andy Homer becomes non-executive chairman of the group, in addition to his existing role as chair of the Board of the retail division.
Posted: 2020-06-16
CNA chief operating officer Jalil Rehman will take over as president and CEO for UK & Europe following the retirement of David Brosnan at the end of August.
Posted: 2020-06-12
Ethos Broking regional partner Thompson & Richardson has acquired Scunthorpe-based independent broker Johnstone Insurance Brokers.
Posted: 2020-06-12
The Association of British Insurers has released its first annual report on the Code on Genetic Testing and Insurance, originally introduced back in 2001, designed to protect insureds from having to reveal the results of predictive or diagnostic genetic testing to access some insurance. It shows that over 5000 genetic test results were shared with insurers in 2018.
Posted: 2020-06-11
Specialist insurer HSB has extended its e-trading platform to brokers in Ireland following a successful launch in the UK last year. HSB Fast Track, the specialist engineering and technology insurer’s online trading platform now offers brokers in Ireland a full suite of HSB products, including construction annual, construction project, contractors’ plant, computer and cyber.
Posted: 2020-06-10
Lloyd’s has launched a new application programme interface to support the electronic placement of business by London market brokers and underwriters.
Posted: 2020-06-10
Zurich Insurance Group has put together a new legal panel to provide advice on the management of large and complex claims across the whole of the Europe, Middle East & Africa region.
Posted: 2020-06-10
Broker Aon has developed an insurance package for digital assets specialist GK8. The insurance policy aimed at GK8’s clients is underwritten by a panel of insurers led by Arch Underwriting at Lloyd’s Syndicate 2012.
Posted: 2020-06-09
Home insurance MGA Buzzvault closes
Posted: 2020-06-09
Law firm Mishcon de Reya has received agreement in principle from an unnamed litigation funder for a group claim against insurer QBE for dental practices whose coronavirus-related business interruption claims have been rejected.
Posted: 2020-06-08
Aegis London’s online quote-and-bind platform Opal generated over £4m of net premium in May, the highest level yet recorded by the business. It follows in the wake of the suspension of face to face trading at Lloyd’s earlier this year.
Posted: 2020-06-08
HDI Global Specialty has launched a London-based political and credit risk team to be led by Nick Robinson.The new unit has been formed following the hire of Robinson and Anthony Vaughan from Neon Underwriting. Robinson joins as head of political risk & structured credit and Vaughan as senior analyst and underwriter.
Posted: 2020-06-08
The privately-owned Markerstudy Group has confirmed it is to start consultations with staff over redundancies in the wake of the impact of the coronavirus pandemic.
Posted: 2020-06-05
The Government has confirmed it is backing a temporary trade credit reinsurance scheme following the impact of the coronavirus pandemic. Under the temporary scheme insurers will take 10% of claims that result from business failure while government will take 90% of the premium and claims
Posted: 2020-06-04
Co-op Insurance recorded a 50% increase in collision claims involving cyclists in the ten weeks since the lockdown on the 20th March.
Posted: 2020-06-04
The Financial Conduct Authority has called on insurers to review the value of their policies in the wake of the coronavirus-pandemic and to take appropriate action where necessary within the next six months. The call is part of the regulator’s final product review guidelines, mooted early last month, which have now been finalised.
Posted: 2020-06-03
The Davies Group has confirmed its acquisition of robotic process automation specialist Codebase8. The Llanelli-based firm will become part of Davies’ consulting & technology business, led by CEO Mark Grocott. The Codebase8 team will also work alongside Davies’ customer experience practice, Ember, led by David Leedham.
Posted: 2020-06-03
The re/insurance industry has confirmed its intention to push ahead on developing a Pandemic Re solution in the wake of the coronavirus pandemic with the creation of a new project committee and six industry-supported working groups.
Posted: 2020-06-02
The UK branch of the Insurance Industry Charitable Foundation, an industry-wide platform for charitable giving, volunteering and community engagement, has published an impact report to mark five years since its foundation.
Posted: 2020-06-02
The Financial Conduct Authority has named the eight insurers that will take part in its business interruption insurance test case in the High Court in July. The case is part of the regulator’s attempt to resolve uncertainty over disputed coronavirus-related claims.
Posted: 2020-06-01
Zurich has issued a statement that it is confident that the High Court will uphold its rejection of coronavirus-related business interruption claims in the impending Financial Conduct Authority-driven test case. It estimated however that should the High Court test case go against it, it would face a further claims hit of £160m.
Posted: 2020-06-01
Gallagher has launched a new bloodstock, livestock and aquaculture practice led by managing director Sophie Chambers. Chambers has over 30 years bloodstock industry experience and joins from Wills Towers Watson where she was director of global asset protection. Previous roles included divisional director at farm and estate broker Lycetts.
Posted: 2020-06-01
Allianz Insurance has appointed Rebecca Rogers to the role of head of property claims.
Posted: 2020-05-29
Insurer Brit has launched a new private client offering aimed at the high and ultra-high net worth market.
Posted: 2020-05-28
Managing general agent Victor Insurance UK has secured a five-year capacity deal with Ageas worth up to £60m in gross written premium.
Posted: 2020-05-28
Consumer and business trust in the insurance profession was improving ahead of the coronavirus pandemic according to the latest Chartered Insurance Institute Public Trust Index. The impact of disputes over coronavirus-related business interruption and travel claims will not however be clear until the next survey this summer.
Posted: 2020-05-27
Loss adjuster QuestGates plans to create a subsidence claims development academy in Northampton under plans to boost its subsidence expertise.
Posted: 2020-05-27
Flock and Allianz are supporting Skyports in this week's drone delivery trials for NHS Highland. Flights will be conducted between two hospitals in Scotland, taking off in Oban before flying 10 miles to the Isle of Mull. If successful, it will mean delivery times cut from six hours one way via ferry to just 15 minutes on-demand by drone, and offers a glimpse of the exciting future transformational impact of drones.
Posted: 2020-05-27
The Worldwide Broker Network has appointed Price Forbes’ executive director Alex Gilmore as chairman, replacing Jim Watt of EPIC insurance brokers and consultants.
Posted: 2020-05-26
The High Court of England and Wales has approved Lloyd’s Part VII Brexit strategy to transfer its existing European business to Lloyd’s Brussels to counter the loss of passporting rights from Lloyd’s members to Lloyd’s.
Posted: 2020-05-26
The Association of British Insurers has again rejected claims it has failed SME customers over coronavirus-related business interruption coverage. The latest rebuttal is in its response to an open letter from James Ollerenshaw, founder of the Covid Claims Group.
Posted: 2020-05-26
London-based insurtech By Miles has raised £15m under plans to scale up the connected motor insurance provider as it reported its highest ever sales during April.

The Series B funding round was led by CommerzVentures and supported by existing investors Octopus Ventures, Insurtech Gateway and JamJar investments.
Posted: 2020-05-22
Insurtech Instanda has appointed insurance industry veteran Steven Haasz to spearhead its expansion plans following the raising of £15m in March this year. Haasz, who will be partnerships and European accounts director, and chief of staff at Instanda, was most recently global chief operating officer of Axa Corporate Solutions and previously held senior roles at both Equitas and Lloyd’s.
Posted: 2020-05-22
Motor insurer Sabre has seen a 25% dive in new business quotations, a 15% fall in premiums and a significant fall in claims in the wake of the introduction of the UK government’s social distancing measures in late March.
Posted: 2020-05-21
Aviva has estimated it will pay out £160m net of reinsurance for coronavirus related claims based on analysis as of the 30th April. The claims forecast is based on estimated claims in business interruption insurance of £200m, other commercial lines and travel insurance and allows for favourable impacts in other product lines.
Posted: 2020-05-21
The Ardonagh Group recorded a 1.6% rise in income to £160.1m and a 10.9% increase in adjusted EBITDA to £43.6m for the first three months of this year. The group’s trading statement detailed that its specialty arm recorded the largest rise, recording underlying organic growth of 10.7. It’s advisory business was up by 6.1%, supported by bolt-on acquisitions and continued organic growth across Towergate Insurance Brokers, Health and Protection and Footman James.
Posted: 2020-05-21
The UK P&I Club has partnered with specialist marine telemedicine provider BluMed to offer its members round the clock access to doctors at sea during the COVID-19 pandemic. The service is being offered on a pay-as-you-go basis for non-emergency advice. A call to BlueMed will give crew access to a 24/7 specialised marine doctor, phone, video and webcam links, remote diagnoses, and multilingual service if required.
Posted: 2020-05-20
Acturis-owned ICE Insuretech has partnered with systems integration specialist NTT Data in a move designed to help its insurance industry customers integrate its claims and policy processing offering with existing legacy systems.
Posted: 2020-05-20
Cycle insurance insurtech Bikmo has raised £1.8m under plans to expand the business in the UK, Ireland, Germany and Austria. As part of the fund raising it will move its head office from Chester to Wales. The series A venture capital funding of £1.8m was led by Development Bank of Wales, alongside insurer Hiscox and existing and new angel investors.
Posted: 2020-05-20
The Association of British Insurers has robustly defended the industry’s refusal to pay out for the vast majority of coronavirus-related business interruption claims in response to an open letter to chairman Jon Dye from the hospitality sector.
Posted: 2020-05-20
Insurer Beazley has raised £247m following a share placing and subscription as part of plans to drive forward organic growth and benefit from rate increases across its core markets.
Posted: 2020-05-19
North America had replaced the UK and Ireland as the London Market’s biggest source of income ahead of the coronavirus pandemic, according to an updated version of the London Market Group’s London Matters report. The news comes as the US heads towards the largest recession in its history as a result of COVID-19.
Posted: 2020-05-19
London-based insurtech, Urban Jungle has raised a further £2.5m as it looks to expand its reach and increase staffing.

Urban Jungle, founded by Jimmy Williams and Greg Smyth in 2016, raised the £2.5m from Eka Ventures and a number of high-profile backers including former Prudential CEO Rob Devey, Octopus Group CEO Simon Rogerson and Funding Circle co-founder James Meekings. Devey will also now join the company’s board as a non-executive director.
Posted: 2020-05-19
Liverpool-based provider of self-reporting and remote video capture technology, Eviid said it has seen a major increase in use by insurers and loss adjusters for claims during the UK lockdown.
Posted: 2020-05-18
Just 2% of staff across the insurance industry have been furloughed according to a snap social media poll by the Chartered Insurance Institute. The CII’s Twitter poll showed that at the end of April approximately 2% had been furloughed, 73% were OK working from home and roughly 17% were struggling with carrying out their roles from home.
Posted: 2020-05-18
Members of the Association of British Insurers, British Insurance Brokers’ Association, Lloyd’s and the London Market Group are supporting a new industry fund to help support some of the people hardest hit by the COVID-19 crisis.
Posted: 2020-05-18
Broker Gallagher has expanded its public liability insurance for dance schools to include the delivery of virtual classes.
Posted: 2020-05-15
The Financial Conduct Authority is inviting brokers to provide it with details of any disputes with insurers over the rejection of coronavirus-related business interruption claims. The call relates to the regulator’s impending test case over BI policy wording in an attempt to provide clarity to customers and the market.
Posted: 2020-05-15
The Financial Conduct Authority has urged the insurance market to support policyholders suffering financial difficulty in the wake of the coronavirus pandemic by reassessing risks and offering premium reductions, discounts, deferring payments and waiving fees.
Posted: 2020-05-14
Lloyd’s has forecast it will pay out up to £3.5bn for coronavirus-related claims this year and warned that losses could rise even further if the current lockdown continues into another quarter. The claims relate to event cancellation (31%), property covers (29%), credit lines (11%) and 15 other classes (29%).
Posted: 2020-05-14
Insurer Brit has confirmed plans to launch a standalone fully-digital commercial Lloyd’s syndicate in 2021 following collaboration with Google Cloud and University College London. Ki, which will be a follow-only syndicate was incubated in Brit’s innovation lab run by head of innovation James Birch.
Posted: 2020-05-13
Ageas UK has recorded a loss of £2.7m for the first quarter of this year, compared to a profit of £12.4m in the same period last year. The fall follows in the wake of flat income and a £23.5m hit from storms Ciara and Dennis across its home, motor and commercial lines of business.
Posted: 2020-05-13
The British Dental Association has appointed law firm Brown Rudnick under plans to challenge insurers’ rejection of coronavirus-related business interruption claims. The BDA has instructed Brown Rudnick to examine insurance policies affecting dental practices and is working with grassroots BDA members who have organised on social media to gather relevant evidence on the full range of policies in the sector.
Posted: 2020-05-13
AIG UK recorded a pre-tax profit of £186.4m for the year ended 30 November 2019 with a combined operating ratio of 96.4%. It is the company’s first standalone UK results following a restructure of AIG’s European operations as part of Brexit preparations.
Posted: 2020-05-12
In the first quarterly update of the enlarged Allianz Holdings Group, incorporating Allianz Insurance, LV= General Insurance and the general insurance business acquired from Legal & General, the insurer reported that LV had been hit by 12,000 storm and flood claims at a cost of £26m and Allianz by £43m across its motor trade, property and packages accounts.
Allianz Insurance recorded total gross written premiums of £514m, up 4% on the same period last year and LV=General Insurance £512m, including £102m from L&G General Insurance, up 37% on the same period last year.
Posted: 2020-05-12
The British Insurance Brokers’ Association has renewed its member scheme for non-standard medical travel insurance with specialist provider AllClear Insurance.
Posted: 2020-05-12
Aviva has launched an online scam reporting service in the wake of a 400% spike in coronavirus-related scams according to the latest statistics from Action Fraud, the UK’s national reporting centre for fraud and cybercrime.
Posted: 2020-05-12
The Financial Conduct Authority has called on the financial services sector not to make any changes in the wake of the Prime Minister’s statement broadcast on Sunday over the easing of the UK lockdown. In a statement the FCA said: “The financial services industry has continued to operate during the coronavirus (COVID-19) crisis with homeworking and some workers operating in locations such as branches and call centres.
Posted: 2020-05-11
Start-up property claims specialist, Qlaims has appointed insurance veteran Simon Cooter as non-executive chairman subject to regulatory approval. Cooter was most recently commercial lines and high net worth director at Covéa Insurance having previously been director, market management and regional operations at Brit Insurance and small business director at RSA where he worked for 19 years.
Posted: 2020-05-11
Cyber risk analytics specialist CyberCube has launched a cyber tool for brokers designed to help them quantify, understand, and explain to customers the sources and financial impact of cyber risk exposure.
Posted: 2020-05-11
RSA Group has forecast a hit of £25m for coronavirus-related claims, net of reinsurance, based on 25 000 valid claims received in March and April this year. It added that in April, overall claims frequencies were down between 20% and 55% across its three regions – Canada, Scandinavia and UK & International – particularly in motor.
Posted: 2020-05-07
Paul Dilley is set to take over as RSA’s chief underwriting officer for UK & International from Adrian Sweeney in July.
Posted: 2020-05-07
London-based pet insurer Bought By Many has secured investment of £78.4m under plans to increase its market share in the UK, improve its product and claims offerings and expand internationally.
Posted: 2020-05-07
Direct Line Group has set aside £70m for coronavirus related initiatives, including motor and travel insurance refunds, as it announced its results for the first three months of 2020. Overall DLG recorded a 4.7% increase in gross written premium in the three months to the 31st March compared to the same period last year with motor up 6.2%, Green Flag 11.3% and Commercial 10.1%.
Posted: 2020-05-06
Allianz Insurance is the latest insurer to face a potential legal challenge over coronavirus-related claims under business interruption policies. Loss assessor Harris Balcombe has teamed up with specialist insurance law firm Edwin Coe to challenge Allianz’s Resilience Material Damage and Business Interruption policy wording. The pair are calling for Allianz policyholders, many of whom they said took out the policies via brokers Jelf or Marsh, to contact and join the group.
Posted: 2020-05-06
Hiscox has raised £375m from existing shareholders and new investors following a share-placing announced yesterday. The company said the capital raise would enable it to take advantage of an anticipated increase in wholesale and reinsurance rates in the wake of the coronavirus pandemic.
Posted: 2020-05-06
London-based MGA, Occam Underwriting recorded a £1m profit before tax for 2019 compared to a loss of £1.25m the year before and insisted it is on track to remain profitable in 2020. Lance Gibbins, chair and CEO of the cyber, energy and space specialist commented: “Over the past 18 months, the company has recovered from a loss-making period, turned itself around and delivered growth and a profit for its stakeholders.
Posted: 2020-05-06
The British Insurance Brokers’ Association has announced a raft of changes to its board and the heads of its various specialist advisory boards. Under the changes Paul Dickson CEO of Innovation Broking takes up the role of chair of the Smaller Brokers Advisory Board, with Karen Weir of Weir Insurance as deputy chair. The pair replace Andrew Gibbons of Mason Owen and Ashley Rogoff of Ashley Page.
Posted: 2020-05-06
Matthew Crane has taken over from Frank Murphy as chief executive of specialist broker, THB Group and president of the international division of parent, AmWins Group.

Murphy, who has been CEO of THB since 2009 is taking up a role as senior strategic advisor to AmWINS and will remain on its executive committee.
Posted: 2020-05-05
AIG has launched a new Lloyd’s syndicate to reinsure high net worth business written through its private client group. Syndicate 2019 will cover homeowners, auto, collections, yacht, personal umbrella and specialty coverage for earthquake, excess flood and workers' compensation.
Posted: 2020-05-05
Carbon Underwriting has received in-principle approval from Lloyd’s to launch syndicate-in-a-box, Syndicate 4747. It will start writing business from the 1st July with stamp capacity of £15m in the first year, estimated to rise to £62.5m by year three. The syndicate will be managed by third-party managing agent Asta and act as an incubator for managing general agents.
Posted: 2020-05-04
The UK accounted for 10% of global insurtech deals in the first quarter of this year, according to the latest analysis by broker Willis Towers Watson. However, overall global funding was down by 54% at £734m, reflecting a lack of mega deals and the impact of the coronavirus pandemic on later stage investments.
Posted: 2020-05-04
The Hiscox Action Group and the Night Time Industries Association have agreed to collaborate over their separate attempts to force Hiscox to pay out on rejected coronavirus-related business interruption claims.
Posted: 2020-05-04
Specialist insurance broker, NDML and the Night Time Industries Association have called on the government to release excess funds from terrorism re/insurer Pool Re to support insurers in paying out coronavirus business interruption claims.
Posted: 2020-05-01
Allianz has launched a digital platform and app for brokers and motor fleet customers to report and track all types of motor claims. The Allianz Claims Hub is an online portal which provides brokers and fleet managers with end-to-end claims notification and tracking. The self-service claims tracking facility also allows users to check the status of commercial motor claims, including motor fleet and motor trade road risk claims, including access to relevant financial information such as reserves and payments, plus details of instructed third parties such as solicitors and vehicle repairers. If a vehicle repair is being carried out by an Allianz Approved Repairer, the tracking tool will also provide updated information about the status of that repair.
Posted: 2020-05-01
The Financial Conduct Authority has stepped into the furore over rejected coronavirus-related business interruption claims and plans to go to court to seek clarity on the issue.

In a statement, the regulator said it “intends to seek a court declaration, on an agreed and urgent basis, to resolve uncertainty for many customers making BI claims, and the basis on which firms are making decisions to accept claims".
Posted: 2020-05-01
Insurtech C-Quence has secured capacity from Zurich for its management liability and stand-alone D&O products. The digital commercial insurance managing general agent confirmed it has also added a legal expenses coverage module to its P/C product suite underwritten by Arag.
Posted: 2020-04-30
Dr Helen Phillips has been appointed as the first independent chair of the board of the Chartered Insurance Institute, a role traditionally performed by the president. The professional body, which announced the decision to split the role at last year’s AGM, said the move would enable the president to focus on an ambassadorial role. The chair will be responsible for providing leadership of the board.
Posted: 2020-04-30
Axa Insurance and insurtech, Brightmile have launched a smartphone telematics solution for Axa-insured fleets operating during the coronavirus lockdown. The app from Brightmile, which was incubated by Kamet, Axa’s insurtech studio, is being offered for free for three months.
Posted: 2020-04-30
The Hiscox Action Group has secured initial funding from Harbour Litigation Funding for its legal challenge against Hiscox over rejection of coronavirus-related business interruption claims. Harbour’s initial funding will pay for law firm Mishcon de Reya to review the policy claims of the HAG. If that review results in enough good claims to support a case, then Harbour has said it will look to commit sufficient funds to take the case through to trial.
Posted: 2020-04-29
Hiscox Group is considering a capital raise, including raising new equity in response to anticipated capital contraction and hardening of rates in the wake of the coronavirus pandemic. The insurer said it has sufficient capital to meet expected liabilities from exposures to the pandemic and added that it expects the resultant uncertainty arising from the pandemic and consequent capital contraction to result in rates hardening across US wholesale and reinsurance markets.
Posted: 2020-04-29
The Association of British Insurers and the Association of Consumer Support Organisations have agreed a Statement of Intent for progressing personal injury claims during the coronavirus lockdown which fall outside of MedCo reporting. The news comes as an earlier protocol between the ABI and claimant solicitors was extended until 20th May.
Posted: 2020-04-28
Chair of the Treasury Committee, Mel Stride has repeated his call for insurers to be clear and fair with policy holders over business interruption claims. The comments follow the Association of British Insurers reply to the Committee’s questions on the insurance sector’s response to the coronavirus pandemic.
Posted: 2020-04-28
Aon has announced that 70% of staff will see a temporary pay cut of 20% from the 1st May, and that its board will have theirs cut by 50%. CEO Greg Case said the insurer would, however, preserve its dividend to investors.
Posted: 2020-04-28
Insurers have forecast claims of at least £1.2bn in both personal and commercial lines as a result of the coronavirus pandemic according to the Association of British Insurers. The trade body also called for the UK to examine a public-private partnership to find a lasting solution.
Posted: 2020-04-27
Consolidator GRP’s commercial property MGA, European Property Underwriting has partnered with event-based flood insurance provider FloodFlash to offer parametric insurance to property investors. FloodFlash installs connected technology sensors on a building to enable the property investor to choose their own flood trigger depths and level of pay-outs required using data-modelling techniques. As the sensor confirms the chosen trigger depth has been reached, a payment is rapidly made. Property investors are also able to direct their tenants to the FloodFlash solution to help avoid business failures and lost rental income.
Posted: 2020-04-27
Gary Hoffman, former Hastings Group CEO is to step down from the business as non executive chair on 21st May following his resignation. Hoffman joined Hastings in October 2012, as CEO, and oversaw a private equity investment by Goldman Sachs, in 2014 and its IPO in 2015. He stepped down as CEO in March 2018 and took up the role of non-executive chair in May 2018.
Posted: 2020-04-24
The Hiscox Action Group has revealed it is in advance talks with a litigation funder to underwrite its entire legal costs as it confirmed the appointment of City law firm Mischon de Reya as lead counsel. HAG is pursuing a legal battle against Hiscox Insurance on behalf over 200 SME business policy holders whose business interruption claims, filed in the wake of the coronavirus lockdown, have been rejected by the insurer.
Posted: 2020-04-24
Three MPs have sponsored an Early Day Motion calling for cancelled insurer dividends to be used to settle coronavirus pandemic related business interruption claims. The motion is sponsored by Jonathan Edwards, Plaid Cymru MP for Carmarthen East and Dinefwr; Allan Dorans, Scottish National Party MP for Ayr, Carrick and Cumnock; and Jim Shannon, Democratic Unionist Party MP for Strangford.
Posted: 2020-04-24
Law firm DAC Beachcroft has launched a new litigation unit in Scotland to handle motor litigation claims for key clients in England and Wales. The move follows the addition of partner Keith Matthews and associate Ed Radford from law firm BLM. Matthews will lead the newly established litigation which includes a newly recruited team of six paralegals.
Posted: 2020-04-23
The Night Time Industries Association has appointed a QC as it looks to coordinate claims by its members against insurers who are refusing to pay out under business interruption policies in the wake of the coronavirus pandemic. The primary target for its action, which is supported by specialist broker NDML Insurance, is Hiscox UK, which has taken a firm stance over the issue of coverage under its policies.
Posted: 2020-04-23
Hiscox has forecast net claims of £122m should restrictions on travel and mass gatherings continue until September – and a further £20m should the restrictions then be extended for another six months. It has however reaffirmed its position that its core small commercial package policies do not provide cover for business interruption as a result of the general measures taken by the UK government in response to a pandemic.
Posted: 2020-04-22
Beazley has forecast a £138m hit from claims resulting from COVID-19 on first party business net of reinsurance. The early estimate was announced along with its first quarter trading update showing a 13% hike in gross premiums written to £680m, an 8% increase on premium rates on renewal business and a 1% investment loss in the three months up to 31st March.
Posted: 2020-04-22
The Ministry of Justice has confirmed it will delay the launch of the small claims’ litigation in person portal under its whiplash reform programme until April 2021 due to the disruption caused by the coronavirus pandemic. The portal had been due for launch in August, having been delayed from its original April 2020 launch date.
Posted: 2020-04-22
A newly established steering group of UK insurance industry leaders has been set up to propose an industry wide response to the present coronavirus and future pandemics. The group will work closely with Pool Re, the UK’s specialist terrorism insurer originally set up in the wake of the bombing of the Baltic Exchange in 1992.
Posted: 2020-04-21
David Marock has stepped down as group CEO of insurance technology group Charles Taylor Group after nine years in the role. The search for his replacement will be led by Edward Creasey, previously non-executive director, who will act as executive chairman until the position is filled.
Posted: 2020-04-21
Motor insurer, Admiral is providing an automatic flat £25 refund to all its car and van insurance customers, amounting to 4.4 million vehicles. The Stay At Home Refund will cost the insurer £110m.
Posted: 2020-04-21
Mactavish has slammed the creation of the insurance industry's new pandemic steering group, branding it little more than a "cynical ploy" and a "PR gimmick" designed to detract attention from its failings.
Posted: 2020-04-21
Comprehensive car insurance premiums fell by only 1% (£6) in the first quarter of 2020, according to the latest Confused.com Car Insurance Price Index in association with Willis Towers Watson. On a y-o-y basis premiums have however risen by 6% at a time when insurers are coming under increasing pressure to reflect the reduced mileage under coronavirus restrictions in insurance premiums.
Posted: 2020-04-20
Specialist professional indemnity broker, Brunel Professions has partnered with accountancy training and support services firm, Mercia Group. Under the deal Brunel will offer a preferential insurance package to Mercia’s accountancy firm customers.
Posted: 2020-04-20
London-based insurtech, Lenny, which provided short-term and hourly motor insurance via an app, has closed, having failed to find a new backer in the wake of the coronavirus pandemic
Posted: 2020-04-17
Bermuda-based Sompo International is to pull out of Lloyd’s next year
Posted: 2020-04-17
London-based insurtech, BlockClaim has raised a further £2m and rebranded as Sprout.ai. The start-up, which originated from Imperial College London, plans to use the funds to take its plug-in claims automation platform into the US market.
Posted: 2020-04-16
Insurer Hiscox UK has issued an official statement insisting that core policy wordings as part of its small commercial package policies “do not provide cover for business interruption as a result of the general measures taken by the UK government in response to a pandemic”. The insurer also repeated its earlier claim that its business interruption exposure to COVID-19 is limited in Europe and negligible in the US.
Posted: 2020-04-16
Amanda Blanc is to head up a new government-sponsored independent flood insurance review which will involve a deep dive into insurance cover for those impacted by the November 2019 floods in Doncaster. It will focus on barriers people may have faced in obtaining insurance, identifying any systemic issues in the provision of flood insurance and make recommendation for future flood events.The final report will be published in September.
Posted: 2020-04-15
Motor insurer, Hastings plans to press ahead with dividend payments to shareholders in May following a stable first quarter to 2020. Despite a plea from the Prudential Regulatory Authority for companies to be prudent over dividends due to the coronavirus pandemic, Hastings said it planned to go ahead to seek shareholder approval for a final dividend (39% down on 2018) as it has “no business lines with direct claims cost exposure resulting from COVID-19, for example travel or business interruption insurance”.
Posted: 2020-04-15
The Chartered Insurance Institute has been forced to extend the term of president and board chair Nick Turner until the Autumn. The professional body’s annual AGM has been delayed -- for the first time outside of war -- due to the coronavirus pandemic, resulting in the vote for the proposed new chair and current CII deputy president Aon UK CEO, Julie Page being delayed.
Posted: 2020-04-15
Insurtech Honcho, which launched a reverse auction car insurance marketplace last Autumn, has raised £1.2m as part of plans to expand into van and learner driver insurance later this year.
Posted: 2020-04-14
Ethos Broking’s Finch Group has acquired Portsmouth-based independent broker Hughes & King for an undisclosed sum.
Posted: 2020-04-14
Randall & Quilter has acquired the entire issued share capital of ICI Insurance Company Limited (ICIICL) from the former UK chemical giant for an undisclosed sum.
Posted: 2020-04-14
Five established broking firms have joined together in a new venture led by Phil Barton focused on insurance, risk management and employee benefits. Partners& is formed from the acquisitions of MRIB and Independents, La Playa, CGI and Versatile and has a team of 140 people in 9 offices across the South East, Midlands and South West handling gross written premium of £65m.
Posted: 2020-04-09
Smart technology provider, Hero Labs has launched an insurtech business, which plans to offer discounts on home insurance where smart devices, such as Hero Labs smart home leak detector, are fitted. It also plans to offer an automated claims service.
Posted: 2020-04-09
Collapsed Welsh motor broker, Staveley Head has been acquired by Stoke on Trent-based broker One Sure Insurance for an undisclosed sum, securing the jobs of the 22 remaining employees and enabling over 12,000 policies to be transferred to One Sure.
Posted: 2020-04-08
Consolidator GRP’s south-eastern hub broker, Green Insurance Group has acquired R T Williams Insurance Brokers and NIB Insurance Brokers, an appointed representative of RTW.
Posted: 2020-04-08
Bodyshop claims notifications have dropped by over 70% in the wake of the coronavirus lock-down with almost half having suspended trading (49.1%) with more expected to follow (24.3%). Despite the crisis, bodyshops were optimistic they could withstand the financial impact of a two-month lockdown.
Posted: 2020-04-08
Insurer NFU Mutual has increased its investment in Guidewire technology in a move designed to accelerate its digital distribution strategy and product design.
Posted: 2020-04-08
Broker Gallagher has promoted Simon Collings to managing director of the national broking and placement team within its UK retail division. He replaces Mark Armitage who retired at the end of March.
Posted: 2020-04-08
Lloyd’s has confirmed the 12 insurtechs that will take part in its innovation accelerator which starts on the 27 April. The start-ups will be focused on four key themes: data and models; new insurance products and markets; the future of transportation; and cyber.
Posted: 2020-04-08
Chartered insurance broker, Aston Lark has opened a new Cheltenham office following the appointment of Jim Stevenson as associate director under plans to expand across the Midlands and South West.
Posted: 2020-04-07
Andy Watson, CEO of Ageas UK since 2013 has announced he plans to step down in June. He will be replaced by Ant Middle who is presently managing director partnerships.
Posted: 2020-04-07
Allianz Insurance has secured a new three-year vehicle fleet deal with Toyota and Lexus which will see the insurer’s own fleet move from diesel to hybrid power. Under the deal, Allianz will receive a delivery of up to 200 vehicles a year as it transitions its vehicle fleet away from diesel power to Toyota’s self-charging hybrid technology.
Posted: 2020-04-07
US-owned broker software provider Applied Systems Europe has appointment David Chapman from rival provider SSP to lead its broker and insurer sales strategies and operations. The move is the first major hire by incoming CEO Andy Fairchild who joined in February this year.
Posted: 2020-04-06
Aon and Willis Towers Watson have partnered with the Chartered Insurance Institute in an initiative designed to help companies open up the workplace for people at the higher end of the Autism Spectrum.
Posted: 2020-04-06
Ecclesiastical has recruited former Bank of Scotland director Sir Stephen Lamport as a non-executive director.
Posted: 2020-04-06
Elizabeth Jenkin has joined London-based SME-focused invoice insurance start-up Nimbla as chief commercial officer as the business looks to expand internationally.
Posted: 2020-04-03
Aqueous Underwriting has moved to help its SME customers in the food, hospitality, leisure and hotel industries continue to trade in the wake of the coronavirus pandemic.
Posted: 2020-04-03
The Association of Personal Injury Lawyers and the Forum of insurance Lawyers have come together to agree standard practices to help injured claimants and defendants during disruption caused by the coronavirus pandemic.
Posted: 2020-04-02
The Financial Ombudsman Service has revised its funding for the coming year in the wake of the coronavirus pandemic in an effort to help smaller firms. It has also asked the Financial Conduct Authority to freeze all minimum levies at the 2019/20 levels.
Posted: 2020-04-02
Bodies representing UK start-ups have come together to urge the government to revisit its support of start-ups in response to the coronavirus pandemic over fears that the fast majority may miss out on funding.
Posted: 2020-04-02
The Prudential Regulation Authority has urged UK insurers to be prudent when considering potential distributions to shareholders in the wake of the coronavirus pandemic.
Posted: 2020-04-01
Wholesale broker, Ceta Insurance has opened up a section of its call centre to offer a specialist home insurance referral service, placing quotes and referrals on brokers' behalf through its Infinity platform.
Posted: 2020-04-01
Insurance providers are at the bottom of the list of businesses contacting their customers about the coronavirus pandemic according to the latest research from Consumer Intelligence, with only 35% of customers having heard from their insurance provider since the outbreak.
Posted: 2020-04-01
McKenzie Intelligence Services has launched a COVID-19-specific incident dashboard designed to help claims teams, exposure managers and loss adjusters deal with the impacts of the coronavirus pandemic.
Posted: 2020-04-01
Over 150 insurance and law firms have signed up to pledge their support for the COVID-19 Personal Injury Protocol launched last week to protect claimants, according to the Association of British Insurers. The list is dominated by law firms, with 17 insurers so far on board, namely Acromas, AIG UK, Aioi Nissay Dowa, Aviva, Axa, Catalina, Covea, Direct Line Group, Hastings, KGM, LV, NFU Mutual, MIB, RSA, Riverstone, Sabre and Zurich.
Posted: 2020-03-31
Esure has appointed former RSA group CEO, Andy Haste as chairman, following the departure from the board of founder, Sir Peter Wood. The move follows the completion of the businesses sale to Bain Capital.
Posted: 2020-03-31
The AA recorded a 19% hike in the number of motor insurance policies in the year to the end of January to 869,000, and a 2% rise in home policies to 844,000 as the overall group reported a 3% rise in EBITDA to £341m in its unaudited financial accounts.
Posted: 2020-03-31
The Chartered Insurance Institute has published a guide to help members and their customers understand and access the various forms of financial support that have been made available to business as a result of the coronavirus pandemic.
Posted: 2020-03-30
Insurer Ageas is to roll out the use of AI for motor damage claim assessments in the UK following a successful trial with the technology developed by Tractable.
Posted: 2020-03-27
Blenheim Underwriting plans to apply to Lloyd’s to establish a new managing agency following approval in principle from the corporation’s board.
Posted: 2020-03-27
Aegis London, which operates Syndicate 1225, has moved all of its underwriters onto the London market digital placing platform Whitespace as part of moves to ensure it can continue trading in the wake of the coronavirus pandemic.
Posted: 2020-03-27
Lloyd’s CEO John Neal has insisted the market is in a strong position to respond to the coronavirus pandemic, whilst this morning announcing a return to pre-tax profit in 2019 of £2.5bn compared with a loss of £1bn in 2018. The 2019 performance, he said, was boosted by a 4.8% return on investments compared with only 0.7% in 2018, alongside sustained rate increases and improving underwriting discipline.
Posted: 2020-03-26
Chair of The Treasury Committee, Mel Stride, has written to Huw Evans, director-general of the Association of British Insurers to question how the insurance sector is responding to the coronavirus pandemic. The move comes in the wake of the Financial Conduct Authority’s guidance to insurers last week urging flexibility and good communication.
Posted: 2020-03-26
The acquisitive broking group also recorded a 16.1% increase in operating costs to £484.1m.
Posted: 2020-03-26
Sedgwick has today reported a saving of £35.2m across home, commercial, motor and liability claims in 2019. This represents an increase of £5.4m (18%) on 2018. Commercial claims accounted for the largest proportion of this saving, at £14.8m.
Posted: 2020-03-26
Berlin-based insurtech Wefox Group has launched a slimmed down version of its digital personal lines distribution platform which will be free to insurance brokers across Europe, including the UK. The early release of the Wefoxgo platform follows a 200% uptick in the usage of its video conferencing tool in the wake of the coronavirus pandemic.
Posted: 2020-03-26
A COVID-19 Personal Injury Protocol has been launched by the Association of British Insurers’ and defendant law firm Thompsons to mitigate the impact of coronavirus disruption on personal injury claimants. Insurers and law firms can pledge their commitment to the protocol on the ABI’s website.
Posted: 2020-03-25
Ascot has established a foothold in the professional indemnity market with the hire of a team from Neon Underwriting headed up by class underwriter Antonio Bellanca. He is being joined by fellow Neon underwriters, Matthew Watson, Manoj Sharma and Henry Hollingdale.
Posted: 2020-03-25
The Biba and Airmic conferences planned to be held in Manchester in May and Edinburgh in June this year have been cancelled in the wake of the coronavirus pandemic.
Posted: 2020-03-24
Specialist insurance broker, Kingsbridge Group has been sold to US firm NSM Insurance for an undisclosed sum. Kingsbridge provides specialist insurance for skilled contractors and freelancers.
Posted: 2020-03-24
Belfast-based price comparison website, Quotezone has added Direct Line Group’s Churchill-branded van insurance to its platform.
Posted: 2020-03-24
CEO of Aon’s UK Global Broking Centre,Richard Dudley, has succeed Roy White of Marsh as chair of the London & International Insurance Brokers’ Association (LIIBA). On taking up the position he said the trade bodies priorities will be Lloyd’s reform, Brexit, Climate Change and supporting members and clients in the wake of the coronavirus pandemic.
Posted: 2020-03-23
Managing general agent, Equipsme is offering businesses with 2 to 20 employees free access to its healthcare plans and remote GP appointments in response to the coronavirus pandemic.
Posted: 2020-03-23
The Association of British Insurers has moved to try to reassure motor and home insurance customers in the wake of the coronavirus pandemic. The measures include flexibility for those having to work from home, to drive to work or use their cars for supporting the community.
Posted: 2020-03-23
Lloyd’s closed it underwriting room in London last night until further notice following a successful stress test earlier in the week. The corporation said it had made the move in line with government advice to avoid all-non-essential contact.
Posted: 2020-03-20
The Financial Conduct Authority has set out its expectations from insurers and brokers in the wake of the coronavirus pandemic. In particular it wants the industry to be flexible and understanding of how customer behaviour will change such as working from home or commuting by car rather than by public transport.
Posted: 2020-03-20
Paymentshield has been rapped by the Competition and Markets Authority over newly discovered failures to send Payment Protection Insurance annual reviews to some customers. It must now put in place measures to ensure similar incidents don’t happen again and refund all those affected.
Posted: 2020-03-20
Managing general agent, Pen Underwriting and insurer Markel International have extended their equine insurance capacity deal for another three years.
Posted: 2020-03-19
Property claims specialist, Qlaims is offering its secure video-streaming platform to loss adjusters, insurers, managing general agents and brokers with delegated claims authority to enable them to remotely survey property damage and instigate repairs in the wake of the coronavirus pandemic.
Posted: 2020-03-19
LV= General Insurance, which is now part of Allianz UK, recorded a 13% drop in operating profit to £93m for 2019 and a deterioration in its combined operating ratio to 94.9%. Gross written premiums were up 12% to £1.57bn from £1.4bn the year before, excluding £181m of discontinued commercial lines business.
Posted: 2020-03-19
The Chartered Insurance Institute is planning to press ahead with all of its planned online, multiple-choice examinations held at pre-booked centres despite the Coronavirus pandemic “as these are less than 25 candidates each sitting”.
Posted: 2020-03-18
Short -term lettings insurtech, Pikl has appointed industry stalwart Stuart Reid as chairman as it looks to grow the business. Pikl was set up to fill the insurance gap between home insurance and the guarantees provided by the likes of AirBnB.
Posted: 2020-03-18
The London branch of the Shipowners Club has temporarily closed with all London staff working remotely, Simon Swallow, CEO has confirmed.
Posted: 2020-03-18
Broker Gallagher has opened a new regional office in Coventry and appointed Debbie Moss as managing director.
Posted: 2020-03-18
QBE is to close its UK offices tomorrow (Wednesday) in order to test the resilience of its business continuity plans, forcing all of its employees to work from home.
Posted: 2020-03-17
In a statement the trade body said: “Irrespective of whether or not the government orders closure of a business, the vast majority of firms won’t have purchased cover that will enable them to claim on their insurance to compensate for their business being closed by the coronavirus.
Posted: 2020-03-17
Broker EC3 has established an international financial and professional lines division targeting wholesale and retail markets. The move follows the appointment of David Purdy as divisional director.
Posted: 2020-03-16
Lloyd’s managing agency Aegis London has recorded a 7% hike in profits to £31.1m for 2019 boosted by strong investment returns. The syndicate also saw an 18% rise in gross written premium to £653.2m compared to £555.2m the year before on a combined ratio 96.8%.
Posted: 2020-03-16
Sagar Insurance has acquired Preston-based commercial insurance broker Anderson Ashcroft for an undisclosed sum. It is broker Sagar’s second acquisition since it became part of consolidator GRP in 2018.
Posted: 2020-03-13
The UK P&I Club is transferring its £82.6m occupational disease liabilities, on an undiscounted basis to Bermuda-based specialist R&Q . The majority of the occupational disease claims result from seafarers being exposed to asbestos on ships, going back as far as the 1950s.
Posted: 2020-03-13
Insurance pricing insurtech Akur8 has raised €8m (£6.2m) under plans to accelerate its international expansion throughout Europe and the US according to CEO and co-founder Samuel Falmagne.
Posted: 2020-03-12
Brokers can now access insurer Ageas’ household policy House Guard via the Acturis broking platform.
Posted: 2020-03-12
A new London Market underwriting group has been established by the International Underwriting Association in response to challenges across the commercial crime market.
Posted: 2020-03-12
Xenia Broking has acquired Howden UK’s trade credit business which has operations in Birmingham, Glasgow, Manchester and Cardiff for an undisclosed sum. The business will be integrated into Xenia’s entity Credit Risk Solutions.
Posted: 2020-03-11
Chancellor of the Exchequer. Rishi Sunak confirmed that the Government will double its planned investment in flood defences over the next five years to £5.2bn in order to protect over 300,000 properties.
Posted: 2020-03-11
UK insurtech, Instanda has raised £15m under plans to expand its international footprint, expand its partner network and develop its customer and policy management platform.
Posted: 2020-03-10
PIB Group has acquired commercial insurance broker, RA which it said has a strong motor trade proposition via a scheme with insurer NIG. PIB said the business will boost its motor and haulage proposition and complement the specialist expertise offered by existing PIB brokers Cooke & Mason and Cooper Solutions.
Posted: 2020-03-10
Insurers expect to make payments to customers hit by the recent storms Ciara and Dennis of over £360m, made up of £214m for flooding and £149m for wind damage according to the Association of British Insurers.
Posted: 2020-03-09
UK insurtech, By Miles is to offer its pay-per-mile connected-car insurance policies via price comparison site, Quotezone.co.uk following an agreement between the two parties. The partnership will enable prospective customers to compare the price of the By Miles product with traditional insurance policies.
Posted: 2020-03-09
Ethos Broking has acquired Rugby-based Compass Network member Perry Appleton. The move provides Ethos with its first foothold in the Midlands.
Posted: 2020-03-09
Aon and Willis Towers Watson are set to merge under the Aon name following confirmation of an agreement to combine in an all-stock transaction with a combined equity value of approximately $80bn. The deal is expected to bring savings of $800m over three years.
Posted: 2020-03-09
Aviva’s UK general insurance business recorded a fall in operating profit of 35% to £250m in 2019 compared to £383m in 2018. Net written premiums (NWP) for the UK general insurance business were up by 1% at £4.22bn and its combined operating ratio deteriorated to 97.9% from 94.6% in 2018.
Posted: 2020-03-06
The winners of the 2020 National Insurance Awards were revealed at last night's gala dinner and awards ceremony.
Posted: 2020-03-06
London-based renewable energy risks MGA, GCube is to be acquired by insurer Tokio Marine HCC for an undisclosed sum. The deal is expected to complete later this spring.
Posted: 2020-03-05
Admiral Group has recorded a 10% increase in profit for 2019 to £526.1m before tax, on turnover up 5% at £3.5 bn. Profits were boosted in particular by the performance of its UK motor business which recorded a 5% increase in profit to £595.1m on the back of high releases of prior year claims reserves.
Posted: 2020-03-05
Home insurance provider, Homelyfe has been acquired by Freedom Services Group, owned and managed by MGA Pukka’s Sam White, for an undisclosed sum.
Posted: 2020-03-04
Mactavish has issued a call for radical reform of the insurance industry, which has for too long put price of cover ahead of value, it says. This, it says, has depleted contract quality, increased opacity around broker fee structures and and led to a prevailing attitude of one-size-fits-all on even complex risks. This, Mactavish says, has led many clients to see insurance as a commodity purchase rather than a complex and vital financial instrument.
Posted: 2020-03-04
Global Risk Partners’ South Eastern hub broker Green Insurance Group has acquired Hastings-based broker Manor Insurance Services.
Posted: 2020-03-04
The Chartered Insurance Institute has launched a Chartered title for individuals working for managing general agents and a corporate title of Chartered Insurance Underwriting Agent for firms. Both titles have been developed with the support of the Managing General Agents’ Association.
Posted: 2020-03-03
Direct Line Group recorded a 12.2% fall in profit before tax to £509.7m for 2019 compared with £580.5m the year before. Underwriting profit was also down 10.7% to £232.1m. Combined operating ratio deteriorated slightly to 92.2% from 91.6% in 2018.
Posted: 2020-03-03
Insurance technology provider, Hood Group has signed a five-year deal with Premium Credit for a digital premium finance option across its range of insurance products. The move follows the roll out of the digital solution with Hood’s partner, The Military Mutual.
Posted: 2020-03-03
Specialist, broker-only motor insurer, ERS recorded a profit of £13.9m for 2019 up from £11.1m in 2018. It also reported a 13% hike in vehicles on cover and gross written premium of £360m, up from £330m in 2018. Its combined operating ratio saw a slight deterioration to 99.7% from 96.1% as a result, the company said, of the change in the Ogden rate.
Posted: 2020-03-02
Hiscox UK has played down the potential impact of coronavirus and recent UK flooding on its business as it recorded a rise in gross written premium of 3.9% to £584m in 2019 and a 9% increase in commercial business.
Posted: 2020-03-02
The London & International Insurance Brokers’ Association has created a new committee to focus on operational claims issues and initiatives in the London market. The Claims Operations Liaison Group will be chaired initially by John Muir, Willis Towers Watson’s managing director of technical and operational practices.
Posted: 2020-03-02
The Ardonagh Group has acquired Rural Insurance Group, the specialist underwriter for rural and agricultural communities. It will join the broker’s existing MGA brands which include Geo Underwriting, AIUA and BIBU.
Posted: 2020-03-02
Risk management body, Airmic has warned the insurance market that it must improve on its service to corporate clients or risk triggering a long-term change in insurance buying habits. The warning follows the publication of two surveys conducted by Airmic and its German equivalent, GVNW, in January and February.
Posted: 2020-02-28
The Ministry of Justice has delayed the launch of the Road Traffic Accident portal for whiplash claims until the 1st August and abandoned plans for a free online Alternative Dispute Resolution service. The portal, which was due to go live on the 6th April is designed to address the high number and cost of whiplash claims.
Posted: 2020-02-28
London-based insurtech, Aventus has raised a further £2.6m as part of plans to scale up the firm’s business to business quote and bind operating system for insurers and MGAs.
Posted: 2020-02-28
Lloyd’s has confirmed its core priorities for 2020 as part of the Future at Lloyd’s programme. It will focus on investment in a complex risk platform; a new digital solution for Coverholder business as part of the Lloyd’s risk exchange and accelerated process improvements to claims, including piloting automated settlement.
Posted: 2020-02-27
Direct Line Group is set to make hundreds of job cuts in the UK over the next two years as it responds to moves by motor and travel insurance customers to embrace digital channels. The cuts include the loss of up to 300 jobs at its Ipswich office which is set to close in 2022.
Posted: 2020-02-27
RSA’s UK business reported an underwriting profit of £50m for 2019 and a combined ratio of 97.7%, excluding exited portfolios. Including exits, underwriting profit was £3m and the COR was 99.9%.
Posted: 2020-02-27
London-based Digital Risks has raised £8m in Series A funding as it looks to grow its SME-insurance focused business over the next 12 to 18 months.
Posted: 2020-02-26
A new consumer study commissioned by the Association of British Insurers shows that only one in ten customers are comfortable with insurers using data collected indirectly and via third parties.
Posted: 2020-02-26
Price comparison website technology provider, Seopa is set to create 31 new jobs on the back of new investment from Invest Northern Ireland.
Posted: 2020-02-26
Broker Be Wiser recorded a profit before tax of just over £1m for the eight months to the end of January on total premium income of £43.37m. The broker, which recorded a full year loss for the previous year of £593,000 provides car, van, bike, home and travel insurance plus black box cover for young drivers, as well as commercial insurance for SMEs.
Posted: 2020-02-25
Gig economy insurtech, Collective Benefits has closed £3.3m in seed funding. The company is developing a benefits platform with the aim of providing gig economy workers with access to normal employment benefits such as sick pay, mental health support, childcare, accident cover and wellness packages.
Posted: 2020-02-25
Specialty MGA, Ascent Underwriting has teamed up with artificial intelligence platform, Luminance to help its underwriters identify potential risks across its transactional liability portfolio.
Posted: 2020-02-25
Triton Insurance Brokers has had its permission to conduct regulated business removed by the Financial Conduct Authority. The broker provides home, commercial and industrial property insurance policies.
Posted: 2020-02-24
Broker Gallagher’s UK retail division has partnered with MGA CPP Group UK to provide a new bolt-on cyber protection product to its SME customers. The deal is the insurtech’s first major commercial insurance broker partnership following the launch of CPP Secure on the Acturis broking platform in December.
Posted: 2020-02-24
Allianz UK recorded a 35% fall in operating profit in 2019 to £110.6m along with a decrease in premium income to £1990.7m compared with £2038.2 in 2018. The insurer also recorded a deterioration in its combined ratio to 97.8% compared to 96.4% in 2018.
Posted: 2020-02-24
A new London advisory board set up by global standards-setting body ACORD has been hailed as a major opportunity to support the digital ambitions set out in the Future of Lloyd’s plan.
Posted: 2020-02-21
PIB Group has acquired BK Insurance Brokers, an independent brokerage based in Croydon, Surrey. It is the consolidator’s 26th acquisition.
Posted: 2020-02-21
Bollington Insurance has acquired CLA Risk Solutions, in its third acquisition this year. The latest addition, combined with purchase of Ashgrove Insurance Services and Prophet Trade Credit, means Bollington Group has increased its annual gross written premium by £16m to almost £180m.
Posted: 2020-02-21
Established insurers are finally going to have to embrace the technology challenges they have been avoiding. This was the warning issued by Christopher Sandilands, partner at Oxbow Partners at the launch of its third InsurTech Impact 25 report.
Posted: 2020-02-20
Gallagher has invested in its aerospace arm in a move designed enable the broker to keep up with an ever changing market due to advances in technology and changing legislation.
Posted: 2020-02-20
The Financial Conduct Authority is close to revealing its plans for addressing dual pricing practices in its annual Sector Views, an assessment of the risks and potential harm to consumers across financial services markets
Posted: 2020-02-19
Nottingham-based broker, Russell Scanlan is offering business and private clients a new legal service following a partnership with Fenchurch Law. It provides access to unlimited legal advice and support in the event that a valid claim is turned down by an insurer at a cost of 1% of the overall insurance premium.
Posted: 2020-02-19
Ageas UK has reported a 21% fall in net profit to £60.3m in 2019 compared with £76.7m in 2018, and a deterioration in its combined ratio to 98.7% from 96.8% in 2018. The insurer blamed the falls on a tough motor market.
Posted: 2020-02-19
Ageas has signed a new five-year partnership with the Post Office to provide a newly designed range of home insurance products to new and existing customers via its 11,500 branches. The deal also includes the provision of customer sales and service by an Ageas trained in-house team.
Posted: 2020-02-18
Managing director of the Managing General Agents’ Association, Peter Staddon has confirmed he will retire at the end of June. The former head of technical services for the British Insurance Broker’s Association will make his final engagement at the MGAA’s conference in July.
Posted: 2020-02-18
Loss adjuster, Crawford & Company has appointed former Lloyd’s CEO Dame Inga Beale as an independent director.
Posted: 2020-02-18
Windstorm Ciara, which ravaged the UK and Europe last weekend, is forecast to have caused insured property losses of up to EUR1.8bn (£1.5bn) according to catastrophe risk modelling specialist RMS. The forecast does not include Storm Dennis this weekend which resulted in major flood incidents in south Wales and parts of England with more than 300 flood warnings across the UK.
Posted: 2020-02-17
The Ardonagh Group has confirmed the acquisition of motorcycle specialist broker Bennetts from Saga for £26m by its subsidiary Atlanta Investment Holdings. The broker will join Autonet, Carole Nash and Swinton as part of Atlanta, Ardonagh’s retail platform, subject to regulatory approval.
Posted: 2020-02-17
Zurich’s UK general insurance business paid out £1.5bn in claims in 2019 and recorded a 97% rise in operating profit to £271m compared with £137m in 2018. The results, which also saw the company’s combined operating ratio improve by 3.9% to 91%, came against a background of relatively flat growth in GWP of only 4% to £2.48bn from £2.4bn.
Posted: 2020-02-13
Jonathan Turner is due to take over as CEO of Gallagher’s UK speciality business, replacing John Thompson who will take on the newly created role of head of business development for the division. As part of the internal leadership changes, Tom Downey will take over Turner’s role as CEO for Pen Underwriting, having been chief underwriting officer for the division since 2017.
Posted: 2020-02-13
UK specialist professional indemnity managing general agent, Inperio (London) has partnered with European program underwriter Accredited Insurance (Europe) to launch a professional indemnity policy specifically tailored to freelance UK solicitors regulated by the Solicitors Regulation Authority.
Posted: 2020-02-12
Legacy acquirer, DARAG Group has completed the acquisition of The Underwriter, which will serve as a basis for future purchases in the UK. The deal was first announced in July 2019.
Posted: 2020-02-12
Clear Group has acquired specialist insurance intermediary, Light & Legal Indemnity Solutions for an undisclosed amount. Founded in 2016, Ligh & Legal advises on the placing and arranging of rights of light indemnity and legal indemnity insurance for the commercial property sector.
Posted: 2020-02-12
Assurant Intermediary has partnered with digital insurance provider, Modus Underwriting, to launch a landlord product, designed to provide full cover for unoccupied property at outset.
These properties can usually only be insured for FLEEA (fire, lightning, earthquake, explosion, aircraft) cover. The Modus policy offers full cover at outset as an option, which includes storm/flood, theft or attempted theft and malicious damage.
Posted: 2020-02-12
UK API platform, Cytora has joined Duck Creek Technologies’ partner ecosystem programme. Its property API will be made available on the provider’s platform. The technology gathers the information needed to underwrite in one API call, meaning underwriting teams no longer need to manually gather information to assess commercial risks. Insurance submissions benefit from property, location and rating data from over 50 sources.
Posted: 2020-02-11
Sedgwick has partnered with London-based software house, Concirrus to bring its risk management tool, Quest Automotive, to the UK market. Sedgwick’s system will integrate with the technology to analyse driver behaviour, providing fleet managers with instant information on driver performance, identifying trends in driver behaviours and helping them work to prevent motor incidents.
Posted: 2020-02-11
CFC has launched a package solution for event organisers, combining cancellation coverage, general liability and commercial property. The policy protects organisers against various liability exposures and includes cover for contents that have been lost or damaged in transit as well as additional expenses like temporary repairs.
Posted: 2020-02-11
Canadian telematics company, Intelligent Mechatronic Systems owned by UK holding company, Trak Global Group is to be rebranded as IMS - Insurance & Mobility Solutions, to extend the IMS brand internationally across both its insurance and mobility B2B divisions.
Posted: 2020-02-11
Lloyd’s has confirmed the membership of its culture advisory group, set up to provide guidance to assist in the implementation of long-term culture change in the market. This follows the results of the culture survey, thought to be the largest ever conducted in the insurance sector and which Lloyd’s published in September. The survey outlined several fundamental culture issues.
Posted: 2020-02-11
Polaris has published a set of new standards specifically tailored to short-term insurances. The standards, which were agreed by the Polaris Electronic Trading Practices Group, benefited from the input and expertise of sharing economy insurance provider Pikl.
Posted: 2020-02-11
The Lloyd’s Market Association has announced that its primary objective for 2020 will be to engage with Lloyd’s on the successful delivery of the Future at Lloyd’s initiative, thereby underlining its priorities of underwriting discipline and digitisation.
Posted: 2020-02-10
AXA is to pilot a machine learning tool to support motor claims handling. Repair or Replace Intelligence captures the relevant data from the phone conversation and assesses the cost of repair and how much it would cost to write the car off.
Posted: 2020-02-10
Hiscox has partnered with smart water leak alarm, LeakBot to offer a leak detection device to its new and existing UK buildings insurance policyholders. LeakBot is an end-to-end claims mitigation system, specifically designed to tackle water damage claims in the home.
Posted: 2020-02-10
In a bid to boost its presence in the insurtech outsourcing market, Broker Direct has restructured its outsourcing operations under a new brand, Proficient. The business specialises in personal lines outsourcing and provides services to UK insurers, MGAs, global reinsurers and insurtechs.
Posted: 2020-02-10
Fraud detection enabled Allianz to save £65.2m in 2019, up from £64.75m in the previous year. Motor remained the most common type of fraudulent claim received by the insurer, accounting for 44% of the total, followed by casualty – 39% of fraudulent claims.
Posted: 2020-02-07
Romero Group has invested in an employee wellbeing start-up business. We Are Wellbeing covers mental, physical, social and financial wellbeing. Its portfolio includes corporate wellbeing partnerships, strategy and training. Headquartered in Leeds, the business is now operating and delivering training.
Posted: 2020-02-07
Admiral expects a strong 2019 pre-tax profit, in the range of £510m to £540m, which would mark a 6% to 13% increase to 2018’s result. These are preliminary figures and the insurer will publish its final 2019 results on Thursday 5th March 2020. The anticipated profit is due to “unusually positive development”, during 2019, in the cost of UK motor bodily injury claims from prior underwriting years, it explained.
Posted: 2020-02-07
Motor claims provider, Coplus has partnered with independent consultancy company, SX3 to conduct an audit process for potential customers, providing them with free independent assessments of their existing claims management solutions. The partnership is related to Cobalt – a bespoke solution for first- and third-party motor claims management, launched by the provider in October.
Posted: 2020-02-06
Welsh broker, Staveley Head has entered administration following solvency issues with a Danish underwriter. Steven Muncaster and Sarah Bell, both of Duff & Phelps, have been appointed joint administrators.
Posted: 2020-02-06
London-based insurtech company, Laka has raised £3.6m in equity funding to finance its expansion plans across Europe and to develop its insurance offering. The round was led by early-stage venture capital firms LocalGlobe and Creandum. It also includes the participation of venture fund, Yes VC as well as angel investors including chairman of cycling apparel firm Rapha, Nick Evans and former CEO of Fitness First, Oren Peleg. The round closed on 30th January 2019.
Posted: 2020-02-06
Beazley has reported a 250% increase in profit before tax in 2019 to £206.4m, compared with £58.9m in 2018. Profit was driven by an investment return of £203.2m (£31.7m in 2018). The firm managed £2.3bn in GWP in 2019, up 15%. Overall GWP was just above £2bn in 2018. However, the combined ratio deteriorated to 100%, compared with 98% in 2018.
Posted: 2020-02-06
Motor insurance broker, Zoomcover has partnered with software house, Ignite Insurance Systems for its front-office and back-office software solution. The broker will use the provider’s cloud-based platform to launch its first seven on-demand motor products, underwritten by ERS.
Posted: 2020-02-06
The Chartered Insurance Institute has launched several informal e-learning plus formal qualifications designed to enable individuals working in personal lines insurance to gain knowledge and help develop their career.
Posted: 2020-02-06
The Financial Conduct Authority has introduced signposting rules and guidance to insurers as well as other firms involved in the travel insurance industry, to enable consumers with pre-existing medical conditions to gain better access to the market.
Posted: 2020-02-05
Insurance software provider, Ignite Systems has launched a chatbot service for its broker clients. The technology automates a range of policy administration tasks for customers.
Posted: 2020-02-05
Transatlantic law firm, Womble Bond Dickinson has partnered with claims and risk management solutions provider Virtualfiles to support the firm's claims handling offering. WBD Claims, the firm’s bespoke claims handling operation, delivers services to insurance and corporate clients. It was created as a separate team for financial lines claims and its team operates as an independent unit within the main LLP.
Posted: 2020-02-05
BGL has launched the next intake of its Pathway Apprenticeship Programme, which enables apprentices to spend six months working within four departments, which could include customer services, risk, finance, marketing or HR, among others.
Posted: 2020-02-05
Gallagher has partnered with UK insurtech company, FloodFlash to offer the parametric flood insurance policy to its UK clients. The product features claim settlement based on a pre-defined trigger point, rather than through an assessment of the cost of damages. In the event of a flood, when water depths exceed a chosen threshold, a pre-agreed settlement figure is paid out.
Posted: 2020-02-04
Pioneer Underwriters has agreed commercial terms for a transaction with US-based specialty insurance services holding company, K2 Insurance Services. The deal will be the company’s first acquisition outside of the US. Pioneer is expected to form the basis for a new international platform for K2.
Posted: 2020-02-04
Insurance distribution platform, Novidea has partnered with global provider of insurance consulting, Xceedance to boost the platform's global offering. Novidea provides a core cloud-based platform, connecting all insurance distributors to a digital and data-driven insurance ecosystem which leverages the Salesforce Cloud and AI.
Posted: 2020-02-04
Speaking at a business briefing at the Managing General Agents’ Association, head of policyholder and third-party oversight at Lloyd's, Paul Brady outlined that Lloyd’s priorities for 2020 were underwriting performance, strategy and culture and people. He also detailed how the Future at Lloyd’s is expected to impact delegated authority partners.
Posted: 2020-02-04
GRP has agreed to a major investment into the business from global private investment firm, Searchlight Capital Partners, for an undisclosed amount. As part of the deal, subject to regulatory approval, founders Peter Cullum and David Margrett and founding investor Penta Capital will retain minority stakes, alongside the broader management team. Ares Management will also continue as a capital provider to GRP.
Posted: 2020-02-03
Fitch Ratings has updated its outlook for the London Market to stable from negative, reflecting an improvement of the overall pricing environment expected to enable better underwriting results. This is according to director, EMEA insurance at Fitch Ratings, Ekaterina Ishchenko who presented the agency’s sector outlook for the UK non-life insurance market for 2020, during the Fitch Ratings’ Insurance Roadshow 2020 event.
Posted: 2020-02-03
ARAG has launched a motor product which includes legal expenses cover for vehicle cloning. The offering, Complete Motor Legal Solutions, has been designed to consider emerging risks.
Posted: 2020-02-03
AXA has invested around £2.3m on 226 apprenticeships over the past two years. A third are new hires, while two thirds are classed as ‘business learners’ – existing AXA employees who have taken on apprenticeships to further their career development.
Posted: 2020-02-03
The average price paid for comprehensive motor insurance rose in Q4 2019 to its third highest quarterly level since 2012. This is according to the latest Motor Insurance Premium Tracker published by the Association of British Insurers.
Posted: 2020-01-31
Marsh Commercial, formerly Jelf, is to combine its three broker networks – Marsh ProBroker, Bluefin Network, and Purple Partnership – into a single proposition, under the brand Marsh Networks. The business will be led by David Hopwood, who currently oversees the combined networks offering in Marsh Commercial.
Posted: 2020-01-31
RSA is to double its number of apprentices in the business. Currently, the insurer employs 278 people on apprenticeship programmes and aims to increase this figure to around 500 by 2022. To do so, the firm will broaden the variety of apprenticeship programmes it offers and introduce them to new locations across the UK.
Posted: 2020-01-31
Aon has reported a total revenue of £2.2bn for Q4 2019, up 4% compared with the prior year period, an increase driven by 7% organic revenue growth. Operating margin expanded to 18.2%, and operating margin, adjusted for certain items, increased 210 basis points to 27.9%. Total operating expenses in the fourth quarter soared by 4% to £1.8bn compared to the prior year period.
Posted: 2020-01-31
The chief executive officer of the Motor Insurance Bureau, Dominic Clayden presented an update on the results and progress for the whiplash reform service during a Civil Justice Reform event hosted by the Association of British Insurers. The service, Official Injury Claim, is to be officially launched on 6th April.
Posted: 2020-01-31
Digital home insurer, Policy Expert has increased the size of its fleet of first response vans from five to 22 to boost its in-house claims service. The vehicles are outfitted with high-tech drying equipment to minimise the impact of flooding on policyholders’ homes.
Posted: 2020-01-30
The Financial Conduct Authority has confirmed that Perry Prowse (Insurance Consultants) has entered into liquidation. In September, the regulator had removed the Exeter-based firm’s permissions to broker insurance contracts, pointing out the firm’s breach of Principle 11 (relations with regulators) and failure to satisfy the suitability threshold condition from 19th February 2019 onwards.
Posted: 2020-01-30
Insurance distribution and claims provider, Coplus has agreed to two strategic underwriting partnerships to support growth plans. Part of Handl Group, Coplus has been operating the legal expenses market for over 30 years, working with brokers and insurers. The new deals are expected to enhance the company’s comprehensive range of policies.
Posted: 2020-01-30
Applied Systems has added Geo Underwriting’s FlexiLet product to its personal lines panel via integrated etrading, on its TAM and Epic platforms. The household product, designed specifically for residential properties, is underwritten by Ageas.
Posted: 2020-01-30
Total global funding commitments to insurtech companies have reached a historic amount of £4.87bn during 2019, with £1.52bn invested in 75 projects during Q4 2019 alone. This is according to the latest Quarterly InsurTech Briefing from Willis Towers Watson.
Posted: 2020-01-30
The British Insurance Brokers' Association and the Association of British Insurers have commented on the coronavirus outbreak’s impact on travel insurance. Both organisations have encouraged consumers to follow the advice the government has published on this issue.
Posted: 2020-01-29
Re/insurance consultancy and outsourcing solutions provider, Pro Global has partnered with software house, Vipr to deliver a solution to complex areas faced by managing agents in the specialist areas of bordereaux and coverholder management. The joint offering combines the latter’s Intrali bordereaux management tool with the former’s exposure management facility, CAI.
Posted: 2020-01-29
Hiscox is to move 300 employees out of London in the next two to three years. The insurer explained it had been located at 1 Great St Helen’s for the last 22 years and the lease was about to come to an end.
Posted: 2020-01-29
Lloyd's underwriting and investment vehicle, Helios Underwriting has increased its underwriting capacity for 2020, following the acquisition of Nameco 408, with capacity of £1m.
Posted: 2020-01-29
Saga has reported strong financial results, despite a market environment portrayed as challenging in the insurance and travel sectors. The firm anticipates its full year underlying pre-tax profit to remain in line with expectations and home and motor margins are projected to be at the higher end of the £71-£74 range. The insurer also forecasted a 3% drop in sales of its branded home and motor policies compared with last year, amidst a boost in the three-year fixed price policies results.
Posted: 2020-01-28
LV= has launched a motor insurance voice skill app designed for customers using Amazon Alexa or Google Home Assistant products. The technology enables customers to enquire about their cover using their smart speakers. The technology, created in partnership with agency, Rabbit and Pork will be able to answer 500 policy-based questions, which have been collated from commonly asked questions on live chat and conversations with the call centre.
Posted: 2020-01-27
Insurance distributor, Paymentshield has upgraded its home insurance product with an additional option to cover accidental damage to mobile phones. The revised accidental damage to contents cover will enable customers to have devices repaired or replaced on a new for old basis, subject to the chosen content excess.
Posted: 2020-01-27
Aston Lark has acquired Isca Barum Insurance Brokers for an undisclosed amount in its first deal of 2020. The business provides insurance products to both corporate and private clients while specialising in smallholding and farm insurance. The firm manages over £5m in GWP. It has over 20 employees operating from its head office in Exeter and a regional office in Barnstaple.
Posted: 2020-01-27
Northampton-based broker, Wentworth Alexander has selected broker management platform, Applied Epic, developed by cloud-based software house, Applied Systems, to digitalise its business. The broker will also use the platform to integrate a customer self-service portal and mobile apps for staff and customers to create a digital experience.
Posted: 2020-01-24
HM Treasury, following advice of the board of the Financial Conduct Authority, has appointed Christopher Woolard as interim chief executive. Woolard is the current director of strategy and competition at the FCA and an executive member of the board. This follows Andrew Bailey’s appointment as Governor of the Bank of England, which was announced on 20th December 2019. Bailey will take over the position on 17th March.
Posted: 2020-01-24
Barclays has partnered with single invoice insurance provider, Nimbla to enable its SME customers to take out insurance against individual invoices, rather than the whole book, through a digital platform. As part of the partnership, Barclays will introduce the product to SME clients in targeted regions before a full roll-out later in the year.
Posted: 2020-01-24
The Supreme Court of Gibraltar has appointed Grant Jones and James Oton as joint administrators of Gibraltar-based insurer, Quick-Sure. The firm provided motor covers for private consumers in the UK and Ireland. The firm ceased writing new business in March 2017.
Posted: 2020-01-24
Romero has reported a 10.5% increase to its commission and fee income to £15.1m, compared with £13.67m in 2018. The group’s adjusted Ebitda rose by 12% to £4.1m, up from £3.67m in 2018. Separately, the firm has launched a new business focussing on employee wellbeing.
Posted: 2020-01-24
Zurich-owned insurer, Navigators & General has acquired NMU’s commercial marine trade combined book for an undisclosed amount. The book of business was originally transferred to NMU from sister company Groves John & Westrup in 2017. As part of the deal, the marine trade book will be transferred to the Brighton-based insurer at renewal and will be staggered across the year.
Posted: 2020-01-23
The Association of British Insurers has asked the government to cut the rate of insurance premium tax in its forthcoming budget on 11th March.The government raised £560m from the tax in December 2019, up 10% on the previous December, according to ONS data published in January 2020.
Posted: 2020-01-23
The Motor Insurers’ Bureau has opened the registration window for the new whiplash portal, ahead of its official launch on 6th April. Claimant representative and compensator organisations can register at a time of their convenience on the service, ‘Official Injury Claim’.
Posted: 2020-01-23
Commercial insurance specialist, NIG, has partnered with software house SSP’s insurance distribution business, Keychoice, to provide the latter's broking community with access to a fully integrated commercial vehicle policy through SSP’s back-office systems. The offering is designed for single vehicle contracts on a named driver basis, for vehicles up to 3.5 tonnes and offers comprehensive and third-party fire and theft cover options.
Posted: 2020-01-23
Ecclesiastical has introduced a series of four videos, in partnership with motivational speaker and army veteran, Chris Moon, to help brokers manage stress and wellbeing. The initiative comes in response to the insurer’s 2019 Broker Wellbeing Survey, published in November, which found that over two-thirds of brokers experienced a mental health issue related to work in the past year, such as stress or anxiety.
Posted: 2020-01-23
H&R Insurance Services has acquired the insurance division of Aberdeen Property Leasing, APL Insurance Services, for an undisclosed amount. As part of the deal, concluded at the end of 2019, APL’s clients will be transferred to the Aberdeen-based broker.
Posted: 2020-01-23
Legal expenses insurance and assistance services provider in the UK and Ireland, Arc Legal, has unveiled upgrades to its legal defence cover for landlords in response to the Homes (Fitness for Human Habitation) Act 2018.
Posted: 2020-01-22
Investment company, Jewell Bidco, owned by US private equity firm, Lovell Minnick, has completed the acquisition of global insurance services and technology solutions provider, Charles Taylor. No changes are expected to be made to either management structures or reporting lines of the business headquartered in London as part of the agreement.
Posted: 2020-01-22
Hyperion and Jardine Lloyd Thompson have reached a confidential settlement over a poaching lawsuit initiated by the latter in July 2019. Details of the agreement have not been disclosed.
Posted: 2020-01-22
The London Market Group has appointed Liberty Specialty Markets’s chief executive officer, Matthew Moore, as chair, effective 1st May. He will succeed chief executive of Beazley, Andrew Horton, who will resign from the role, having held it for two years.
Posted: 2020-01-22
The British Insurance Brokers’ Association has launched its 2020 manifesto in the Houses of Parliament, with a strong emphasis on access. The manifesto features nine sections and includes 37 commitments and 29 calls to action on topics such as access, ethical and sustainable trading, Brexit, broking challenges, tax, regulation, innovation, skills and transport.
Posted: 2020-01-22
Pay-per-mile motor insurance provider, By Miles, has been granted permission by the Financial Conduct Authority to operate under open banking regulations, enabling it to access a wider range of financial data by using APIs. The firm said it was the first insurtech to receive such a licence from the FCA.
Posted: 2020-01-21
Ticketing platform, AXS UK has partnered with insurtech firm, Cover Genius, on event booking refund insurance. Customers will have access to tailored offerings as well as digital claims processing. As part of the agreement, the platform’s insurance offering will be powered by the insurtech’s global insurance distribution platform, XCover, which leverages analytics, personalised product recommendations and pricing capabilities.
Posted: 2020-01-21
Airsports Insurance Bureau has added First Underwriting to its panel. The underwriting business focuses on delivering motor insurance products to the UK market, including covers for prestige cars, fleet motors, rural vehicles, passenger vehicles and vans, as well as buildings and contents insurance.
Posted: 2020-01-21
Sir Adrian Montague has informed Aviva’s board of his intention to retire as chairman of the firm in 2020, once a successor has been appointed. He has been serving as chairman of the company since April 2015, having initially joined the business as a non-executive director in January 2013.
Posted: 2020-01-21
The British Insurance Brokers Association has launched a voluntary signposting agreement to help people with disabilities or medical conditions access protection insurance. The announcement was made as the association unveiled its 2020 manifesto, titled 'Access'. The 26 signatories to the agreement comprise both regulated insurance providers and supporting bodies.
Posted: 2020-01-21
Motor insurance premiums have increased by 4% or £32 in Q4 2019, according to the Willis Towers Watson and Confused.com Car Insurance Price Index, which is based on price data compiled from around six million quotes per quarter. Premiums rose by 5% (£41) in 2019, as drivers now pay £815 on average, compared with £774 in Q4 2018.
Posted: 2020-01-20
The Society of Claims Professionals has unveiled its objectives for 2020, ahead of its one-year anniversary. The society intends to address the public’s negative perceptions of claims and engage with the FCA’s guidance on dealing with vulnerable customers.
Posted: 2020-01-20
Digital insurance provider, Igo4 has launched a connected home insurance product, in partnership with smart water leak detection system, LeakBot and price comparison website, Compare the Market. The PCW’s users will benefit from a lower-priced home insurance policy from the broker and will receive a free smart water leak alarm.
Posted: 2020-01-20
Hyperion has published its financial results for the year ended 30th September 2019 on a bank reported basis, including 12 months pro forma effect of acquisitions. The group reported revenues of £725m, a 17% increase, while adjusted consolidated Ebitda rose by 16% to reach £211m.
Posted: 2020-01-20
UK-based global medical and security assistance provider, Healix International has partnered with Dutch insurance provider, De Goudse, to provide its corporate clients with medical and travel assistance, boosting its travel offering.
Posted: 2020-01-20
Davies has purchased insurance law firm, Keoghs, for an undisclosed amount. The Bolton-headquartered firm will form a new legal solutions arm within Davies. As part of the deal, chief executive, John Whittle, will continue to lead the business and will join Davies’ group executive committee.
Posted: 2020-01-20
Hastings has reported higher claims costs in Q4, with increases in repair and third-party credit hire costs, slightly higher winter frequencies and a small number of larger bodily injury losses. The calendar year loss ratio is expected to be around 81%-82%, while its adjusted operating profit should be in the region of £110m.
Posted: 2020-01-17
Independent broker and subsidiary of Seventeen Group, James Hallam has agreed a three-year partnership with insurance premium finance company, Premium Credit, which will become main provider to the broker's clients.
Posted: 2020-01-17
Home insurance provider, Buzzvault has launched monthly payments, enabling customers to spread the cost of their premium which can be tailored to what items they want to insure.
Posted: 2020-01-17
Ignite Insurance Systems has created a gateway with the LexisNexis Informed Quotes platform, giving insurer and broker clients access to a wide range of personal and commercial risk data to support risk decisions at the point of quote. This includes the Lexis Nexis No Claims Discount Module, allowing insurance providers to see their own data in context with the rest of the market, improving the customer experience and delivering more accurate first-time quotes.
Posted: 2020-01-17
Market conditions for UK non-life insurers have been difficult in 2019, according to AM Best. In its latest report, UK Non-Life Insurers Face Strong Competition and Claims Inflation, the firm highlighted factors such as the Ogden rate change, claims inflation and challenging investment conditions driven by political and economic uncertainty.
Posted: 2020-01-17
SSP has become a partner of the Managing General Agents’ Association. Formed in 2011, the not-for-profit organisation represents MGAs and to provide a better understanding of the contribution they make to the insurance industry.
Posted: 2020-01-17
German insurtech, Getsafe has launched its digital contents insurance product in the UK, marking the first stage of the company’s expansion plans across Europe. Based in Heidelberg, the company offers a modular insurance available through a mobile app.
Posted: 2020-01-16
Boutique commercial and high net worth insurance broker, Vizion, has launched two new divisions, Vizion Health and Vizion Fine Art, and appointed two newly recruited partners to head the new units. The firm offers brokers the opportunity to become self-employed under its structure and brand.
Posted: 2020-01-16
CRIF Decision Solutions, has launched a product designed for pet insurers. Sherlock Detection is an automated fraud detection tool that risk assesses claims, using AI and proprietary machine learning techniques.
Posted: 2020-01-16
Online vehicle remarketing company, Copart UK has launched a mobile transportation app designed to improve the speed of total loss decision-making for its insurance customers. The tool provides drivers with the ability to digitally record, at point of pick up, critical vehicle information and images.
Posted: 2020-01-16
UK insurtech, Battleface, has secured seed financing from venture capital firm, Fintech Ventures Fund, to expand software development, hire sales and business development personnel.
Posted: 2020-01-15
Lloyd’s has announced that performance management director, Jon Hancock is to step down from his role this year. Hancock joined in 2016 and took the lead on Blueprint One as part of the Future at Lloyd’s strategy in 2019.
Posted: 2020-01-15
On-demand business insurance provider for freelancers, Dinghy, has partnered with gig-economy fintech Trezeo and self-employment platform, Labour Xchange. The insurtech will provide the platform's users with access to its insurance cover.
Posted: 2020-01-15
UK-based insurtech, Inzura has launched a digital dashcam solution for brokers, insurers and MGAs. The product features automatic video FNOL capability, with no user intervention required.
Posted: 2020-01-14
Insurance broker and financial planners, Alan Boswell, has expanded its operations in the North East Lincolnshire area, hiring seven staff members. The new recruits, who will focus on commercial insurance, join from Marsh Commercial (formerly Jelf), following the closure of the latter’s office in Grimsby.
Posted: 2020-01-14
GRP has purchased commercial insurance broker, Birrell Group for an undisclosed amount. Based in Leicestershire, the business comprises Kingsway Insurance Services and Bausor Hall Associates. As part of the deal, the broker will continue to function as a stand alone brand within GRP and will become the group’s hub broker in the Midlands.
Posted: 2020-01-13
Re/insurance consultancy and outsourcing solutions provider, Pro Global, has appointed Steve Lewis as chief executive officer, effective 1st February. Lewis latest served as UK and international chief executive at RSA, resigning from this role in February 2019.
Posted: 2020-01-13
MS Amlin has announced the launch of specialist equine managing general agency, David Ashby Underwriting. The business was formed following the buyout of the firm’s equine book of business by its former managing director and principal underwriter for equine, David Ashby.
Posted: 2020-01-13
Motor insurance platform, Honcho, has surpassed its £700,000 crowdfunding target, raising just over £750,000 and attracting more than 400 investors on Crowdcube. The company, based in Durham, is expected to use the funds to expand as a reverse auction marketplace for financial services and to increase its offering to van and home.
Posted: 2020-01-13
Drivers over 50 years old have witnessed the largest increase to their motor insurance premium in the last 12 months – 3.3% – when compared with other age groups, whereas motorists aged 25-49 who have seen a 2.6% rise. This is according to research from data analytics company, Consumer Intelligence.
Posted: 2020-01-10
The board of the Lloyd’s Market Association has sanctioned marine hull and international casualty blinders as the two classes that will form the modernised syndication pilot, as part of the Future of Lloyd’s strategy.
Posted: 2020-01-10
Clost to one quarter (24%) of insurance industry employees in customer service roles are most likely to look for a new job in January, due to seasonal slump in engagement and motivation. This is according to research from quality and improvement platform, EvaluAgent, which stated that 44% of the insurance sector’s customer service staff are less happy in January than any other month.
Posted: 2020-01-10
Coverys European Holdings has purchased Lloyd’s coverholder and broker, TPA and MGA business, AEC SpA. This is the platform’s first acquisition.
Posted: 2020-01-09
Aon has completed the purchase of digital insurance platform, CoverWallet, which will join the portfolio of Aon’s New Ventures Group. The insurer will accelerate the growth of the platform’s core business, while applying the latter’s data and analytics capabilities and digital technology for its existing clients.
Posted: 2020-01-09
Bupa Australia has unveiled a series of measures to support its employees, customers, residents as well as the communities affected by the current bushfires in New South Wales and Victoria.
Posted: 2020-01-09
Software provider, SSP has partnered with wholesale underwriting agency, Policyfast, adding catering products to its commercial e-trading platform, available to brokers.
Posted: 2020-01-09
Commercial broker, Brunel Insurance Brokers has expanded into Scotland and will be based in the Perth office of its parent company, Brunel Group. The move is expected to be the group’s first step to offering a complete commercial insurance package in the region.
Posted: 2020-01-09
BHIB has launched an insurance business designed specifically for freelancers and small limited companies in the media and creative industries. Create Insurance offers a range of policies, including public liability insurance, equipment cover, employers’ liability insurance, professional indemnity insurance, product liability insurance and property and contents insurance.
Posted: 2020-01-09
Commercial insurance broker, Finch Group has purchased independent broker and Broker Network member, Shene Insurance, its tenth acquisition in three years.
Posted: 2020-01-08
London-based specialty lines managing general agency Ensurance has expanded to Manchester, with the launch of an office led by regional development manager, Ian Fox. The firm has appointed two construction underwriters to the regional business.
Posted: 2020-01-08
Integro Entertainment & Sport has rebranded as Tysers as part of a wider strategy to adopt the Tysers name across the business, following Integro’s acquisition of Tysers, completed in June 2018.
Posted: 2020-01-08
Property insurance broker, Insurety has partnered with the Association of Residential Managing Agents, to provide claims handling as well as insurance products specifically designed for ARMA members.
Posted: 2020-01-08
Neon Underwriting is to be placed into run-off. Its US-based owner, American Financial Group, has unveiled plans to exit the London market in 2020. The Lloyd’s subsidiary produced approximately 7% of AFG’s P/C net written premiums in 2019.
Posted: 2020-01-07
Lloyd’s syndicate, Dale Underwriting Partners has launched an accident and health underwriting offering, incorporating standard personal accident, illness and business travel products as well as specialised war risk PA, emergency medical and security evacuation cover and kidnap and ransom.
Posted: 2020-01-07
Managing general agent, Glemham Underwriting, has unveiled its new platform, using technology from software provider Total Systems. The launch, part of its transformation programme, enables the company to digitally amend product features and pricing.
Posted: 2020-01-07
Gallagher has signed a four-year agreement, as the preferred broker for the Great Manchester Combined Authority. As part of the deal, the broker will provide insurance and risk management advice to help support the area’s regeneration and transformation strategy.
Posted: 2020-01-06
Speciality managing general agent, Optio Group has acquired specialist political-violence and terrorism MGA, Newbridge Risk Partners from Castel Underwriting.
Posted: 2020-01-06
The International Underwriting Association has unveiled its 2020 business plan, featuring climate change and cyber warfare risks as two areas of focus for the London Market.
Posted: 2020-01-06
Lockyers Insurance has purchased independent broker and Broker Network member, Bernard Saxon General Insurance Services, its first acquisition since becoming an Ethos Broking partner in September 2018.
Posted: 2020-01-06
Tysers has completed its acquisition of Risk Transfer Group, the privately-owned principal parent company of specialist Lloyd’s broker, RFIB.
Posted: 2020-01-06
Wales-based Rees Astley Insurance Brokers has adopted SaaS provider Acturis technology to support its digitalisation process, enabling online trading capabilities.
Posted: 2020-01-03
Allianz has finalised its planned acquisition of the remaining 51% of LV=’s general insurance business. The insurer received a total of £1.08bn under the terms of the two-stage deal. Allianz also finalised the purchase of 100% of the general insurance division of L&G for £242m. Both transactions were initially announced in May.
Posted: 2020-01-02