News

During the last financial year (2023/24), disgruntled travel insurance policyholders took 4,466 complaints to the Financial Ombudsman Service. This was up from the 3,745 complaints made the previous year. The only time the figure had been higher in the past 10 years was in 2020/21, when disruption caused by COVID-19 caused a spike in disputes.
Posted: 2024-07-16
The Association of Consumer Support Organisations is pushing the new Labour Government to make good on its pre-election rhetoric and investigate the private motor insurance market. ACSO said the latest figures from the Compensation Recovery Unit demonstrated the need for a fresh look at the market.
Posted: 2024-07-16
The government has begun its review into the Personal Injury Discount Rate, which is used to help calculate the amount of compensation people suffering life-changing injuries should receive. The PIDR was last set on 15th July 2019 at -0.25% in England and Wales. Scotland and Northern Ireland have their own rate.
Posted: 2024-07-16
The Motor Insurers’ Bureau has partnered with police officers from Greater Manchester, Merseyside, West Yorkshire, Cheshire, and Humberside Police to crack down on uninsured vehicles along more than 100 miles of the M62. This followed a successful multi-force collaboration on the M4 in April.
Posted: 2024-07-15
Pool Re has selected to work with Clearwater Analytics to support its investment accounting and reporting processes. Pool Re, which is the UK’s government-backed terrorism reinsurer, has around £7bn in funds.
Posted: 2024-07-15
DUAL Europe has signed a strategic partnership with VHV Allgemeine Versicherung AG, part of the VHV Group. It has also made seven senior appointments, including naming Christian W Müller as head of engineering and construction for Europe. He brings 25 years of experience to the business.
Posted: 2024-07-15
Data from the CII demonstrates that professional brokers help to minimise the gap between how consumers expect to be treated by insurers and their actual experience. It found that brokers are doing more to build consumer loyalty and confidence than price comparison sites, banks and building societies, and even insurers themselves.
Posted: 2024-07-12
Co-op insurance has launched a new product for tenants to provide cover for personal belongings. It includes accidental damage tenants’ liability cover. Market research from Co-op Insurance found that 30% of UK renters had no insurance for their belongings, even though a fifth said their value exceeded £5,000 and a third expected to be in rental accommodation for at least five years.
Posted: 2024-07-12
Commercial re/insurance software provider AdvantageGo has forged a strategic alliance with FortifyData, which specialises in providing cyber risk management solutions. The deal will see users of AdvantageGo’s Underwriting Workbench get access to cyber vulnerability and security-rating data from FortifyData.
Posted: 2024-07-12
Managing general agent Commercial Express has launched its Leisure & Park Home Product which offers cover via three schemes underwritten by SCOR, Canopius, and Ascot Group's Syndicate 1414 at Lloyd's. The product covers properties such as static caravans, log cabins and chalets.
Posted: 2024-07-11
According to research from MarshBerry, the first half of 2024 saw 71 announced insurance distribution M&A transaction deals in the UK, involving 37 unique buyers. This was slightly down on the previous year in which there were 75 deals during the same period. The deals involving personal lines businesses in H1 jumped to almost a quarter, up on a longer-term average of less than 15%.
Posted: 2024-07-11
Aviva plc has secured the necessary approvals and completed its acquisition of Probitas Holdings (Bermuda) Limited for consideration of £249m. The deal was first announced in early March and includes Probitas Managing Agency, which is the managing agent of Lloyd’s Syndicate 1492, the corporate member Probitas Corporate Capital Limited and all other subsidiaries.
Posted: 2024-07-11
Sedgwick has this week launched a sustainable damage management solution for the UK market. Following a scientific assessment of damage extent, recovery options prioritise sustainability, including a greater emphasis on restoration, more energy-efficient drying, the use of resilient repair materials and the repurposing and recycling of waste streams.
Posted: 2024-07-10
Ardonagh Advisory has acquired Rollinson Smith Insurance Brokers, a community broker servicing Shropshire, Staffordshire, West Midlands and North Wales, with additional reach throughout London and other areas of the UK.
Posted: 2024-07-10
Pet insurance pricing has returned to moderate growth, halting the reductions seen in the first quarter of the year, according to Pearson Ham Group’s latest pet insurance price index.
Posted: 2024-07-09
Seventeen Group has acquired Midlands-based Gen2 Broking, led by Jon Nottingham, Paul Masters and Paul Dudley. Gen2 controls £5M GWP and has focused on corporate clients in the Midlands region and beyond.
Posted: 2024-07-09
The National Insurance Awards are open for entries. Celebrating excellence in the field, the National Insurance Awards highlight the very best in general insurance provision and management in the UK.
Posted: 2024-07-09
AbbeyAutoline has acquired Down Insurances as part of its expansion plan to strengthen its position as Northern Ireland’s largest insurance broker. It is the second acquisition by the firm within a week, following the purchase of Lisnaskea-based Martin Carey Insurance’s customer book of business.
Posted: 2024-07-08
The insurance and financial services sector has responded to last week’s landslide general election win for Labour and the start of a new government led by Sir Keir Starmer.
Posted: 2024-07-08
Partners& has added SEP Insurance, specialists in commercial vehicle, courier, and taxi risks, to its portfolio of services for commercial clients. With locations in Bootle, Chester and Southport, the move extends the presence of Partners& across the North of England where it already operates in Bolton and Leeds.
Posted: 2024-07-05
Global broking company Brokerslink has launched a dedicated trade credit insurance practice in response to increasing demand from its network of independent brokers.
Posted: 2024-07-05
Pearson Ham Group’s latest Premium Price Index for June reveals that home insurance prices have risen on average by 34% compared to 12 months ago, following a 0.7% rise in June, as the average home insurance premium now nears £425. It means that over the past two years, competitive home insurance premiums have now increased by almost 63%.
Posted: 2024-07-04
Law firm Keoghs and insurer Hastings Direct have won the UK’s largest ever fundamental dishonesty case, putting a stop to a potential claim of £6.6m.
Posted: 2024-07-04
AbbeyAutoline has acquired Martin Carey Insurance as part of the company’s aims of strengthening its position in Northern Ireland and expanding its commercial insurance portfolio.
Posted: 2024-07-03
Digital risk processing platform Cytora has announced plans to integrate Autoaddress’ Address Capture into its underwriting productivity tool. The integration aims to enhance the firm’s address capture capabilities and improve data quality for over 250 countries, streamlining the underwriting process for insurers.
Posted: 2024-07-03
Insurance professionals believe there should be greater transparency and automation in claims processes according to a recent RDT tech poll. The research highlights a call for change within the industry, driven by rising claims costs and inefficiencies in current systems.
Posted: 2024-07-02
The Bspoke Group has announced the appointment of Adrian Ewington as managing director of the mid and high net worth specialist MGA Bspoke Private Clients.
Posted: 2024-07-02
Healthcare, security and travel risk management specialist Healix has announced the renewal of its contract with RSA Insurance for a further three years. The renewal marks the latest stage in the partnership between the two firms, in which Healix provides services for RSA’s enhanced Accident and Health (A&H) product, launched in March.
Posted: 2024-07-01
The International Underwriting Association has published details of a dedicated company market support programme for the adoption of new digital processing services in the London Market.
Posted: 2024-07-01
Atlanta Group, which is the personal lines broking business of The Ardonagh Group, has completed its merger with Markerstudy. The deal was announced in September 2023 and now serves a combined customer base of more than 8 million people.
Posted: 2024-06-28
Non-standard motor specialist Quote Detective has formed a partnership with intelligence provider Percayso Inform, which will give the provider access to credit bureau and CUE information. Quote Detective said the tie-up would enable it to better understand and cater for its specialist market.
Posted: 2024-06-28
Specialty managing general agent Optio Group has named Deepak Soni as its chief executive officer. He joins from Axa Insurance Co where he spent 9 years in a number of different roles overseeing its SME, direct-to-consumer, delegated authority, and specialty lines businesses.
Posted: 2024-06-28
American International Group, Inc has agreed to sell its global individual personal travel insurance and assistance business to Zurich Insurance Group for approximately £475m in cash and an additional earn-out consideration. The deal includes the Travel Guard business and its servicing capabilities, but excludes Japan and AIG’s joint venture arrangement in India. It also excludes travel coverages offered through AIG’s accident and health business.
Posted: 2024-06-27
Marsh McLennan has urged the re/insurance industry to increase its efforts to expand, develop and diversify its talent base. The call comes ahead of Marsh McLennan’s Rising Professionals’ Global Forum in London, which brings together more than 800 of the industry’s next generation of leading talent.
Posted: 2024-06-27
The Chartered Insurance Institute and the Association of British Insurers have both said they support the broad and non-prescriptive approach taken by the Financial Conduct Authority in relation to developing and implementing regulation to support equality, diversity and inclusion.
Posted: 2024-06-26
Commercial and consumer property and casualty re/insurer Sompo has appointed Allan Mirley as head of distribution, insurance for the UK. Based in London, he will oversee Sompo’s distribution across both the regions and the London Market. He joins from Axa XL where he was head of UK broker management.
Posted: 2024-06-26
BMS Group has named Ali Trauttmansdorff as its chief people officer with immediate effect. The firm said her appointment would support future M&A activity. She joins BMS’s executive committee and has responsibility for ensuring there are sound onboarding, integration and talent management processes in place as BMS brings new colleagues into the business.
Posted: 2024-06-26
Commercial fleet insurtech Flock has partnered Admiral Pioneer, which is part of Admiral Group and helps to seed, launch and/or scale businesses. Under the deal, Admiral Pioneer will provide Flock with support to expand its offering and support a wider range of fleet customers.
Posted: 2024-06-25
WINT Water Intelligence, which specialises in water management and leak prevention solutions has teamed up with speciality insurer HSB. Under the deal, HSB will distribute WINT’s water management solutions to customers. WINT will provide a performance warranty, backed by HSB, that pays in the event damage occurs from pipe’s monitored by WINT.
Posted: 2024-06-25
Specialty re/insurer Chaucer has appointed Hayley Spink (pictured) as group chief operating officer. She will join Chaucer in Q4 and will replace David Bendle who is retiring at the end of the year. She is currently chief operating officer at Apollo Syndicate 1969.
Posted: 2024-06-25
Private equity investor Perwyn has acquired Atec Group, which comprises digital personal lines broker Ceta and managing general agent Arkel, from Kester Capital. The group focuses on specialist home and leisure products in the UK wholesale and retail personal lines market and supports more than 340,000 policyholders.
Posted: 2024-06-24
Results from Prestige Underwriting’s Non-Standard Survey show that, across the market, 79% of brokers believe there are insufficient insurers offering capacity for non-standard business. This rises to 85% for personal lines brokers.
Posted: 2024-06-24
Seventeen Group has acquired East Pennine Insurance Consultants, which was founded in 1985 and controls gross written premium of £6.1m. The company has a team of nine and trades as Fletcher Smith in Sheffield and North East Insurance Brokers in the North East.
Posted: 2024-06-24
Managing general agent Rockstone has recruited Graham Amato, an experienced Lloyd’s and company market practitioner, to spearhead the growth of its new sports personal accident insurance product, which covers both amateurs and professionals.
Posted: 2024-06-21
Digital risk processing platform Cytora has teamed up with market intelligence and commodity pricing forecaster ChAI. The partnership will give Cytora access to price forecasts across a range of commodities – metals, energies, plastics and agricultural.
Posted: 2024-06-21
Insurtech Pikl has formed a new partnership with Prestige Underwriting, backed by Aviva, that will see it move its UK MGA capacity for vacation and short-term rentals to this new facility.
Posted: 2024-06-20
Niche commercial insurer Peach Pi has teamed up with specialist broker Practice Cover to create a bespoke scheme for healthcare and veterinary surgeries. Peach Pi is a trading style of NPA Insurance, which is owned by The National Pharmacy Association.
Posted: 2024-06-20
Premium Credit’s latest Insurance Index has found that 20% of SMEs are experiencing a growing problem with late payment of invoices. This is down on the 28% recorded last year and the 24% noted in 2022, but highlights the perennial issue late payment has on cashflow for SMEs.
Posted: 2024-06-20
Technology is making it easier to create counterfeit documents and not-for-profit fraud prevention service Cifas said that in 2023, insurers saw a 20% rise in false application cases when compared to the previous years.
Posted: 2024-06-19
Insurance provider World Nomads has launched its annual multi-trip travel insurance product in the UK and Ireland as part of an underwriting partnership with UK provider Collinson. The policy offers two levels of cover and targets independent travellers who want insurance for a wide range of sports and activities.
Posted: 2024-06-19
Matthew Hill, who took up the reins as CEO of the Chartered Insurance Institute earlier this year, has stressed the importance of value for the insurance industry – both in the products it offers and the proposition it presents to potential recruits.
Posted: 2024-06-19
Market intelligence provider Defaqto has launched Matrix 360, which seeks to provide a comprehensive view of the insurance product landscape. It will include information on product, functionality, price, service, claims, consumer feedback, marketing, and sales as well as providing users with macro data.
Posted: 2024-06-18
Howden has announced that Paul Hipson (pictured) will take up the newly create role of head of London broking, within the corporate and commercial pillar of Howden UK and Ireland. He will lead the firm’s existing London broking team, which has a focus on property, casualty and motor business.
Posted: 2024-06-18
Insurance focused Send Technology Solutions Ltd has named Chris Newton (pictured) as its new chief technology officer. He joins from Immersive Labs, where he was the vice president of engineering. Prior to that he was head of engineering at Just Eat.
Posted: 2024-06-18
AM Specialty Insurance Group has acquired US-based managing general agent Pinpoint Insurance Services, which specialises in providing excess and surplus insurance solutions. In addition, AM Speciality has established Pinpoint UK in London. Darren Powell will lead the UK operation as chief underwriting officer from September 2024.
Posted: 2024-06-17
The Financial Conduct Authority has cancelled Down Insurances Limited’s Part 4A permission. The company was initially authorised by the FCA in 2012. The regulator said it had cancelled the company’s authorisation because it had not supplied a number of obligatory returns.
Posted: 2024-06-17
Prestige Underwriting has increased the non-standard product portfolio it has on the Applied Systems platform. Brokers using the technology will now be able to access Prestige’s non-standard motor product via the platform.
Posted: 2024-06-17
Jaguar Land Rover has announced that it is investing £1m to support policing against the wave of organised criminals targeting the company’s vehicles. The move follows last year’s creation of Jaguar Insurance and Land Rover Insurance to support owners who were struggling to get affordable premiums. It has provided more than 46,000 quotes with average premiums of £183 per month.
Posted: 2024-06-14
Jensten has snapped up Hastings-based Chris Knott Insurance Consultants, which has a team of 19 and controls gross written premium of £6.1m. The firm has a focus on its niche motor scheme, which caters for classic cars and owners club vehicles.
Posted: 2024-06-14
Allianz Trade has supported an integration between musePay, the buy-now-pay-later offering from Muse Finance and Xero, which is a business platform. Businesses using the platform can now offer musePay’s buy-now-pay-later option to customers. Allianz Trade will provide credit insurance for receivables.
Posted: 2024-06-14
Pearson Ham Group’s Pet Insurance Price Index has reported that lifetime cover for the top 5 priced pet policies fell by 1% in May. On an annual basis, it means that although premiums are still 11% higher than last year, the year-on-year rate of increase is down from the peak of 21% reached in February.
Posted: 2024-06-13
Insurance technology specialist Acturis has partnered with Digital Mailing Solutions. The deal sees Acturis integrate the DMS IntriMail software solution into its platform, enabling users to send personalised mail directly from their system.
Posted: 2024-06-13
Digital risk exchange InsureX has announced that Michael Watson has joined the business as non-executive chairman. Watson is the founder and outgoing chairman of Canopius and a former member of the Council of Lloyd’s.
Posted: 2024-06-13
Allianz has announced plans to grow the engineering workforce at Allianz Engineering Inspection Services to more than 800 and to make it the biggest engineer surveyor team in the UK. It aims to do this over the coming four years.
Posted: 2024-06-12
Managing general agent HB Underwriting has launched a new product called employer protect. It is for people using local authority direct payments or NHS personal health budgets to employ a personal assistant, which means they need to provide employers’ liability insurance. The product is available via the bluescape web portal designed by Total Systems.
Posted: 2024-06-12
The Chartered Insurance Institute has teamed up with insurance innovation training provider EDII in a move to help members identify and access new education and development programmes. EDII’s Digital Mind programme has been benchmarked to align with the CII’s Professional Map, a competency framework detailing the knowledge and behaviours professionals need to succeed in their roles.
Posted: 2024-06-11
UK appointed representative network Momentum Broker Solutions has agreed to sell a 40% stake in the business to Australian broking business AUB Group Ltd. Momentum has 100 AR partners and controls around £90m in premium.
Posted: 2024-06-11
Managing general agent Devonshire UW Ltd and its affiliate Devonshire UW Europe GmbH have secured Lloyd’s approval to write business in Europe. Devonshire specialises in underwriting transactional risk solutions and it can now serve client throughout the Nordics, Germany, France, Spain, Benelux, Poland, Italy and CEE countries.
Posted: 2024-06-11
Aviva analysis has found that more than a third (35%) of its flood claims happen in June, July and August. The insurer said that July and August each accounted for 12% of total flood claims, only exceeded by December (17%).
Posted: 2024-06-10
Andy Bord (pictured) will relinquish his role as chief executive officer of Flood Re at its annual general meeting next month. Stuart Logue, the current chief financial officer will become interim CEO, effective from 18th July, while a search is conducted for a permanent successor.
Posted: 2024-06-10
Gary Whipps has been jailed for two years after pleading guilty to 39 counts of fraud by false representation at Chelmsford Crown Court. Having sourced insurance for amusement park and equipment operators, he changed premium details on the original documents of 26 clients and then kept the difference for himself - £46,125.
Posted: 2024-06-10
Allianz has launched a new three-tier home insurance product for UK customers, which is available through its website or via price comparison websites. The product offers bronze, silver and gold levels of cover.
Posted: 2024-06-07
Seventeen Group has acquired Wisemans Insurance Services Limited based in Ashford, Surrey and North West Risk Solutions based in Manchester. Wisemans is a general brokerage and Seventeen said it weas going to maintain and grow its Ashford office. North West Risk Solutions has a focus on real estate and construction.
Posted: 2024-06-07
US-based insurance holding company Ambac Financial Group has acquired a 60% controlling stake in Beat Capital Partners Limited, a London-based insurance underwriting and managing general agency incubation platform. The deal is valued at approximately £220m of which around £31m is shares of Ambac common stock.
Posted: 2024-06-07
Aviva has announced a 39% increase in the number of claims it declined for fraud in 2023. The insurer said it had identified 11,000 suspect claims with a combined worth of £116m during the year. Fraudulent motor claims for injury and vehicle damage accounted for 66% of the total.
Posted: 2024-06-07
Ardonagh Advisory has snapped up BP Insurance Brokers, which is a Blackpool-based personal lines specialist that was established in 1958. Following the deal, managing director Barry Pimlott will continue to lead the 44-strong team.
Posted: 2024-06-06
Lloyd’s has approved Crux Risk Services as a coverholder. The managing general agent specialises in delegated authority terrorism underwriting. Initial capacity is led by Chaucer and the binder broker is BMS. Crux is a client of MGA accelerator DA Strategy, which provides it with appointed representative licensing.
Posted: 2024-06-06
Polo Insurance Managers has appointed Mel Carvill (pictured) as chairman. The business is part of PoloWorks, which is a Lloyd’s and London Market services business which also includes Polo Commercial Insurance Services, Polo Managing Agency and PoloPartners. Polo Insurance Managers specialises in establishing and managing captives.
Posted: 2024-06-06
Defaqto has established an interactive portal for insurance customers. It will collect data from customers on satisfaction levels with quote and buy experiences, mid-term adjustments, claims renewals and complaints handling. It will also gather information on their likelihood to renew and recommend, their switching behaviour and their purchase preferences.
Posted: 2024-06-05
Average home insurance premiums rose 0.4% in May, in relation to the previous month and now top £420. The annual rate of increase has dropped from a peak of 42% earlier in the year to now sit at 37%. In contrast, motor premiums were down by 2.5% in May, when compared to the previous month. On an annual basis prices were up by 19%, down from a peak of 47% in Q4 2023.
Posted: 2024-06-05
HDI Global has appointed Stephanie Ogden (pictured) as CEO of HDI Global UK & Ireland. She takes up the role from Richard Taylor on 1st September. Taylor will remain with the business until the end of the year when he retires, although he is set to continue working in a consultancy role.
Posted: 2024-06-05
Prestige Underwriting has forecast that the level of financial stress among UK consumers will grow and drive an increase in the number of people who fall into the non-standard customer segment in the coming six years.
Posted: 2024-06-04
Jensten has received regulatory approval for its acquisition of Melville Burbage and Henry Seymour & Co. Melville Burbage serves more than 5,000 clients and has a focus on construction, non-profit, and professional services. Henry Seymour & Co, operating under its Salon Gold brand, caters for salons, clinics, gyms, spas, and mobile or freelance therapists.
Posted: 2024-06-04
Apollo Syndicate Management Ltd has launched the first captive Lloyd’s syndicate under the market’s revised captive syndicate model. Apollo has launched captive syndicate 1100 in partnership with a global client.
Posted: 2024-06-04
The Association of British Insurers has signed a memorandum of understanding with the Gibraltar Insurance Association as the two organisations seek to forge higher levels of mutual understanding and cooperation.
Posted: 2024-06-03
NSM Insurance Group, which is an international speciality insurance provider based in the US, has signed an agreement to buy UK-based InsurEVO, which operates AllClear Travel insurance and InsureandGo. The deal is subject to regulatory approval.
Posted: 2024-06-03
RSA has appointed Indhira Mani as its new chief data officer. She will be based in Glasgow and have responsibility for leveraging data and AI to drive innovation, enhance customer experiences, and contribute to the strategic growth of the insurer.
Posted: 2024-06-03
Consumer champion Which? has said insurers cause customers distress and inconvenience in almost two-thirds of cases in which the Financial Ombudsman Service has upheld final complaint decisions.
Posted: 2024-05-31
Ansvar Insurance has launched a new product called Care and Welfare, which is aimed at care homes, organisations offering wraparound childcare solutions, and providers of care-related services. Ansvar is part of the Benefact Group, a charity owned, international family of specialist financial services companies.
Posted: 2024-05-31
Brown & Brown (Europe) Ltd has named Carolyn Callan as chief executive officer of its UK retail sector. She joined the business last year as managing director. In addition, Stuart Grieb will take up the newly created role of chief commercial officer for the UK retail business.
Posted: 2024-05-31
MX, which is the managing general agent of Specialist Risk Group, has announced it is working on a new motorsport underwriting proposition that will be called MX Motorsport. It will underwrite all classes of motorsport business on a global basis supported by A-rated capacity.
Posted: 2024-05-30
International intermediary group Howden has partnered with software provider AutoRek to help it improve the efficiency of its back-office processes through automation. In particular, Howden said the move would help it streamline its insurance broker accounting operations.
Posted: 2024-05-30
According to the latest Direct Commercial Limited Broker Barometer, 85% of broker clients have reported delays across haulage and commercial motor claims. The research found that 53% of policyholders blamed brokers and/or insurers for the delays despite many being due to supply chain factors.
Posted: 2024-05-30
Claims services provider McLarens has promoted Jon Clark to chief operating officer. He joined the firm in 2020 and previously served as vice president of corporate development. He will be responsible for enhancing existing service areas as well as developing new ones and overseeing the company’s investment strategy.
Posted: 2024-05-29
Vessel Protect, which is Pen Underwriting’s marine war risk insurance specialist, has enhanced its underwriting capabilities with the appointment of James Kent as senior business development underwriter. In recent months, Pen has upped the war risk limits available for individual vessels and cargoes. It has also increased its presence on the Lloyd’s trading floor.
Posted: 2024-05-29
Blenheim Underwriting is looking to expand its portfolio of niche liability business through its delegated authority and reinsurance relationships. To do this, the firm has hired David Barber as a senior liability treaty underwriter on Syndicate 5886. He joins from Fortegra and previously headed up the liability division at Chaucer.
Posted: 2024-05-29
The Financial Conduct Authority has sanctioned four firms to recommence their sales of guaranteed asset protection insurance after the regulator had stepped in to demand operators in the market improved the fair value they offered.
Posted: 2024-05-28
Broker 1st Central and law firm Keoghs have worked together to successfully bring tort of deceit claims in five trials at Manchester County Court that resulted in damages awarded totalling more than £140,000, which included £60,000 in exemplary damages.
Posted: 2024-05-28
Axa has announced that it has become a partner of UEFA Women’s Euro 2025 for an undisclosed amount and will sponsor the football tournament that takes place in Switzerland from 2nd to 27th July 2025.
Posted: 2024-05-28
The Financial Services Compensation Scheme has confirmed that insurance providers and insurance distributors will not have to make a contribution towards the industry funded body for 2024/25.
Posted: 2024-05-24
Aviva has reported a 19% jump in its UK general insurance gross written premium for Q1 2024 in comparison to the same period last year. Within that, personal lines GWP rose by 27% while commercial GWP was up by 10%. The discounted combined operating ratio for Aviva’s UK insurance business was 93.9%, an improvement on the 95.1% recorded last year.
Posted: 2024-05-24
Re/insurer Canopius has announced that Andy Haste will take up the post of group chairman on 1st July this year. He will take over the role from Michael Watson, who will stand down but continue to support Canopius in an advisory capacity.
Posted: 2024-05-24
Allianz UK has welcomed Hanna Kim (pictured) to the business as chief risk officer and promoted Jason Howes to the newly created role of chief transformation officer. Both are set to take up their positions on 1st June. Kim was previously group chief risk officer at Hiscox.
Posted: 2024-05-23
US-based parametric specialist NormanMax Insurance Holdings has launched Syndicate 3939, managed by Apollo. It has begun underwriting and offers parametric re/insurance solutions globally for hurricanes, tropical cyclones, typhoons, and earthquakes to address the natural disaster protection gap.
Posted: 2024-05-23
Partners& has appointed Rebecca Merry (pictured) as managing partner for schemes. The role is effective from 1st June and stretches across all the intermediary’s schemes including photography, electrical contracting, recruitment, gyms, art and performing arts.
Posted: 2024-05-23
Embri, which offers an embedded insurance platform providing solutions for the high-end luxury retail sector, has launched. The platform enables retailers to offer customers cover in their online and in-store purchasing journeys.
Posted: 2024-05-22
Specialist insurance provider CFC has named Kate Della Mora (pictured) as its first CEO of CFC Canada. She joins from Marsh Canada. At the same time, CFC has opened its first physical office in the country, which is located in Toronto.
Posted: 2024-05-22
Flood Re is promoting flood resilience in domestic properties by exhibiting its flood resilient garden (pictured) at this week’s RHS Chelsea Flower Show. The garden is not just a temporary exhibit and after the show, it will find a permanent home at Howbery Business Park, allowing the public to explore its features and learn about flood resilience year-round.
Posted: 2024-05-22
Hedron Network has appointed Nick Jones (pictured) as a specialist consultant to support member brokers grow their business. He joins from Focus Oxford Risk Management Ltd, part of Partners&. Hedron launched its growth consultancy service in 2023 and has since engaged with almost a third of partner brokers on their growth plans.
Posted: 2024-05-21
Insurance intelligence provider Concirrus has appointed Ruth Polyblank as director of product strategy. She joins from Mastercard where she had global responsibility for identifying new insurance opportunities. At Concirrus, she will develop new solutions to meet the market’s evolving needs.
Posted: 2024-05-21
Direct Line Group has appointed Lucy Johnson as managing director of motor and Dhruv Gahlaut as chief strategy and investor relations officer. Lucy will join the business in June and Dhruv in September this year. The announcement follows the three new c-suite appointments at the beginning of May.
Posted: 2024-05-20
Swiss Re has announced it is looking for options to withdraw from its B2B2C white labelling business iptiQ. The decision follows a strategic review and the carrier said it did not have a timeframe or preferred option for its exit.
Posted: 2024-05-20
Arch Insurance has launched its specialist property owner’s insurance product on Applied Systems Europe’s commercial e-trading panel. The move means intermediaries using the Applied Epic broker management system can now quote and bind directly with the carrier.
Posted: 2024-05-20
Brown & Brown (Europe) Ltd has acquired Garratts Insurance Brokers Limited, which is a Preston-based family business that dates back to 1877, as well as the business and assets of Clacton-based BNF Insurance Services.
Posted: 2024-05-17
The Broker Investment Group has made a strategic investment in Deva Risk Group, which has four offices and 29 staff controlling gross written premium of £11m. Deva, named after the Roman word for Chester, was created in 2016 as the holding company for the buyout of Chester-based Daulby Read. It has since made four acquisitions of its own.
Posted: 2024-05-17
The British Insurance Brokers’ Association wrapped up its two-day conference in Manchester with a commitment to return to the city with the event for the next two years. In 2025, it will take place on the 14th and 15th of May. In 2026, it will be held on the 13th and 14th of May.
Posted: 2024-05-17
Addressing his first conference as CEO of the British Insurance Brokers’ Association, Graeme Trudgill told the audience at the two-day Manchester event that he wanted to drive positive change through co-operation. He called for regulatory stability and urged the industry to help close the protection gap through innovation.
Posted: 2024-05-16
Managing general agent Generation Underwriting, which is part of the WF Risk Group, has launched a digital e-trade platform to help it expand its distribution, particularly among regional brokers. The platform, built by SchemeServe, will initially offer residential and commercial property owners policies.
Posted: 2024-05-16
Ardonagh Specialty will rebrand its reinsurance business to Price Forbes Re. The new brand will apply to Inver Re in London and Bermuda and Equinox Re in the US. The move builds on the group’s work to simplify its brands in 2023 and Price Forbes will become the group’s main brand for wholesale businesses.
Posted: 2024-05-16
Arch Insurance International has launched a regional event insurance product. It provides traditional indemnity protection for cancellation, as well as a parametric option providing cover on an agreed value basis. The product is available via Arch IQ, a new quote and bind platform. Cover extension options include civil commotion, computer system failure, key person, national mourning and terrorism.
Posted: 2024-05-15
Jensten Group is to split its wholesale division. The Jensten London Market unit, headed by David Skinner, will report to the core broking trading division under Rob Organ (pictured). Jensten Underwriting, will now operate as a standalone business unit.
Posted: 2024-05-15
Non-standard property specialist Ceta Insurance, which is part of the Atec Group, has gone live on IS2’s Atlas Platform, a digital trading and distribution platform for the schemes market. The move gives Ceta more control on pricing and enables it to distribute products across multiple channels.
Posted: 2024-05-15
1st Central, which is part of First Central Insurance and Technology Group has entered the home insurance market. The buildings and contents cover is available directly or via Confused.com. It will be made available on other comparison sites in the near future.
Posted: 2024-05-14
Applied Systems has announced a 48% jump in the gross written premium traded on its commercial lines e-trading platform in the 12 months to March 2024. It said the number of brokers using its Applied Epic broker management system had increased by more than 20%.
Posted: 2024-05-14
Research commissioned by Allianz Commercial has identified inflation and the cost of living, the state of the UK economy, and cash flow as the top three threats to SMEs. The insurer also highlighted the top three specific business challenges as energy bills, competition and the late payment of invoices.
Posted: 2024-05-13
Addept Group has acquired Policywise Limited with plans to rebrand it as Addept Insurance Services and provide a range of ancillary products on a wholesale basis. Addept was established by Richard Finan, a founder and former director of Arc Legal Assistance.
Posted: 2024-05-13
Data from Premium Credit shows that 55% of SMEs are using credit to pay for their insurance cover. This is up from 51% the previous year. The research showed that 27% of firms had reduced their level of cover in the past year, slightly up on the 25% found to be cutting cover the previous year.
Posted: 2024-05-10
Pearson Ham Group has recorded a drop in pet insurance premiums in its Q1 2024 Quarterly Pet Insurance Price Index, which it linked to the investigation into the veterinary sector by the Competition and Markets Authority. While price falls were not uniform in all areas of cover, Pearson Ham said the drop in lifetime cover premiums represented a significant change in trends.
Posted: 2024-05-10
Commercial insurance platform Aurora has partnered Axa to launch a management liability policy. The product offers three heads of cover: directors and officers liability, employment practices liability and corporate legal liability.
Posted: 2024-05-10
JMG Group company Greenwood Moreland has acquired Hamilton Robertson Insurance Brokers, which has offices in Glasgow and London and includes a specialist motor division named C&A Mackie Insurance Brokers. The acquisition adds £15m of gross written premium to Greenwood Moreland.
Posted: 2024-05-09
Co-op Insurance and insurtech Urban Jungle have teamed up to launch a new renters product. It provides cover ranging from £10,000 to £50,000 for valuables against risks such as fire, weather damage or theft. Accidental damage and tenants liability cover comes as standard. Optional add-ons, include out of home cover for personal items and accidental damage caused by pets.
Posted: 2024-05-09
Broker software specialist Applied Systems Europe has expanded its collaboration with Bravo Networks to cover client money management for Applied Epic brokers. The added functionality will make it easier for brokers to comply with their regulatory responsibilities.
Posted: 2024-05-09
Insurtech Flock has teamed up with The Acorn Group to create a connected taxi fleet insurance product. It will target medium and large fleets in the private and public hire sectors and use telemetry data from vehicles to promote and reward safer driving.
Posted: 2024-05-08
Fintech specialist Acrisure has acquired two brokers in the South East. Sevenoaks-based Financial and Credit Insurance Services Ltd is a specialist credit insurance broker and surety bond expert. Global Broking Solutions is an accredited Lloyd’s broker and serves clients across Kent and East Sussex.
Posted: 2024-05-08
JMG Group has bulked up its commercial presence in the south with the acquisition of Surrey-based broker SIA Insurance. Chris Browne and Colin Duxberry established SIA in 1996 and it operates across commercial, property and motor lines from its offices in Surbiton.
Posted: 2024-05-08
Market intelligence provider Insurance DataLab has analysed data from the Financial Conduct Authority and highlighted that customers made more than 280,000 complaints about motor insurance in the second half of last year. This was up from just under 240,000 complaints for the same period the previous year.
Posted: 2024-05-07
The MIB has announced that Angus Eaton will become CEO on 1st July, taking up the position from Dominic Clayden. He joins from Hastings Group where he has spent more than four years as group chief risk officer. Clayden will remain with the MIB until the end of the year, acting as a strategic adviser.
Posted: 2024-05-07
International broker network Brokerslink has appointed Alexandra Littlejohn (pictured) to its board of directors. She is executive vice president and managing director at Alliant Retail Property and Casualty.
Posted: 2024-05-07
Direct Line Group has announced that Craig Thornton will become managing director of home and growth, Martin Milliner will become managing director of claims and Hugh Hessing will take up the position of chief operating officer. In addition, Roger Lowry becomes director of corporate affairs and Alexandra Hayes is named as chief of staff.
Posted: 2024-05-03
The latest Premium Price Index from Pearson Ham has shown that premiums for combined buildings and contents home insurance policies increased by 1.6% in April and are now 40% higher than last year. Motor premiums are 28% higher than last year, but down from a peak of 47%.
Posted: 2024-05-03
Allianz Commercial has appointed Faith Kitchen (pictured) as head of client relationships for mid-market. She joins from Ecclesiastical where she was customer segment director and prior to that had spent 16 years at Zurich. She will be responsible for building out the central discipline for mid-market case management.
Posted: 2024-05-03
Tesco Bank’s Pet Insurance Index has found that the number of uninsured cats and dogs has dropped from 44% last year to 40% this year. Between the two species, cat owners are less likely to buy cover and 45% are uninsured, compared to 31% of dog owners.
Posted: 2024-05-02
Insurance sector law firm Fenchurch Law has appointed Joanna Grant (pictured) as managing partner. She takes up the role from David Pryce who is moving into a senior partner role and will lead the firm’s expansion in Singapore. Daniel Robin is to become deputy managing partner.
Posted: 2024-05-02
Lloyd’s broker MNK has taken an additional floor within its Square Mile, London headquarters (pictured). The move adds 3,000 sq ft to its office floorplate, which the broker said would accommodate further growth. MNK has six offices globally.
Posted: 2024-05-02
The Financial Conduct Authority and the Prudential Regulation Authority have approved Wakam UK Limited’s application to operate as an insurer in the UK. The entity is a subsidiary of French group, Wakam. The carrier had already received full branch authorisation to operate in the UK, which was effective from 24 October 2023.
Posted: 2024-05-01
Sutton Specialist Risks and QBE have inked a five-year deal that will extend their ongoing relationship to 35 years. QBE provides SSR with covers for organisations in specific industries including security, fire protection, electrical and cleaning. Gross written premium of this business is forecast to exceed £50m annually.
Posted: 2024-05-01
The 2024 Global Market Report from the QualRisk Cyber Insurance Centre says the global cyber insurance market will double in size by 2030. The publication reported that global cyber insurance premiums grew at 6% in 2023, the slowest rate of growth since 2019. Total premiums were around £11.5bn.
Posted: 2024-05-01
Re/insurance group Africa Specialty Risks has launched ASR Syndicate 2454. It has a focus on African risks and is managed by Apollo. The syndicate has targeted £70m of gross written premium for 2024 and began underwriting on 26 April this year. Lines include political risk and trade credit, political violence and terrorism, parametric, energy, property, construction, liability and treaty.
Posted: 2024-04-30
QBE Insurance Group has announced that Nicola Schroder will take up the position of group head of sustainability. She will be responsible for sustainability governance, strategy implementation, human rights, and modern slavery initiatives, and driving social impact through the QBE Foundation.
Posted: 2024-04-30
Crawford & Company has named Will Gow as head of technology and cyber risks. He will have responsibility for all cyber claim activities undertaken by the UK Cyber team and the corporate casualty specialist and international risks team at Crawford.
Posted: 2024-04-30
The Association of British Insurers has said motor premiums nudged up by 1% in Q1 2024, when compared to the same quarter last year, but reported the average claim was up by 8% to hit a record of £4,800 for the same period. The data came from the ABI’s Motor Insurance Tracker (Q1’24).
Posted: 2024-04-29
Pen Underwriting has finalised a multi-year renewal with Zurich that sees the insurer continue to provide 100% capacity for its specialist fleet insurance offering in the Republic of Ireland. The deal extends to approximately £38.5m of premium over the next three years.
Posted: 2024-04-29
Technology specialist Kayna and AEGIS London are working to optimise the Lloyd’s managing agent’s Opal Underwriting platform. They are looking to make various insurances required by commercial lenders of their borrowers in the US, available to surplus lines brokers via the platform.
Posted: 2024-04-29
Allianz has announced that Nicola George (pictured) will become managing director for Allianz’s personal lines broker business in the UK. She takes up the role from Mike Crane, who is stepping down. The business rebrands from LV= Broker to Allianz next week.
Posted: 2024-04-26
Applied Systems has announced that HGV and fleet insurance specialist Compare HGV has switched to its cloud-based broker management system. Applied Epic makes it possible for Compare HGV to manage customer and policy data from multiple applications on a single system.
Posted: 2024-04-26
Ariel Re and Hiscox Re & ILS have launched a cyber catastrophe consortium called CyberShock. It will offer up to approximately £40m of per-programme capacity for cyber insurers worldwide. Incidents covered include: service supply chain events, cyber propagation events, hardware supply chain events, software supply chain events, and/or catalytic cyber events.
Posted: 2024-04-26
Jensten has acquired Robert Gerrard & Co which specialises in the lift and escalator sector and also provides commercial and personal lines services to clients. The Chingford-based team of 19 will join Jensten following the deal, which is subject to regulatory approval.
Posted: 2024-04-25
Global commercial insurance rates were up by 1% in Q1 2024 according to the Global Insurance Market Index from Marsh. This was down from the 2% increase in Q4 2023. The overall rise hides a mixed picture.
Posted: 2024-04-25
Professional services and technology business Davies has named Pino Vallejo as the new CEO of its multi-sector global consulting division. The division covers eight sector-specific practices – insurance, asset & wealth management, banking & markets, customer experience, assurance, financial crime & compliance, people & organisational performance, and specialist operations.
Posted: 2024-04-25
Allianz has signed a deal to use Clearspeed’s voice analytics in its personal lines business. The deal aims to help Allianz identify potential fraudsters and direct its resources more effectively to genuine customers.
Posted: 2024-04-24
CFC has created a team within its transaction liability practice that will focus on underwriting representations and warranties insurance in the renewable energy market. Simon Wood, who joined CFC a year ago, will lead the team, while underwriter Aline Brayner has recently been recruited.
Posted: 2024-04-24
Cambridge-based Addresscloud has teamed up with JBA Risk Management to map the flood risk of over 280 million buildings across mainland Europe. Addresscloud has proprietary geocoding capabilities which will be combined with JBA’s high-resolution flood data to offer users address-level flood ratings.
Posted: 2024-04-24
Commercial lines digital trading platform imarket, owned by Polaris, has confirmed that Bravo Digital Trader has become the fifth broker system to use the platform. imarket is used by more than 2,000 broker firms and generates annual gross written premium of more than £400m.
Posted: 2024-04-23
Insurtech Pikl, which focuses on the rental market, has launched a new insurance-backed product that will enable operators to offer similar cancellation policies to those that customers are used to with hotel bookings.
Posted: 2024-04-23
Ansvar Insurance has appointed David Eccles (pictured) as its new head of distribution. Ansvar is part of the Benefact Group, the charity-owned specialist financial services organisation. Eccles has previously worked at Zurich Municipal, Expression Insurance, and Markerstudy Insurance.
Posted: 2024-04-23
Data intelligence provider Percayso Inform has agreed a partnership with TransUnion to distribute its TrueVision credit data to insurers, managing general agents and brokers. The data will give users a better view of consumers and their financial behaviour.
Posted: 2024-04-22
Pen Underwriting has agreed a multi-year strategic partnership with SiriusPoint which will see it provide all the capacity for Pen’s social housing practice. The practice offers not-for-profit housing associations insurance for buildings, incidental contents, property owners’ liability and terrorism.
Posted: 2024-04-22
Legacy acquirer DARAG Insurance Guernsey Limited has signed a sale and purchase agreement to acquire a re/insurance captive based in the Cayman Islands. The unnamed captive has been acquired from a multinational corporate and carries long-tail UK employers’ liability exposure.
Posted: 2024-04-22
The British Insurance Brokers’ Association and Novo insurance have launched a new motor insurance scheme specifically tailored for electric cars in the UK market. This new scheme addresses the current challenges faced by electric vehicle owners and brokers in obtaining comprehensive policy coverage.
Posted: 2024-04-18
Contrary to fears about AI and automation displacing human workers, claims handlers see technology as an opportunity to improve processes, both for themselves and their customers. This is amongst the findings of research carried out by insurtech Sprout.ai, which uncovers the most “tedious elements” of the claims processing role across the UK and the US.
Posted: 2024-04-18
Jensten Group is to invest up to £1m this year to help 15 individuals to start their own independent brokerages. Aimed at brokers with around 10-years’ experience the initiative will be run through Coversure, the group’s network for independent brokers. The start-up funding is not a loan and the AR will be expected to be self-funding after the initial six months.
Posted: 2024-04-17
Paratus Holdings Limited has today announced the launch of its insurance brokerage division, Paratus and Partners. Led by Duncan Ross, the new division will focus on energy price risk insurance products in the maritime, freight, aviation and renewable power sectors.
Posted: 2024-04-17
Property insurers paid out £4.86bn to personal and commercial policyholders in 2023, according to the Association of British Insurers. It said £2.55bn was for home insurance claims, representing an increase of almost 10% on 2022 (£2.33bn), which was largely driven by weather-related damage. Across personal and commercial policies, weather-related damage totally £573m – the highest on record.
Posted: 2024-04-16
Partners& has created three new leadership roles ahead of planned future growth. It has named Ewan MacDonald (pictured) as CEO – north, Lee Davey as CEO – south and Ramzan Ghafoor as COO, client service. All three are internal promotions.
Posted: 2024-04-16
Industrial insurer HDI Global has established a dedicated underwriting and claims proposition for liability and property lines of business in the mid-market. The carrier has expanded its services to target clients with turnovers ranging from around £17m to £425m.
Posted: 2024-04-16
Seventeen Group has acquired Watford-based Jannard Quadrant Insurance Brokers Limited in its third deal of the year. Owners Stephen Sweden and Geoff Callaway will remain with the business following the deal. Jannard Quadrant has an ongoing relationships with Seventeen Group’s MGA subsidiary, Touchstone Underwriting.
Posted: 2024-04-15
Balgrove Underwriting Agency has announced that is been able to resume selling motor fleet policies after it renewed its underwriting facility with Accredited Insurance (Europe) Ltd. In March, Balgrove had said it was in negotiations with another insurer.
Posted: 2024-04-15
The Financial Conduct Authority has written motor finance firms to remind them they must maintain adequate financial resources at all times. The warning comes in the midst of the regulator’s review into the historical use of motor finance discretionary commission arrangements.
Posted: 2024-04-15
Direct Line Group has announced that Jane Poole will become group chief financial officer, subject to regulatory approval, and will join the board in October 2024. She joins from Aviva where she was CFO of the carrier’s UK and Ireland general insurance business.
Posted: 2024-04-12
The British Insurance Brokers’ Association has welcomed the positive findings from the Financial Conduct Authority’s review of signposting in the travel insurance market. Signposting requirements were introduced in April 2021 to help consumers with serious pre-existing medical conditions better navigate the travel insurance market.
Posted: 2024-04-12
PIB Group Limited has formed a partnership with Romanian intermediary Stein Bestasig Insurance Broker, which will see the local broker co-ordinate additional merger and acquisition activity within the market. PIB said it was looking to attract another 20 Romanian brokers to its stable.
Posted: 2024-04-12
On 9th April, Sheffield Crown Court sentenced Patricia Rogers to 12 months imprisonment, suspended for 18 months, and ordered her to pay £500 in compensation. She had previously pleaded guilty to fraud by false representation after her personal injury and damages claim for almost £500,000, made to NFU Mutual, was referred to the City of London Police’s Insurance Fraud Enforcement Department.
Posted: 2024-04-11
The Insurance Development Forum has published a blueprint to support insurance sector investment in infrastructure that will enhance the resilience of vulnerable communities in emerging and developing communities from risks associated to climate change and natural disasters.
Posted: 2024-04-11
Following its acquisition of QCH Legal last year, QuestGates has rebranded the law firm to QGLaw and appointed Jason Spencer as managing director. The firm will initially focus on work in the motor, casualty and property markets.
Posted: 2024-04-11
Acies MGU has established a construction-focused managing general agent named Phoenix Specialty, which will be led by managing director Tim James (pictured), subject to regulatory approval. Backed by capacity from Axa UK, Phoenix will initially offer contractors all risk and contractors plant and equipment products.
Posted: 2024-04-10
NBS Underwriting has launched a commercial combined product aimed at risks with fewer than 10 UK-based locations and premiums ranging from £2,500 to £25,000. The new product follows the acquisition of Capital Markets Underwriting and is available on the NBS quotation system.
Posted: 2024-04-10
Ardonagh Advisory has bolstered its presence in the northwest of England with the acquisition of Southport Insurance Brokers Limited, which was founded in 1965 and has a focus on the industrial, care and agricultural sectors.
Posted: 2024-04-10
Pet insurance prices fell 2.5% in March, according to data from Pearson Ham. The drop follows a prolonged period of rises – in February, prices were 21% higher than the same month last year. It also coincides with the Competition and Market Authority announcement that it will investigate the vet market.
Posted: 2024-04-09
Jensten has completed on its acquisition of Scrutton Bland Insurance Brokers after receiving final regulatory approval. The deal adds 50 staff, two additional offices and gross written premium of £22m to Jensten.
Posted: 2024-04-09
Digital risk processing platform Cytora and global trade data business TradeAtlas have signed a collaboration deal. TradeAtlas collects and analyses data from 30 million importers and 27 million suppliers, which will be integrated into Cytroa’s risk processing platform.
Posted: 2024-04-09
Motor insurers paid out £9.9bn according to the latest data from the Association of British Insurers’ Motor Insurance Claims Tracker. The trade body said the total was the highest annual figure since it started collecting data in 2013 and equates to an average of £1.13m an hour.
Posted: 2024-04-08
Kingfisher Insurance has acquired classic vehicle insurance specialist Lynbrook Insurance Services, which will now operate alongside Kingfisher’s classic vehicle brand Peter James Insurance. Lynbrook has been trading for more than 50 years.
Posted: 2024-04-08
The Clear Group has named Mandy Hunt as managing director, MGA. She chairs the Chartered Insurance Institute’s Underwriting Community Board and previously served as chief underwriting officer – commercial lines at RSA.
Posted: 2024-04-08
Broker software specialist Open GI has acquired Hug Hub’s Digital Platform. Open GI said it would initially integrate the Digital Platform technology with its own Mobius platform before making it available across its other platforms - Core and V.
Posted: 2024-04-05
The British Insurance Brokers’ Association has teamed up with insurer CFC to design and deliver a cyber hub for this year’s annual BIBA conference, which will be held in Manchester on the 15th and 16th of May.
Posted: 2024-04-05
AssuredPartners has announced its acquisition of LT Insurance Services, which was founded in 2009 and serves a range of commercial SME and personal lines clients. LT Insurance Services is based in South Wales and will become part of PSP Insurance Brokers, which is also owned by AssuredPartners.
Posted: 2024-04-05
Insurance intermediary group Howden has promoted Paul Hasib to the newly created role of chief placement officer within Howden UK & Ireland’s corporate and commercial division. Responsible for all placement activities, Paul and his team will seek to resolve placement issues and improve efficiency in this area of the business.
Posted: 2024-04-04
QBE has named Aiden Quinn (pictured) as head of commercial underwriting, trade credit for its European operations. He joins from the insurer’s Australian division where he was head of commercial underwriting. He has responsibility for servicing, renewing and growing the existing portfolio.
Posted: 2024-04-04
Insurance data specialist Percayso Inform has signed a deal with e2e Total Loss Vehicle Management, an outsourced, third-party administrator in the total loss claims supply chain. Under the arrangement, e2e will use Percayso’s Companion claims tool to value vehicles.
Posted: 2024-04-04
London-headquartered managing general agent Devonshire Underwriting, which comprises Devonshire UW Limited, and its affiliate Devonshire UW Europe GmbH, has launched. The firm will specialise in underwriting transactional risk and will be led by its four founding partners - Natasha Attray, James Dodd, James Fletcher and Charles Turnham.
Posted: 2024-04-03
Pearson Ham’s Q1 Insurance Price Index has found that combined buildings and contents home insurance premiums were up 10% on the previous quarter and by 41% over the year. It said the average premium was now £400. In contrast, it said the motor market had begun to soften, albeit in an irregular fashion.
Posted: 2024-04-03
Davies Broking Europe SRL has received approval from the Financial Services and Markets Authority and is also expecting to be accredited as an authorised Lloyd’s broker. Based in Brussels, the firm said its European operation would support brokers in the European Economic Area. Its UK branch will be able to support UK brokers expand into Europe via a warehousing solution.
Posted: 2024-04-03
The Broker Investment Group has upped its investment in Macclesfield-based PHP Insurance to 80%. PHP controls gross written premium of £5.5m and is run by directors Jullian Shawcross (pictured left) and Andy Tyrrell (pictured right), who both remain shareholders in the business.
Posted: 2024-04-02
GIC has become Miller’s majority shareholder after buying Cinven’s shares in the re/insurance broker. GIC and Cinven first invested in Miller in 2021. The deal was completed for an undisclosed consideration.
Posted: 2024-04-02
Fleetmaxx Solutions, which specialises in delivering fuel and fleet cost reduction, has teamed up with Artura Consultancy and Agile Developments to launch an app to improve the way fleets manage accident claims.
Posted: 2024-04-02
Claims management and loss adjusting specialist Sedgwick has named Peter Farrelly (pictured) as its chief operating officer in the UK. He has served as managing director for Sedgwick’s UK commercial claims services since 2019.
Posted: 2024-03-28
Moody’s Investor Service has published a report forecasting an increase in claims for trade credit insurers driven by an expected rise in the number of commercial insolvencies during 2024. However, it said the insurance sector was well-placed financially to absorb these losses and expected it to maintain underwriting discipline during the year.
Posted: 2024-03-28
Insurance sector law firm Fenchurch Law has announced that 60% of its shares will now be owned by employees, through its newly formed employee ownership trust. Employees will also have the opportunity to put themselves forward to join the firm’s management team.
Posted: 2024-03-28
The Competition and Markets Authority has given the green light to the proposed merger between Markerstudy Group and Ardonagh’s personal lines broking business, Atlanta Group. The deal, announced in September 2023, will create an organisation controlling gross written premium of more than £3bn.
Posted: 2024-03-27
Pool Re and HM Treasury have struck an agreement to modernise the terrorism reinsurance scheme offered by the government-backed carrier. The deal will see the scheme move from a facultative treaty to an aggregate catastrophe excess of loss treaty.
Posted: 2024-03-27
Professional services and technology business Davies has acquired Shoreside Law, a commercial and maritime litigation firm, specialising in shipping, commercial insurance and energy disputes. The team of lawyers from Shoreside will join Davies’ existing legal solutions business, Keoghs, and will be based in Davies’ London headquarters.
Posted: 2024-03-27
Independent finance broker Montane Finance has established an insurance division focused on clients in the healthcare and hospitality sectors. Montane Insurance Services is based in Winsford, Cheshire. Adam Lee (pictured right) has joined from Gen2 to head up the new division.
Posted: 2024-03-26
Specialist re/insurance broker BMS has recruited Tom Spraggs, Richard Austwick, and Tom Woolcott to bolster its financial and professional risks division. All three join from Howden’s financial institutions team, formerly Protean Risk.
Posted: 2024-03-26
Prestige Underwriting says the cost of the average fire-related home insurance claim has almost quadrupled from £6,583 in 2007 to hit £24,000. In part, it attributed the rise to the increasing prevalence of lithium batteries, which are used in e-bikes and e-scooters. Prestige said the rise in claims cost came despite a 63% reduction in UK domestic fires since 2007.
Posted: 2024-03-26
Specialist managing general agent Qlaims Limited has struck a deal with Howden. Under the agreement, Qlaims will offer its loss assistance insurance to Howden’s UK, SME clients. The broker began offering the Qlaims cover earlier this month.
Posted: 2024-03-25
Independent broker network, Momentum Broker Solutions has announced gross revenue of £15m for 2023, with net revenue exceeding £6m – an increase of 35% on the previous year. It said gross written premium across its 95 appointed representative broker members had jumped 31% to reach £81m.
Posted: 2024-03-25
Blink Parametric, which offers real-time flight delay insurance has teamed up with Zurich Insurance in Asia Pacific and integrated its assistance and claims solution with the Zurich Edge platform. The move enables Zurich to offer eligible policyholders complimentary access to a VIP airport lounge.
Posted: 2024-03-25
Direct Line Group has posted an operating loss of £189.5m for the year ended 31st December 2023, adding to the £6.4m loss reported the previous year. In force policies saw a 0.5% uptick on the previous year to reach 9.44m while gross written premium and associated fees improved by more than 27% to hit £3.1bn.
Posted: 2024-03-22
Convicted travel insurance fraudster Sam Carr of Bolton has received a suspended sentence for two years, and must also complete 200 hours of unpaid work and a 30-day rehabilitation activity. He had previously plead guilty to 10 counts of fraud by false representation in making bogus travel insurance claims worth an estimated total of £75,000.
Posted: 2024-03-22
Premium finance provider PremFina has signed a deal with broking network Blink Intermediary Solutions to offer premium finance solutions to its broker members and their personal and commercial clients.
Posted: 2024-03-22
Sabre Insurance Group, which specialises in the motor market, has reported gross written premium of £225.1m for 2023, up from £171.3m the previous year. The carrier’s combined operating ratio improved from 93.4% in 2022, to reach 86.3% in 2023. Profit after tax was £18.1m, up from £14m in 2022.
Posted: 2024-03-21
Safeagent, the not-for-profit accreditation scheme for lettings and management agents, has named Howden as its preferred insurance broker. Under the arrangement, Howden will provide Safeagent firms a packaged solution including property, business interruption, public and employers’ liability cover. Howden will arrange other covers as needed.
Posted: 2024-03-21
The British Insurance Brokers’ Association has appointed Julie Comer as its head of compliance. She took up the position on 18th March and is responsible for assisting members in overcoming their compliance concerns and queries. She joined from Lloyd & Whyte where she was director of risk and compliance.
Posted: 2024-03-21
Tesco Bank has appointed Pinnacle UK as its strategic partner to offer a full end-to-end service to Tesco Bank pet insurance customers, covering sales, servicing, and underwriting. The partnership will come into force on 1st January 2025 and run for five years.
Posted: 2024-03-20
Insurance administration software provider Genasys has announced the launch of Genasys Unify, a significant update to its eponymous platform. The new version is being officially launched today and includes a revamped user interface.
Posted: 2024-03-20
Direct Commercial, the commercial motor managing general agent, has upgraded its Haul in One trading platform. New features include the availability of all client specific documents for download from the system.
Posted: 2024-03-20
Industry body Insurtech UK has agreed a partnership with JP Morgan Payments. The deal will see JP Morgan Payments collaborate with Insurtech UK on events and thought leadership projects. Insurtech UK said the deal was a ‘major step’ in its development.
Posted: 2024-03-19
Aviva has completed another step in simplifying its operations and has announced it has completed the disposal of its shareholding in Singapore Life Holdings Pte Ltd, together with two debt instruments, for £937m. The planned exit was first announced in September of last year.
Posted: 2024-03-19
Alps, a specialist provider of insurance add-on policies, legal expenses and motor claims solutions for intermediaries, is offering its claims technology on the open market. The provider said its technology delivered a 50% improvement in claims efficiency and a 13% reduction in cost per claim.
Posted: 2024-03-19
Allianz has rebranded its digital motor insurance business Flow, which is now called Allianz. The insurance is sold direct to consumers as well as being available on price comparison sites. The move supports the previously announced rebrand of LV= Broker, scheduled for May 2024.
Posted: 2024-03-18
Howden Tiger, the reinsurance and capital advisory arm of Howden Group, has appointed Carrie Byler as managing director, head of US General casualty to further accelerate the growth of its US casualty division.
Posted: 2024-03-18
Lockton Re Capital Markets has appointed Brendan Roche as head of distribution. He will be based in Europe. He has more than 25 years of market experience and was an SVP at GC Securities and previously spent almost 14 years at Marsh, most recently as global leader of ILS and SPV Centre of Excellence.
Posted: 2024-03-18
Markerstudy Group has rebranded its broking division from Markerstudy Broking to Markerstudy Distribution. It said the new name better represented the breadth of products and services across the division, which encompasses a number of own-brand broking specialists and significant partnerships.
Posted: 2024-03-15
Embedded insurance specialist Open has acquired UK-based insurtech SO-SURE, which focuses on mobile protection and contents products. Open partners with brands such as Bupa and Polestar to deliver embedded car, home, travel and landlord insurance products to their customers.
Posted: 2024-03-15
In a bid to help brokers navigate the niche schemes market, Axa Commercial has launched an online directory detailing a selection of the insurer’s partners and the Axa-underwritten products it offers across a range of non-standard trades and sectors. The directory covers six categories - specialty, contractors, liability, motor, property and combined.
Posted: 2024-03-15
QBE has launched its new Healthcare Practice, which will be led by Doug Walker and supported by a team in London and underwriters in QBE’s regional offices in Bristol, Birmingham, Manchester, Leeds, Glasgow and Belfast.
Posted: 2024-03-14
Aegis London, which operates Lloyd’s Syndicate 1225 has announced a combined ration of 79.4% for 2023, which is an improvement of 4.4 percentage points on the 83.8% in 2022. It also announced UK GAAP profit of £206m, in comparison to the £97m achieved in 2022. Premium gross of commissions was £1,040m in 2023 an increase of 15% on 2022’s premium of £908m.
Posted: 2024-03-14
The Chartered Insurance Institute’s 2023 Corporate Chartered Equality Diversity & Inclusion survey has highlighted positive business outcomes for companies that implement equality, diversity and inclusion practices and policies. These include improvements in creativity and innovation, and increases in employee engagement levels.
Posted: 2024-03-14
Seventeen Group has acquired Hendricks Insurance, which is based in St Andrews and has a gross written premium of £2.8m. It has also purchased Keith Miller Insurance Services Ltd, which controls gross written premium of £2.5m and is focused on the South East.
Posted: 2024-03-13
Academy Insurance Services has struck a deal with Allianz Holdings plc to purchase Allianz Business Services Ltd, which trades as Premierline. Launched in 2001 as the UK’s first direct to consumer commercial offering, it became part of Allianz in 2006.
Posted: 2024-03-13
Zurich UK has announced that its general insurance business prevented £78.5m worth of fraud during 2023. This included £15.5m in property claims, an area in which fraud levels have doubled in the past two years, according to the carrier.
Posted: 2024-03-13
A survey of brokers’ opinions has shown that regulation is their biggest operational concern in 2024 with finding appropriate markets and attracting talent also registering as significant problems. The poll was conducted by Rebuildcostassessment.com at the recent Bravo National Conference in Birmingham.
Posted: 2024-03-12
Connected car data and devices provider Trakm8 has agreed a two-year extension to its contract with Direct Line Group. The agreement covers the provision of Trakm8’s “connectedcare” data sets and AI-driven first notification of loss crash algorithm.
Posted: 2024-03-12
Online aggregator Compare Insurance has announced income of more than £3m for 2023 and said more than £1m of this total was new business. The firm said it had grown by 60% during the year and forecast growth of a further 50% in 2024.
Posted: 2024-03-12
Pearson Ham Group's February 2024 Insurance Price Index has shown an uptick in pricing across the home, motor and travel sectors. Motor pricing nudged up 0.6%, while home insurance was up 3.7% and travel increased by 4%.
Posted: 2024-03-11
Specialty re/insurer IQUW, which was established in 2021, has reported gross written premium of approximately £710m for 2023. This is an increase of 35% on the previous year. It said its combined operating ratio for the year was 80.9%.
Posted: 2024-03-11
The Managing General Agents’ Association has confirmed the appointment of three new directors to its board at its annual general meeting and highlighted that the organisation now has more than 400 members. The new board members are Ian Cook, managing director of MX Underwriting; Daniel Berry, chief underwriting officer at Brown & Brown Europe and Paul Brady, market oversight counsel at Lloyd’s.
Posted: 2024-03-11
Hastings Direct has licensed Verisk’s UKBuildings granular property database to give it a better insight into the various attributes of properties across the commercial and residential sector. The data will enable Hastings Direct to refine its risk assessment and underwriting analysis.
Posted: 2024-03-08
Allianz Commercial has appointed four regional distribution managers for the South (Victoria Ashman), North (Mark O’Brien), London (Julie O’Donovan) and Midlands & the South West (Viral Patel ) regions in a bid to improve the support offered to brokers. Each individual will have responsibility for overseeing the sales and distribution strategy and establishing long-term relationships with partner brokers.
Posted: 2024-03-08
Vehicle tracking and recovery specialist AX Track has entered into a Home Office subsidised collaboration with Gloucestershire Police to help reduce agricultural machinery and vehicle theft in the county. The collaboration aims to both improve recovery rates and create a more powerful deterrent.
Posted: 2024-03-08
The winners of the 2024 National Insurance Awards were announced last night at a gala dinner and awards ceremony at the London Marriott Hotel, Grosvenor Square. Hosted by the brilliant Hal Cruttendon, the fastest growing awards in the insurance industry highlight the very best in general insurance provision and management.
Posted: 2024-03-08
Simply Business has expanded its relationship with Zurich so that the carrier can now provide quotes for businesses with a turnover of more than £750,000 through the digital broker. Simply Business said the move would help meet increased demand from larger businesses seeking digital insurance quotes.
Posted: 2024-03-07
RSA Insurance has overhauled its accident and health proposition and launched a new group personal accident and business travel product. The cover is supported by Healix, a healthcare and risk management solution provider and Teladoc Health UK, a virtual healthcare provider. It is aimed is aimed at mid-market businesses through to large multinationals.
Posted: 2024-03-07
Advantage Financial Services Limited, which is a wholly owned subsidiary of The Advantage Travel Partnership, has purchased broker Cork, Bays & Fisher from Kingfisher Insurance Services Limited. The deal includes the brand and book of business and will see most of the team moving to Advantage.
Posted: 2024-03-07
Arc Legal Group, part of AmTrust Financial Group, has signed a deal with HomeServe. Under the arrangement, Arc Legal will provide its home accident cover to HomeServe’s policyholders. The cover provides assistance to householders in the event of an accident resulting in injury, leading to hospitalisation or death.
Posted: 2024-03-06
Legal firm Horwich Farrelly is expanding its operations in Northern Ireland and has moved into a bigger Belfast office in the Lincoln Building, Victoria Street, to accommodate the growth. The firm is seeking to grow its presence in the marine and aviation market on top of the work it currently does in areas such as injury, recoveries and counter fraud.
Posted: 2024-03-06
Insurance software solutions provider VIPR has appointed that Tony Russell (pictured) as chief revenue officer, effective 1st March. The firm welcomed his expertise in aligning sales and business strategies. His career has spanned three decades and he has previously held senior roles at organisations such as Charles Taylor InsureTech.
Posted: 2024-03-06
Watkin Davies Insurance Consultants, which is part of part of Howden, has secured a long-term partnership with Welsh Gymnastics, the sport’s governing body, to provide an insurance programme for both the organisation and its associated members.
Posted: 2024-03-05
Open & Direct estimates that 20% of home insurance quotes are turned down by providers because they have non-standard elements to the risk. The intermediary is calling for these customers to be signposted towards a potential solution, mirroring the approach taken in the home and travel market since 2012.
Posted: 2024-03-05
London market wholesale broker GAWS of London Limited, has rebranded to Evolin Broking Limited. The company is based in London and has a team of 40 people. It is an approved Lloyd’s of London broker and coverholder.
Posted: 2024-03-05
Bspoke Group has completed the acquisition of parts of the personal lines elements of the Police & Forces Mutual businesses, Police Mutual Healthcare and Police Mutual General Insurance, from The Royal London Mutual Insurance Society Limited. The move sees around 250,000 general insurance policies and 16,000 healthcare policies transfer to Bspoke.
Posted: 2024-03-04
Comparison site Money Expert has found 35% of drivers will consider monthly payment options when they next renew their motor policy due to recent rate rises. The figure jumps to 51% for drivers aged 35 to 44 and to 40% for those aged 18 to 40.
Posted: 2024-03-04
The Association of British Insurers has launched a new campaign to raise awareness of the fact that insurance premium tax affects 84% of households in the UK and has doubled to 12% since October 2015. The campaign is being fronted by a mascot named Snippy (pictured).
Posted: 2024-03-01
Bravo Networks, which comprises Broker Network and Compass, has launched Bravo Digital Trader. The e-trade platform caters for SME regional business and matches cases with insurer appetite. It was launched at the Bravo Networks annual conference in Birmingham (pictured).
Posted: 2024-03-01
Financial services review site, Smart Money People has forecast an 11% net increase in the pet insurance market over the coming year after commissioning research from Consumer Intelligence. It said the rise will be driven by a combination of people increasing their existing level of cover and those taking out a policy for the first time.
Posted: 2024-03-01
Direct Line has issued a firm response to a proposed takeover by Ageas, rejecting the approach as ‘unattractive’ and ‘highly opportunistic’.
Posted: 2024-02-29
Innovative Risk Labs and Apollo have launched a new product that aims to protect small and medium-sized UK firms from the cost impacts of parental leave.
Posted: 2024-02-29
The FCA has set out plans to carry out enforcement cases more quickly as the organisation seeks to increase the deterrent impact of its enforcement actions.
Posted: 2024-02-28
Andy Bragoli, Howden’s global head of placement, has been appointed as new chair of LIIBA, the body for London market insurance brokers.
Posted: 2024-02-28
Specialist marine MGA Amphitrite Underwriting London has received full authorisation from the Financial Conduct Authority, effective 31 January 2024.
Posted: 2024-02-27
The ABI has unveiled a series of steps the industry is taking to combat the rising costs of motor cover. In collaboration with its consumer advisory group, the ABI will commission research into the feasibility and impact of various social policies focused on helping low-income households manage their insurance costs.
Posted: 2024-02-27
Mosaic Insurance has launched a suite of specialised financial institutions products, offering US$25m in investment management insurance, combined with cyber and other coverage for asset managers, funds, and associated directors.
Posted: 2024-02-26
Oakland Insurance has partnered with Machine Learning Programs to implement its predictive AI enrichment model, MLP Score.
Posted: 2024-02-26
Cyber risk specialist Kynd has announced a partnership with Lloyd’s syndicate Probitas 1492 to support its cyber book.
Posted: 2024-02-23
Allianz Holdings delivered growth across the business with a 7.4% increase in revenue to £4.26bn (from £3.9bn in 2022). Operating profit increased by 65% to £241.6m. Full year results for Allianz Group have shown a total revenue of £6.5bn, despite the ‘challenging’ backdrop of inflationary pressures.
Posted: 2024-02-23
Axa Global Healthcare has started the phased rollout of a new healthcare payment card to simplify the claims process for its corporate clients and their employees.
Posted: 2024-02-22
Zurich has posted record profits of US$7.4bn, up 21%, for 2023.
Posted: 2024-02-22
Brokerslink has added technology consultancy White Gate Consulting to its network. White Gate is a technology consultancy specialising in digital systems for the insurance, broking and fintech markets.
Posted: 2024-02-21
KoiReader Technologies has teamed with Loadsure to provide its autonomous OCR AI technology solutions to the cargo and logistics community.
Posted: 2024-02-21
Paymentshield has introduced improvements to its home insurance offer, including an overhaul of its core limits. The move follows market research with both customers and advisers, conducted alongside the firm’s insurance partners.
Posted: 2024-02-20
House rebuilding costs will grow no more than 2% per annum until 2030, aligning with the UK consumer price inflation figure from the IMF until 2028, according to figures from Prestige Underwriting. The in-depth assessment of rebuilding costs was undertaken with Finaccord to forecast future impacts on home insurance.
Posted: 2024-02-20
Agile Developments Group is to provide Hummingbird Insurance Services with a bespoke iteration of its Agile Claim App portal and dashboard, tailored to meet the specific needs of its fleet clientele.
Posted: 2024-02-19
Ardonagh Specialty has reached an agreement with Whitespace to widen the adoption of the e-trading platform for its Price Forbes brokerage. All lines of business are now starting their placements from data-first templates on Whitespace, with API integration being delivered throughout 2024.
Posted: 2024-02-19
Price comparison website Moneysupermarket has posted record group revenue of £432.1m for the financial year to 31 December 2023, up 11% on the previous year and largely based on what the firm describes as ‘exceptional’ trading in the insurance segment.
Posted: 2024-02-19
House rebuilding cost inflation calmed considerably in 2023, following a period of large price increases. Annual growth in the Building Cost Information Service/ABI house rebuilding cost index was 2.7% at the end of 2023, compared to 19.4% at the end of 2022. The latest data for January 2024 shows it was up 2.1% on the previous year.
Posted: 2024-02-16
More than half of young drivers admit they are struggling to afford cover and 90% believe the government should offer support, according to a survey by telematics firm Trakm8.
Posted: 2024-02-16
Charity insurance specialist Ansvar has launched a new business, office and retail policy, specifically designed for the activities of social enterprises, commercial organisations, shops, and offices.
Posted: 2024-02-16
Trawick International has entered into a sale and purchase agreement with Greenlight Insurance Services to acquire a controlling stake in the firm.
Posted: 2024-02-15
Acturis has announced a long-term partnership with specialist home, landlord and tenant broker First2Protect.
Posted: 2024-02-15
AXA UK & Ireland has announced Gwenaël Fourré as chief operating officer. He joins on 4 March from AXA France where he is currently chief digital officer.
Posted: 2024-02-14
Insurance network GBN Worldwide has launched GBN Worldwide Risk Solutions, a London-based independent broker and MGA.
Posted: 2024-02-14
PoloWorks has launched Polo Insurance Managers after the Guernsey Financial Services Commission granted approval in principle.
Posted: 2024-02-14
Insurtech MGA Loadsure has introduced Columbia motor truck cargo and logistics services Insurance, a new offer purpose-built for the logistics sector.
Posted: 2024-02-13
Allianz Commercial detected £77.4m worth of claims fraud in 2023 – up from £70.7m in 2022 – with application fraud savings of £1.95m. The insurer says that the current cost-of-living crisis is having a continued impact on businesses, with the financial struggle leading to an increased insurance fraud threat.
Posted: 2024-02-13
Independent specialist insurance and reinsurance broker, BMS, has partnered with Artificial Labs to adopt its Contract Builder as part of a programme to use digital placing initiatives across the brokerage.
Posted: 2024-02-13
Multiple insurance firms have agreed to pause sales of Guaranteed Asset Protection insurance, following a request from the FCA. The firms which have agreed to this action account for 80% of the GAP market.
Posted: 2024-02-12
Broker and risk advisor Marsh has appointed Shannan Fort as international cyber product leader at Marsh Specialty.
Posted: 2024-02-12
Claims handlers are facing second-hand trauma as a result of handling distressing cases, according to a report by the CII New Generation Programme claims group.
Posted: 2024-02-12
Prestige Insurance Holdings has announced the acquisition of Find Insurance NI, a locally-owned insurance brokerage based in Derry-Londonderry.
Posted: 2024-02-09
Specialist cyber insurer CFC has created a dedicated team to focus on underwriting tax risks as part of its transaction liability practice.
Posted: 2024-02-09
Commercial insurance and reinsurance software provider AdvantageGo has partnered with claims management system firm DOCOsoft to link their offerings and provide brokers with a holistic view of business written.
Posted: 2024-02-09
Legacy solutions provider RiverStone International has completed the acquisition of Catalina Insurance Ireland, an Irish insurance company regulated by the Central Bank of Ireland.
Posted: 2024-02-08
Xenia Broking Group has announced Steven Stennett as its new chief executive officer. Stennett brings over 25 years’ experience in the trade credit insurance sector, holding leadership roles in business development and account management at country and international levels.
Posted: 2024-02-08
Pet insurance premiums rose by 13% over the last year with the largest increases observed between August and September, according to figures from Pearson Ham Group.
Posted: 2024-02-08
Specialty insurer and reinsurer SiriusPoint has appointed Chris Fenn as head of marine, London and John Hopper as head of energy. The firm says that the appointments are part of the strategic growth of these business lines and wider plans to strengthen its teams across the international business, including Lloyd’s Syndicate 1945.
Posted: 2024-02-07
The cost of an average home insurance premium rose 4% in Q4 of 2023, as insurers were hit by a succession of storms battering the UK, according to the latest household premium tracker by the ABI.
Posted: 2024-02-07
Comedian Hal Cruttenden has been confirmed as the host for this year’s National Insurance Awards. A comedian, actor and writer, his credits stretch from Eastenders and Shackleton all the way to Have I Got News for You and Mock The Week.
Posted: 2024-02-07
Ardonagh Advisory has acquired Solutions Healthcare Ltd, a whole of market healthcare insurance broker serving commercial clients and individuals across the UK.
Posted: 2024-02-06
Risk and claims management service provider Gallagher Bassett has appointed Manan Sagar as CEO of its UK operations.
Posted: 2024-02-06
NBS Underwriting has added multi-location hospitality cover to its portfolio. Aimed at meeting the needs of the leisure, hospitality, and retail sectors, the new product addresses the specific requirements of businesses with multiple locations or chains.
Posted: 2024-02-06
The latest findings from Pearson Ham Group’s January 2024 Insurance Price Index reveal that premium pricing across personal lines continues to be on the rise, with the exception of the UK motor insurance sector, which experienced a notable slowdown in premium inflation.
Posted: 2024-02-05
Ignite has partnered with specialist motor and commercial insurance broker Quotax Insurance Services to become its new broking system provider.
Posted: 2024-02-05
Risk and resinsurance specialist Guy Carpenter launched a new cyber reinsurance product designed to test the volatility of cyber risk.
Posted: 2024-02-05
Hadron has announced its expansion into the UK market with the acquisition of Folgate Insurance Company Limited. The move widens Hadron’s footprint from its activity across 50 US states into the UK.
Posted: 2024-02-02
Cyber specialist insurer CFC has appointed Jason Hart to the newly-created role of head of proactive cyber.
Posted: 2024-02-02
Law firm Kennedys has published a report into the key challenges facing the global insurance market during the year ahead and has highlighted a host of fast changing factors – including AI and biodiversity loss – as issues insurers will increasingly have to tackle.
Posted: 2024-02-02
The Association of British Insurers said the average price paid for motor insurance in Q4 of 2023 was up by 12% on the previous quarter and by 25% for the year. According to the ABI’s Motor Insurance Premium Tracker, the average premium paid for private motor insurance in Q4 was £627.
Posted: 2024-02-01
Travel insurance specialist, True Traveller has promoted Stefan Baker to the role of director and general manager. Baker has been with the intermediary for over nine years and moves up from his position of sales manager, which he was promoted to in 2022. Previous to that, he held the role of senior insurance consultant. Amongst his new responsibilities, Baker will be in charge of developing and implementing the company’s strategic vision, providing leadership in aligning its mission and values, as well as ensuring compliance with industry regulations and laws.
Posted: 2024-02-01
Re/insurer Markel Group’s consolidated underwriting results show net written premiums of approximately £6.6bn, for 2023, up 2% on the previous year. Its combined operating ratio deteriorated to 98.4% from the 91.7% announced for 2022.
Posted: 2024-02-01
Howden has bolstered its UK risk management capabilities with the acquisition of Rugby-based AHR Consultants, which focuses on providing HR, employment law, training and health and safety services.
Posted: 2024-01-31
HDI Global says its proprietary generative AI model, HDI-GPT is providing, for the first time, real-time insights from unstructured data in text or image form. The insurer said the technology was enabling the business to make its processes more efficient in complying with data protection and compliance standards.
Posted: 2024-01-31
Azline Bulmer, executive director of the Chartered Insurance Institute, will leave the professional body at the end of February, two months ahead of her fixed term contract. The CII recently announced the appointment of Matthew Hill as CEO. He joins in April following the departure of previous CEO, Alan Vallance.
Posted: 2024-01-31
Risk engineering and risk data solution provider, Risk Solved Ltd, has teamed up with Vectur Energy, a UK specialist in the reduction of uncontrolled emissions from energy production. The partnership aims to produce insights that enable underwriters to increase profitability.
Posted: 2024-01-31
Davies has secured funding from the Department of Education to support an education programme designed to improve data skills in the insurance industry. The funding will underpin the delivery of 12-week digital skills bootcamps, which are free for learners, for two years.
Posted: 2024-01-30
Howden has developed a product to cover carbon dioxide leaks from commercial carbon capture and storage facilities. The insurance is led by SCOR’s syndicate at Lloyd’s and provides cover for environmental damage and loss of revenue arising from the sudden or gradual leakage of CO2 from CCS projects into the air, land and water.
Posted: 2024-01-30
Following a Freedom of Information request, the Association of Consumer Support Organisations has said data from the government’s Compensation Recovery Unit shows a record low in Q4 2023 for motor injury claims (83,050), contributing to an all-time low for annual claims of 352,230.
Posted: 2024-01-29
Managing general agent, NBS Underwriting has launched an excess of loss liability product offering up to an additional £5m of public liability cover. It is designed to cater for more than 140 trades including leisure, hospitality, warehousing, manufacturing, contracting and engineering.
Posted: 2024-01-29
Inner London Crown Court has sentenced Alfred Gallinelli to 12 months imprisonment, suspended for 18 months. He pleaded guilty to making claims for damage to a flat screen television and receiving payouts worth £31,590 on multiple home insurance policies taken out using fake names.
Posted: 2024-01-29
Managing general agent and Lloyd’s syndicate Carbon Underwriting Limited has named Dale Willetts (pictured) as head of specialty. He joins from Sompo International where he built the A&H portfolio. At Carbon, he will also be responsible for developing the firm’s technology capabilities.
Posted: 2024-01-26
Birmingham-based broker Adler Fairways has purchased London-based legal indemnity specialist, Intelligent Real Estate Due Diligence, which was founded in 2010 by directors Robert McNally and Moz Gamble. Adler Fairways operates from seven offices across the UK providing services to both private and commercial clients.
Posted: 2024-01-26
London-based managing general agent Africa Specialty Risks has secured approval ‘in principle’ from the Dubai Financial Service Authority to register as a company. The firm aims to incorporate a new entity, ASR Middle East and then establish an office in the Dubai International Financial Centre.
Posted: 2024-01-26
Price Forbes, which is part of Ardonagh Specialty, has launched a new real estate and legal indemnity practice. The announcement comes with the appointment of Mark Manwaring (pictured) as managing director of real estate, Craig Taylor as executive director of real estate and Dave Woolley as executive director of legal indemnities.
Posted: 2024-01-25
MGA and broker services platform OneAdvent has launched Criterion Ltd, an MGA focused on waste management, recycling and mining business, both in the UK and in Australia and the Republic of Ireland. There are plans to extend this reach to include the USA and Canada.
Posted: 2024-01-25
Specialist motor insurer ERS has signed a new partnership with insurance intelligence provider Percayso Inform to enhance the carrier’s data enrichment capabilities. ERS is now utilising the Percayso quote manipulation tool across its private car business, with plans to use it across its aggregator-based products including van and taxi over the coming months.
Posted: 2024-01-25
Insurance technology provider Acturis has launched AI Predict, which it has integrated into the Acturis SaaS platform. The new technology will initially provide users with insight on cross-selling opportunities as well as the likelihood of clients renewing.
Posted: 2024-01-24
NPA Insurance, which is a wholly owned subsidiary of the National Pharmacy Association, has partnered with Optimum Speciality Risks to offer members insurance that offers cover against losses generated by a cyberattack and includes access to an emergency response team.
Posted: 2024-01-24
Argenta Syndicate Management Limited, which is a subsidiary of Argenta Holdings Limited, has announced that Jacqui Grinberg (pictured) will take up the role of chief claims officer having been promoted from her position as deputy CCO.
Posted: 2024-01-24
Envelop Risk, a data-driven cyber re/insurance analytics specialist has teamed up with Apollo’s Strategic Partner Syndicates business and Apollo Syndicate 1971 to launch Envelop SPA 1925, a dedicated cyber reinsurance Special Purpose Arrangement at Lloyd’s.
Posted: 2024-01-23
Research from Lansdown Insurance Brokers has identified storm damage as the cause of more than 25% of the firm’s residential property claims during last year. It said the average cost per claim for storm damage was £3,000.
Posted: 2024-01-23
Law firm Norton Rose Fulbright is seeking start-up and scale-up insurtechs to enter the seventh edition of its Insurathon competition in which firms compete for a £50,000 prize. Winners receive £25,000 of pro bono UK legal and regulatory advice from Norton Rose Fulbright and a potential equity investment of £25,000. The competition was first held in 2017.
Posted: 2024-01-23
New commercial broker Insurance Connections, established by Nathan Walton (pictured) and backed by The Broker Investment Group, has opened for business. Walton previously launched JSW Insurance in 2003, which he sold to The County Group in 2013 and then joined the County board. More recently he has acted as an insurance consultant.
Posted: 2024-01-22
After six years as chief executive of the Motos Insurers’ Bureau, Dominic Clayden (pictured) will leave the organisation in June. A new CEO has already been appointed and will be announced in due course. They will take up the role on 1st July.
Posted: 2024-01-22
General insurance provider Paymentshield is creating a support network for general insurance specialists in the mortgage market, where it said more than a quarter of broker firms (27%) had a general insurance specialist and a further 10% planned to recruit one. Paymentshield will host a series of regional events to support the community.
Posted: 2024-01-22
NatWest Group has appointed Allianz Partners as its travel insurance provider to packaged bank account holders. The agreement starts in February and covers NatWest, Royal Bank of Scotland and Ulster Bank. It builds on Allianz’s existing partnership with other NatWest Group brands, namely Coutts, RBS International and Isle of Man Bank.
Posted: 2024-01-19
Principal Insurance, a broker specialising in niche private and commercial cover for motorcycles, courier vans, and motorhomes has teamed up with Percayso Inform to get access to data intelligence on the likelihood of customers cancelling their policy mid-term.
Posted: 2024-01-19
Specialty re/insurer Canopius has launched a new investment management product for asset managers. The product offers convers including directors’ and officers’ liability, civil liability and financial crime, and can be extended to legal liability for private equity and venture capital firm representatives on portfolio companies.
Posted: 2024-01-19
Aviva has published research that found 8% of homes – almost 110,000 – built in the past 10 years in England are located in national flood zone three, which carries the highest risk of flooding.
Posted: 2024-01-18
Connected car data and device specialist Trakm8 has found that the cost of insurance is preventing some young drivers using their car (8%), while delaying others from buying a car (20) and stopping some from moving out of their family home (10%). Almost a third (30%) said car insurance costs affected their education and career by restricting them to public transport.
Posted: 2024-01-18
QuesetGates has bolstered its UK motor sector capabilities with the acquisition of Kent-based Claims Management & Adjusting, which was established almost 30 years ago. It deals with all types of specialist vehicle claims, including road traffic collision fraud cases.
Posted: 2024-01-18
The latest Confused.com Car Insurance Price Index in association with WTW found that motor insurance premiums have now risen for nine straight quarters since the last three months of 2021. The research recorded an average price rise of 8% (£71) in the final quarter of 2023.
Posted: 2024-01-17
Hafiz Mohammad from Manchester has been sentenced to 10 months imprisonment, suspended for 12 months, following his conviction for offering fraudulent motor insurance policies to Sudanese nationals living in the UK. He must also complete 150 hours of unpaid work, a 15-day rehabilitation activity, and pay victim compensation.
Posted: 2024-01-17
Blink Parametric’s flight disruption cover is being rolled out across the Mawdy Ireland’s InsureandGo travel insurance brand. The move builds on an initial commercial agreement signed last autumn.
Posted: 2024-01-17
The Chartered Insurance Institute has announced that Matthew Hill (pictured) will become its new chief executive officer in April. He is currently chief executive of the Legal Services Board. He has also experience of working at the General Dental Council and Gambling Commission, following more than twenty years in central government.
Posted: 2024-01-16
HDI Global SE UK & Ireland has announced that Kate Sutcliffe will become director of property, UK & Ireland. She joins from Sompo International where she was head of UK retail property, London.
Posted: 2024-01-16
Managing general agent Direct Commercial is to host a series of regional claims clinics focusing on commercial motor claims. The first will be held in Manchester on 7th and 8th February with further events across the country throughout the coming months.
Posted: 2024-01-16
Ryan Speciality has launched PERse International, which is a London-based managing general underwriter specialising in both onshore and offshore renewable insurance and will sit within the group’s underwriting specialty, Ryan Specialty Underwriting Managers.
Posted: 2024-01-15
The Broker Investment Group has finalised an additional investment in Bullerwell Insurance to take give it a 100% shareholding in the Bedford-based broker which controls gross written premium of £12m.
Posted: 2024-01-15
Berkshire Hathaway Specialty Insurance has appointed Nick Holding as head of marine, UK. Based in London he will have responsibility for accelerating the growth of the portfolio. He has 35 years of experience of leading marine insurance teams in the Lloyd’s and company markets.
Posted: 2024-01-15
Commercial and residential property MGA Ventis has opened for business and will write UK risks with a range of cover extensions, including buildings, loss of rent, employers’ liability, property owners’ liability, terrorism, and optional legal expenses.
Posted: 2024-01-12
The British Insurance Brokers’ Association has launched its manifesto for 2024. It is entitled: “Managing risk for growth and economic security,” and prioritises support for the economy, businesses and consumers.
Posted: 2024-01-12
Personal lines insurtech Policy Expert has revamped its leadership team and created seven new senior executive roles to help accelerate its growth and deliver innovations in products and customer services.
Posted: 2024-01-12
The latest Quarterly Insurance Price Index from pricing consultancy Pearson Ham Group found that motor premiums increased by 3% in Q4 2023 and were now almost 47% higher than a year ago. December saw a month-on-month reduction of -0.6%, the first decline in more than 18 months. Combined buildings and contents home insurance premiums were up by 8% in Q4 and by 40% over the year.
Posted: 2024-01-11
Close Brothers Premium Finance has entered into an exclusive arrangement with The Green Insurer to provide finance for its motor insurance customers. The Green Insurer was launched in 2023 and enables policyholders to measure and offset their driving emissions.
Posted: 2024-01-11
Source Insurance has launched a revamped broker portal called The Source, incorporating features such as customisation, data analysis and a 15-second premium predictor. The redevelopment was completed following collaboration with advisers on their needs.
Posted: 2024-01-11
UK trade directory Checkatrade has selected insurance distributor Superscript to provide insurance to its 47,000 members who are required to have various covers in place. Superscript will offer a co-branded digital journey for tradespeople to secure tailored cover.
Posted: 2024-01-10
Aegis Financial Lines, a division of Aegis General Insurance, in partnership with sister company K2 Financial has secured coverholder status from Lloyd’s. The operation is led by Kevin Leach who was previously VP and financial institutions leader at The Hanover Insurance Group. It supports investment businesses and fintechs.
Posted: 2024-01-10
Ardonagh Speciality has named Amy Goldenberg as its first global commercial director with responsibility for business development, organic growth and cross-selling initiatives. She will also seek to implement an international key account strategy for new business production and major client retention.
Posted: 2024-01-10
Ecclesiastical Insurance has teamed up with Haywards Heath-based Brooks Braithwaite, which is part of Petcover Group, to create a new scheme for pet professionals after the incumbent underwriter pulled out. Ecclesiastical has set a target of doubling the size of its business by 2026 and has identified the schemes market as a key area of growth.
Posted: 2024-01-09
Premium Credit has named Giles Offen (pictured) as its first Chief Product and Technology Officer. The firm said the move would support its ongoing investment into its technology proposition and that Offen would lead the development of digitally enabled products and services.
Posted: 2024-01-09
Aon plc has appointed Jane Kielty as UK chief executive officer.
Posted: 2024-01-09
Broker Partners& has launched its sustainability action plan, which focuses on becoming a net zero business, increasing social mobility through proactive initiatives and supporting clients on their own sustainability ambitions. The broker said its 10-point plan was aligned to the United Nations Sustainability Goals.
Posted: 2024-01-08
Multinational group Antares Global, which offers a range of re/insurance products and services, has appointed Kevin Wenzel as chief financial officer. He was previously deputy CFO of Allianz Holdings Plc (UK) and has served as chief actuary of Allianz and CFO of LV.
Posted: 2024-01-08
Gallagher has named Nepomuk Loesti (pictured) in the newly created role of chief commercial officer of its European broking operations. He will have a focus on growing the broker’s presence in Sweden, Norway, Switzerland, Lichtenstein and Turkey. He joins Gallagher from AIG, where he spent the past 17 years.
Posted: 2024-01-08
The Association of British Insurers has reassured businesses and individuals that damage caused by recent tornados and storms in Greater Manchester is covered by standard property insurance policies.
Posted: 2024-01-03
Finn Walsh has been appointed group CEO of travel insurance provider, Staysure. Previously chief customer and technology officer, Walsh joined the business in October 2022 from Hastings Direct, where he was digital and marketing director. With fifteen years’ experience in digital and e-commerce, he brings a wide range of expertise in digital facing roles from The AA, Lloyds Banking Group and Tesco.
Posted: 2024-01-03
A responsive reinsurance market has materialised at January renewals, reflecting “ample capacity and a commercial approach to trading partnerships” – although underwriting rigor remains.
Posted: 2024-01-02
Malago Insurance Brokers has announced its acquisition of Mulberry Insurance Brokers, following the retirement of Keith Johnson.
Posted: 2024-01-02
New motor broker, The Green Insurer will join price comparison site Quotezone.co.uk. On a fortnightly basis, the broker uses each policyholder’s mileage, driving score and car details to calculate the carbon produced. It then offsets this through Earthly, a carbon offsetting specialist.
Posted: 2023-12-22
The Chartered Insurance Institute Group’s Education and Trust is transferring net assets with a value of approximately £2m to The Worshipful Company of Insurers Charitable Trust. The transferred funds will continue to be protected and managed for the same purposes as currently prescribed by the Objects of the Education and Training Trust.
Posted: 2023-12-22
Managing general agent Europa Underwriting has teamed up with insurance software provider Covernet. Under the deal, Europa will use Covernet’s ISMIS platform to improve policy management and operational efficiency. Brokers can also access statements and process monthly accounts directly through the platform.
Posted: 2023-12-22
Aon plc has signed an agreement to acquire NFP for a consideration of approximately £10.6bn. NFP is a middle market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor. It has seven offices in the UK, where its insurance brands include, Ernest R Shaw Limited, Johnson Fleming, KGJ Insurance Group and Bentley Insurance Services.
Posted: 2023-12-21
Cyber security specialist NordVPN has partnered with the insurance market to offer cyber insurance benefits to a range of customers in the UK and the US as a free addition to certain subscription packages. The cyber covers included in NordVPN bundles for UK customers are scam loss recovery and online shopping fraud recovery.
Posted: 2023-12-21
Broker Lockton has signed a strategic partnership with algorithmic underwriting insurtech, Artificial Labs and will implement its Contract Builder tool into its own processes. Lockton said the move would help it streamline the creation and processing of new MRCv3 insurance contracts in line with the London Market’s Blueprint Two programme.
Posted: 2023-12-21
Premium Credit’s Christy Chisholm has been promoted to the position of commercial lines director.
Posted: 2023-12-21
Insurance provider Coalition has said that its UK sensors – honeypots – were attacked 5.8 billion times during 2023 and that 74% of these attacks targeted Remote Desktop Protocol. This technology enables people working remotely to connect to Microsoft Windows computers.
Posted: 2023-12-20
To combat the increasing premiums faced by Range Rover owners in the face of issues around theft, Land Rover Insurance is offering a new insurance solution for owners. The comprehensive cover is available via monthly subscription and is also open to Defender and Discovery owners.
Posted: 2023-12-20
Ardonagh Advisory will acquire Westfield Brokers Ltd, which is a commercial broker based in Horsham, West Sussex. It trades under the name of Westfield Insurance. The business was set up in 2009 by managing director Peter Cowan, who will continue to lead the firm.
Posted: 2023-12-20
Lloyd’s has extended its tenure of One Lime Street until 2035 and has an option to extend this until 2040. Chinese Insurer Ping An has owned the grade I listed building since 2013. The agreement allows Lloyd’s to make renovations and refurbishments and to implement decarbonisation measures.
Posted: 2023-12-19
Broker Simply Business has broadened its partnership with RSA and the insurer will now provide quotes for contracting businesses with up to 15 employees. The move follows the six-fold increase that Simply Business has experienced of potential customers with larger businesses seeking quotes through a digital journey.
Posted: 2023-12-19
Dale Underwriting Partners, the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has secured approval from the Prudential Regulation Authority and Lloyd’s for its strategic partnership with global private markets manager, CVC.
Posted: 2023-12-19
The Insurance Series 2024: Insurtech & Claims Early Bird rate of £495 will be closing at the end of this year, so book in 2023 to save £100! Our topical agenda for the day features presentations, panels and debates, curated to help general insurance professionals harness the latest in thinking and technology, guided by some of the field’s foremost experts.
Posted: 2023-12-19
Lloyd’s has revealed details of a new US Direct Lending Fund that will be available on the Lloyd’s Investment Platform. Canopius, alongside the Lloyd’s Central Fund, will provide cornerstone investment for the launch of the fund. Schroders Capital, on behalf of the Lloyds Investment Platform, has selected Maranon Capital LP to manage fund strategy.
Posted: 2023-12-18
Alain Zweibrucker (pictured) will take up the role of chief executive officer of Axa Retail on 2nd January 2024. He will become a member of Axa UK & Ireland’s management committee and report to Tara Foley, CEO of Axa UK & Ireland. He joins from Axa Switzerland where he was chief financial officer.
Posted: 2023-12-18
Patricia Kocsondy will become Beazley’s head of global cyber digital risks on 1st January with a responsibility for setting the global product and distribution strategy for all of the insurer’s cyber business below approximately £200m. She is currently head of US cyber and technology.
Posted: 2023-12-18
Mission Underwriters, which supports the creation of new managing general agents, has struck a deal to deal to support Ventis, a new real estate MGA set to launch in 2024. Ventis will target small to medium property risks and will be led by Gareth Roberts, who previously managed Covéa’s mid-market specialist and network division.
Posted: 2023-12-13
Jensten has strengthened its position in East Anglia with the acquisition of Scrutton Bland Insurance Brokers. Scrutton Bland has a particular focus on commercial property as well as specific experience in the charity and agriculture sectors. It brings to Jensten a team of more than 50 employees and gross written premium of £22m.
Posted: 2023-12-13
Brown & Brown (Europe) Limited has acquired R McGee Insurance Brokers Limited, which is a family run personal and commercial lines broker based in Maesteg, Glamorgan. It was established in 1974 and is led my managing director Andrew McGee, and fellow directors Julie McGee (Andrew’s wife) and son Simon.
Posted: 2023-12-13
Broker Marsh has teamed up with insurer Beazley to offer construction contractors access to additional professional indemnity cover based on their environmental, social and governance performance. The additional capacity will be available internationally, to clients outside of the US.
Posted: 2023-12-12
Ardonagh Advisory has snapped up insurance technology and risk management specialist, RiskSTOP Group. Based in Poundbury, Dorchester, it was established in 2000 and employees more than 200 people. Danny Lillington, the firm’s managing director, will continue to lead the business with his existing management team.
Posted: 2023-12-12
Alula Technologies, which specialises in the insurance, healthcare and pension markets, has set up headquarters in London at Devonshire House, 1 Mayfair Place. The firm, which is backed by Rox Equity Partners, said the move would help it achieve its expansion ambitions.
Posted: 2023-12-12
Employee-owned Lloyd’s insurance broker CBC (UK) Limited has announced a deal with Specialist Risk Group to combine the two businesses. The deal follows the CBC management buyout that was initiated in 2017 by Andrew Wallas and Rob Cottingham and had private equity support from B P Marsh and Partners PLC.
Posted: 2023-12-11
International insurer QBE, which operates through eight regional offices in the UK, has become a partner of the British Insurance Brokers’ Association. QBE said the move to BIBA partnership represented an important step in its bid to further grow its UK operations.
Posted: 2023-12-11
Ahead of its centenary celebrations in 2024, insurance broker Butterworth Spengler has completed a corporate rebrand. The broker became part of the JMG Group in 2021 and has three divisions – commercial insurance, professional risks, and specialist schemes.
Posted: 2023-12-11
It is believed that BNP Paribas Personal Finance has decided to terminate its premium finance offerings next year.
Posted: 2023-12-10
Royal & Sun Alliance Insurance Limited, a subsidiary of Intact Financial Corporation, has announced the sale of its direct personal lines operations – home and pet insurance – representing approximately £165m of annual premiums, to Admiral Group plc. The deal includes an initial cash consideration of £82.5m, with a potential additional payment of up to £32.5m.
Posted: 2023-12-08
Amanda Blanc, group CEO of Aviva; Clive Bolton, CEO of M&G Life Insurance; and Tara Foley (pictured), CEO of Axa UK & Ireland have all joined the board of the Association of British Insurers with immediate effect.
Posted: 2023-12-08
Open GI has partnered with managing general agent Prestige Underwriting to launch a revamped version of its non-standard home insurance proposition, Coverall. Enhancements
include IHP Plus, a stand-alone, cloud-based pricing solution from Open GI, as well as access to Flood Re.
Posted: 2023-12-08
According to the latest Direct Commercial Broker Barometer for Q3, 78% of brokers said they had seen an increase in complex losses, while 91% said they had seen claims costs rise during the same period. As a result, 66% believed there was a growing need for carriers to provide better guidance to help expedite claims reporting and to mitigate costs.
Posted: 2023-12-07
Aviva research has found that 20% of UK businesses have experienced a cyberattack. It said that 9% of small businesses and 35% of large corporates have gone through this in the past year. The research showed 31% experienced operational disruption, while 21% experienced data loss and system lockdowns. Aviva said average losses were £21,000 per incident.
Posted: 2023-12-07
Digital risk processing platform Cytora has teamed up with data provider Vespia and will use Vespia’s AI-powered risk analytics to provide better information to commercial underwriters about business risks associated with money laundering and sanctions.
Posted: 2023-12-07
Managing general agent Optio Group has partnered with AmFirst Insurance Company to secure underwriting capacity for political violence and terrorism risks. AmFirst will provide capacity to the PVT market for the first time exclusively via Optio, enabling Optio to accept PVT risks internationally, excluding the US.
Posted: 2023-12-06
Insurtech Ripe has launched a new product, underwritten by ERS, to cover motorhomes and campervans, expanding on the cover it already provides for static and touring caravans. Ripe said it was using its proprietary technology and ‘build your own policy’ model to deliver quotes in less than 120 seconds.
Posted: 2023-12-06
AutoProtect Group has confirmed Graeme Nieman as permanent CEO. He has served as interim CEO since May 2022. Prior to this, he was head of motor product partnerships at Correlation Risk Partners, AutoProtect Group’s sole shareholder. AutoProtect supplies value-added insurance products and warranties to the motor market.
Posted: 2023-12-06
Insurance sector investor Beat Capital Partners has launched a specialist accident and health underwriter called RedRiff Agency Limited. It will begin underwriting in the first quarter of 2024 through a Lloyd’s consortium, led by Beat Syndicate 4242. Peter Wilkins, previously global CUO at QBE, will join as CEO this month.
Posted: 2023-12-05
The Sollers Prediction Report 2024 from Sollers Consulting says high reinsurance costs and the ongoing impact of claims inflation will force insurers to redefine their business models. To support the required increase in process automation, it says insurers will need to implement cloud-based solutions and develop better data management capabilities.
Posted: 2023-12-05
Property, commercial and speciality re/insurer IQUW has appointed Diane Gallagher as group chief people officer. She joins IQUW from Talbot where she was HR director.
Gallacher will serve on IQUW Group’s executive committee.
Posted: 2023-12-05
Re/insurance broker Miller has launched an artificial intelligence tool, based on technologies from Microsoft and OpenAI, called MillerMo. It will act as a personal assistant and assist employees with tasks including proofreading, content generation, translation, analysing data sets and software development. MillerMo was developed by MillerLabs, Miller’s inhouse innovation incubator.
Posted: 2023-12-04
State National Companies, a wholly owned subsidiary of Markel is partnering with Markel International Insurance Company Limited to create a programme services division in the UK to serve managing general agents. It plans to launch from the start of next year.
Posted: 2023-12-04
Broker Tysers has named Acord Solutions Group as its strategic messaging partner. Under the agreement, Tysers will implement Adept and Acord Transcriber to streamline digital data extraction and exchange through its Tconnect platform.
Posted: 2023-12-04
Ecclesiastical Insurance has penned an agreement with Towergate Care to offer property capacity for larger care home providers. The move is part of Ecclesiastical’ s bid to expand its schemes business. Towergate is the preferred insurance provider to Care England and National Care Forum.
Posted: 2023-12-01
Polo Managing Agency has struck a deal with VIPR Solutions that will see PoloWorks’s managed delegated authority relationships have access to VIPR’s bordereaux management systems, which it said align with Lloyd’s reporting standards V5.2.
Posted: 2023-12-01
Re/insurer Apollo has written its first risks under its new Smart Follow venture, powered by algorithmic underwriting insurtech, Artificial Labs. The collaboration was announced earlier in the year and now spans hull, aviation, cargo and terrorism lines of business.
Posted: 2023-12-01
Research from Premium Credit’s latest insurance index found that 52% of SMEs now use credit to pay for insurance – up from 50% last year. 42% of SMEs said their insurance costs had risen and 24% of those firms said they had increased their excess as a result of higher insurance costs in the past two years, while 17% said they has cancelled one or more policies.
Posted: 2023-11-30
Bespoke Insurance Group Ltd, which is backed by private equity investors RCapital Partners LLP and MIG Partners LLP, is to acquire the personal lines elements of the Police & Forces Mutual businesses, Police Mutual Healthcare and Police Mutual General Insurance, from The Royal London Mutual Insurance Society Limited.
Posted: 2023-11-30
Claims Consortium Group has warned insurers that around two-thirds of subsidence claims are not attributable to subsidence. It said failure to correctly assess these claims could be costing the insurance market millions of pounds in unnecessary payouts.
Posted: 2023-11-30
Prestige Underwriting has struck a deal to offer non-standard home insurance to Tesco Bank’s customers who find it difficult to obtain standard cover. The insurance, named Coverall, is underwritten by Prestige Underwriting and offered under the group’s Open and Direct brand.
Posted: 2023-11-29
Re/insurer Apollo will launch a new specialty treaty class of business within the reinsurance division of Syndicate 1969 on 1st January 2024. It will focus on credit, mortgage, and surety reinsurance.
Posted: 2023-11-29
Carbon Underwriting Limited has approval from Lloyd’s to increase its stamp capacity for 2024 and said its Syndicate 4747 aims to increase gross written premium from £150m in 2023 to £204m in 2024.
Posted: 2023-11-29
Moveda Underwriting, a managing general agent established by the Movo Partnership, has gone live with capacity from AmTrust and Irwell. The MGA has developed a range of commercial combined, property, and liability solutions with limits of up to £5m.
Posted: 2023-11-28
Aviva has said it uncovered more than 9,250 instances of fraud in 2022 with a value of £120m. The insurer said motor bodily injury fraud accounted for 48% of all fraudulent claims.
Posted: 2023-11-28
Alula Technologies, which is a UK-based firm specialising in solutions for the insurance, healthcare, and pension markets, has acquired cloud-based employee benefits platform, Ovation. Alula said the deal would help it bridge the gap between back-end administration and front-end engagement.
Posted: 2023-11-28
Axa UK is giving contractors body cameras to film footage of remediation work carried out on buildings containing flammable cladding, insulation and other defects, such as missing fire breaks. Investigations made since the Grenfell Tower tragedy in 2017 uncovered defects in thousands of buildings across the UK which now require remediation.
Posted: 2023-11-27
The Forum of Insurance Lawyers has named Peter Allchorne, partner at Beachcroft LLP, as its president for 2024. He has previously chaired FOIL’s motor sector focus team and takes up his post from immediate past president Nicola Critchley, partners and board member at DWF.
Posted: 2023-11-27
The Chartered Insurance Institute is to develop guidance for professionals working with victims of economic abuse. The move follows the release of a report by Surviving Economic Abuse highlighting the impact of some insurance policies on victim-survivors of economic abuse.
Posted: 2023-11-27
Professional services and consultancy business Davies has said significant gaps still exist in the insurance industry around its ability to identify and protect vulnerable customers. Davies said the market could do more to address the needs of a wider scope of vulnerable customers and cater for issues ranging from dementia and poor mental health to financial limitations, lack of digital access and low capability.
Posted: 2023-11-24
Pen Underwriting has taken Box 393 at Lloyd’s which will be manned by marine underwriters, providing brokers with support in placing complex marine risks in areas including brown water hull, war risk and ports and terminals liability. Pen said it has plans to expand the box’s activities into complimentary and additional lines of business.
Posted: 2023-11-24
Lloyd’s has launched a consultation on its proposed strategy for the next three years in relation to its plans on all aspects of sustainability including underwriting, investments, exposure management and capital and reserving. The move is aimed at assisting market participants in developing and aligning their own strategies.
Posted: 2023-11-24
Chancellor Jeremy Hunt has announced a consultation on the creation of captives in his Autumn Statement, highlighting the Government’s support to boost this section of the UK insurance market. The consultation will begin next year.
Posted: 2023-11-23
Research from Premium Credit has recorded an increase in the number of people who are prepared to pay for their insurance policies using credit. The latest Premium Credit Insurance Index found that 21% of adults said they are more accepting of paying for insurance policies with credit than they were a year ago. This was up from the 15% recorded in October 2022.
Posted: 2023-11-23
Quadrassist, which is the building repair network for specialist loss adjuster Woodgate & Clark, has launched a desktop adjuster service to handle claims of up to £10,000 for insurance providers. Plans are in place to increase this limit.
Posted: 2023-11-23
The Medical and Dental Defence Union of Scotland, which provides dental and medical indemnity to over 56,000 professionals, has partnered with insurance software solutions provider Genasys Technologies to support its digital evolution programme. Under the deal, MDDUS will move to Genasys’ flagship policy administration platform.
Posted: 2023-11-22
Lloyd’s insurer Aegis London has expanded its digital trading team with the aim of expanding its digital distribution network and developing new products for this channel. The carrier said a particular focus was to increase the products available on its online platform, OPAL.
Posted: 2023-11-22
The Financial Conduct Authority has warned the market of a company using the web address www.knowyoucan.co.uk, which is seeking to impersonate Axa Insurance UK plc and its fellow group company Axa Investment Managers UK Ltd.
Posted: 2023-11-22
Keoghs, which is part of Davies, has worked with QBE Business Insurance to secure a conviction against Mark Hamilton, who erroneously claimed damages of £600,000 following a workplace accident. He was sentenced to 15 months in prison reduced to 10 months due to early admission.
Posted: 2023-11-21
Leeds-based Marshall Wooldridge Group, which is part of Brown & Brown, has named Nicky Pay (pictured) as managing director. The Group comprises ECS, Rotherham Insurance Brokers, Lawrence Fraser, Goldthorpe and Bush & Associates.
Posted: 2023-11-21
Data from Howden’s latest men’s European football injury index has found that total injury costs across the top five men's European leagues jumped from approximately £484m to £617m, an increase of almost 30%. Howden said the winter FIFA Men's World Cup was a significant driver of this increase.
Posted: 2023-11-21
The Association of British Insurers has called on the Government to reduce the rate of insurance premium tax in this week's Autumn Statement. The industry body said the tax had doubled to 12% since 2015 and hit the poorest the hardest who spend proportionately more on insurance, such as home and motor.
Posted: 2023-11-20
Assured Partners has acquired Somerset-based Atom Insurance Brokers, which was founded in 2002 and specialises in commercial SME insurance. Atom will become part of AssuredPartners-owned PSP Insurance brokers.
Posted: 2023-11-20