News

Accredited Insurance (Europe) Limited, the A- rated subsidiary of Randall & Quilter Investment Holdings Ltd, has agreed a six-year, £2bn capacity deal with home and motor insurance provider Policy Expert. Policy Expert wrote its first home policy in 2011 and expanded into motor in 2019.
Posted: 2022-05-25
Altelium, which provides warranty insurance for the battery supply chain, has signed a deal with MS Amlin Underwriting to provide a construction all risk and operational all risk insurance solution for the battery energy storage system market.
Posted: 2022-05-25
Ardonagh Europe, part of The Ardonagh Group, will expand its footprint into Italy and has hired Carlo Faina, who was previously CEO of Berkshire Hathaway Reinsurance Group’s Italian operations, to lead the new division.
Posted: 2022-05-25
Broking group Ataraxia has increased its stake in North West commercial broker James Taylor Steven Ltd, which is based in Worsley, Manchester. As part of this transaction, Chris Sedgley will become the managing director as well as a significant shareholder. A stake in the business has also been purchased by SSP insurance brokers based in Altrincham.
Posted: 2022-05-24
Fitch Ratings believes the UK’s latest supervisory climate stress test for banks and insurers is the world’s toughest and that some institutions’ capital ratios under the 30-year scenarios are likely to fall close to, or even below, the regulatory minimums.
Posted: 2022-05-24
Loss adjuster Woodgate & Clark has published a commercial property report urging insurers and builders to forge closer working relationships to help manage the impact of supply shortages and inflation on the price of materials.
Posted: 2022-05-23
Zurich Insurance Group has said it will sell its Russian operation to members of the incumbent team who will then operate the business independently and under a new brand.
Posted: 2022-05-23
The Financial Conduct Authority has issued a warning about a clone broker firm giving out false details including a website address of brokerexpressltd.com. The regulator said this clone company was not regulated or authorised to carry out insurance business.
Posted: 2022-05-23
General insurance provider Hastings Direct has named law firm DAC Beachcroft on its legal claims panel to help handle counter fraud, bodily injury, third party property damage and credit hire claims. The appointment is for an initial three-year period.
Posted: 2022-05-20
Insurtech MGA Loadsure has agreed a deal with Burns and Wilcox, an independent insurance wholesaler and MGA operation in North America. The move will see it offer Loadsure’s AI-powered trip transit insurance coverage to independent brokers across Canada.
Posted: 2022-05-20
Digital insurance provider Marshmallow has expanded beyond its core car insurance offering with the launch of Marshmallow Van. It covers van owners who use their vehicle for social purposes, domestic use and commuting. Initially, the product will be available through price comparison website Quotezone and subsequently through by Go Compare and Confused.
Posted: 2022-05-20
Aviva plc has reported gross written premium in its general insurance business of £2.1bn for Q1 2022, up 5% on the same period last year. In the UK, personal lines GWP was down 2% to £627m, while commercial lines GWP rose 11% to reach £611m. The combined operating ratio for the UK general insurance business deteriorated by 7.3 percentage points to 99.4%.
Posted: 2022-05-19
The Ardonagh Group has announced total group income of £288m for Q1 2022, an increase of 44% on the same period last year. It said adjusted EBITDA was up 29% to £86m for the quarter. It invested £15m during Q1 in additional growth drivers such as new hires, IT system improvements, new business campaigns and long-term savings and synergy projects.
Posted: 2022-05-19
Loss adjuster QuestGates has acquired structural engineering consultancy Structural Surveys Limited, which offers its services on both residential and commercial buildings from its eight offices across England, Scotland and Wales. The firm is headquartered in Warrington and will continue to operate under its existing brand as a separate company led by its founder and managing director, Andrew Russell.
Posted: 2022-05-18
Peter Blanc, president of the Chartered Insurance Institute has reaffirmed the importance of professional advice in creating consumer confidence in the insurance sector. Speaking at the professional body’s Ambassadors in Action conference, he said ensuring customers understand and get access to the most suitable products should sit at the heart of the market.
Posted: 2022-05-18
Country Group, which is part of Global Risk Partners, has agreed to acquire the assets of Leicester-based Marsh and Co and a specialist MGA it set up called Ginger Markets. Marsh has a commercial book of business including leisure and associated personal lines. Ginger Markets specialises in marquee and glamping insurance.
Posted: 2022-05-17
Digital insurer Getsafe is launching buildings insurance to its contents insurance product in the UK, where it has grown its customer base to 50,000 people. Getsafe offers cover via an insurance subscription instead of a fixed policy term, which customers manage from their smartphone.
Posted: 2022-05-17
Broker iGO4 has automated almost 40% of its support and administration process, which it says will drive cost savings of more than 10% within three years. The firm is built and implemented more than 160 bots to deal with tasks such as renewals, direct debits and claims updates.
Posted: 2022-05-17
The Chartered Insurance Institute has reported an operating surplus of £3.3m for 2021, in contrast to the £4m deficit posted for 2020. The professional body saw a £2.2m increase in revenue from qualifications and educational activities in 2021. Local Institutes also opted to voluntarily utilise their reserves last year, before taking additional grant payments, which further assisted the financial recovery.
Posted: 2022-05-16
Digital e-trading platform Whitespace has improved its defined data tagging abilities so it can offer contracts that are fully core data record compliant. The development means data can be moved and read predictably and reused quickly with no need for rekeying.
Posted: 2022-05-16
In Q1 2022, the average price paid for buildings insurance was £225, down 7% on the same period last year. The average price of contents insurance was £114, a drop of 11% on last year. Both buildings and contents cover are at the lowest level they have been since the Association of British Insurers launched its Household Insurance Premium Tracker in 2012.
Posted: 2022-05-13
The British Insurance Brokers’ Association will return to Manchester Central on the 10th and 11th of May 2023 for its annual conference. The dates were announced at this year’s in-person conference, which followed a two-year hiatus due to the pandemic.
Posted: 2022-05-13
Lloyd’s is urging members not to attend its annual general meeting on 19th May in person, but to join the event virtually, due to an increased threat of disruption from climate protesters.
Posted: 2022-05-13
Coral Insurance, which is backed by BHL UK whose portfolio includes Minster Law and Compare the Market, has launched as a wholesale provider of legal expenses insurance to insurers, MGAs and brokers, backed by A-rated capacity from Allianz and supporting capacity from other providers. Coral aims to capture 15% of the LEI market in the next three years.
Posted: 2022-05-12
Moody’s Investors Service believes rate increases, efficiency savings and changes in underwriting appetite at Lloyd’s all bode well for the market to build on the underwriting profit posted by the market in 2021 – the first for five years. Moody’s said it expected the market to deliver another strong underwriting performance in 2022.
Posted: 2022-05-12
Insurtech Altelium has teamed up with Tokio Marine Kiln to create a warranty programme for data-driven battery energy storage systems, which enable renewable energy to be stored and then released when customers need power, so electricity grids can provide a reliable supply.
Posted: 2022-05-12
Global Risk Partners has acquired Durham-based Castle Insurance Services and announced its intention to expand its footprint in the North East. Castle Insurance Services has a second office in Newton Aycliffe and writes a majority of commercial business as well as some personal lines business.
Posted: 2022-05-11
The British Insurance Brokers’ Association and Allianz have produced updated digital guidance on underinsurance. It will be distributed to BIBA members and Allianz’s panel of brokers and is available to view at the BIBA 2022 conference in Manchester.
Posted: 2022-05-11
Broker Howden has pulled together a panel of 20 insurers on its xTrade Cargo platform to offer brokers the ability to bind complex cargo risks digitally on the platform, which began life as a proof of concept for cargo SME business.
Posted: 2022-05-11
The British Insurance Brokers’ Association has teamed up with Coverdrone to offer members access to products covering operators of both commercial and recreational drones. The cover is compliant with aviation insurance requirements and offers high levels of indemnity and flexible policy periods.
Posted: 2022-05-10
Niche commercial insurer Peach Pi has partnered with specialist broker Activity Business Cover to provide capacity for a sport and leisure scheme. The scheme will cover personal trainers, gyms, rock climbing, mountaineering and other outdoor team building activities.
Posted: 2022-05-10
Data from Allianz Global Corporate & Specialty shows there were 54 large ships lost worldwide in 2021, a reduction of 57% over the past decade. However, the number of reported shipping casualties or incidents rose. The British Isles saw the highest number – 668 out of 3,000.
Posted: 2022-05-10
Ancillary insurance and claims provider Coplus has launched a white-label product platform that enables users to take products to market in three months and offers complete policy fulfilment, including premium collection. The platform was initially developed to support a home excess protection product for GoCompare customers.
Posted: 2022-05-09
According to Axa UK, only a third of adults have a complete understanding of what home insurance covers and severely undervalue the items they acquire over time, despite the fact that the average home contains nearly £30,000 worth of possessions.
Posted: 2022-05-09
Axa Group has reported gross revenues of £26.7bn for Q1 2022, up on the £26.2bn achieved in the same period last year. Axa UK and Ireland reported gross revenues of £1.2bn in Q1 this year, up from £1.1bn last year. In the UK and Ireland, revenue from personal lines fell 5% to £382m, while commercial revenue for the quarter increased by 6% to £352m.
Posted: 2022-05-06
Broker Gallagher Re has expanded Deposit Unlock, the reinsurance-backed mortgage indemnity scheme it developed in partnership with the Home Builders Federation, Homes for Scotland and a number of house builders. Four new house builders have joined the scheme. They are Wheeldon Homes, Mandale Homes, Edenstone and Devine Homes.
Posted: 2022-05-06
Build-Zone, has renewed two ‘A’ rated insurance binders with enabling it to continue to write inherent defects insurance and structural warranty business in the UK and Ireland. The binders were renewed with Axa XL and Fidelis Underwriting Limited/Fidelis Insurance Ireland DAC.
Posted: 2022-05-06
Close Brothers Premium Finance has developed a new suite of data insight and enrichment tools to help brokers improve the management of their premium finance portfolio. One tool, Foresight, supports personal lines brokers by improving prediction accuracy on policy cancellation. Another for commercial brokers, Focus 360, offers improved analysis of their portfolio.
Posted: 2022-05-05
Insurtech Bluezone, which specialises in life insurance for people with chronic illnesses, has announced a £1.5m seed round led by Insurtech Gateway and AV8 Ventures. Oxford Capital, Portfolio Ventures and a number of angel investors also participated. Bluezone will use the funding to support the launch of its first product – life insurance for people with Type 2 Diabetes.
Posted: 2022-05-05
Aston Lark Ireland has bought specialist insurance broker J F Dunne Insurances Ltd, following the announcement of another acquisition earlier this week. Kildare-based Dunne Insurances was established in 1977 and the family business has developed specialist home, motor and personal accident schemes.
Posted: 2022-05-05
Aston Lark has announced the acquisition of UKGlobal – its 50th since formation in 2018. UKGlobal has divisions specialising in commercial insurance, private medical insurance and group risk and protection insurance. Following the acquisition, UKGlobal will retain its employees and its brand.
Posted: 2022-05-04
Markerstudy has confirmed the completion of its purchase of BGL Insurance, having received regulatory approval for the change in ownership. Markerstudy said the BGL Insurance brand would be retained, and there were no anticipated changes to its three locations of Peterborough, Sunderland and Wakefield.
Posted: 2022-05-04
Cyber schemes saw an 82% rise in commission earnings during the six-month period from the start of October 2021 to April 2022, according to SchemeServe’s bi-annual index, which tracks trends in the schemes market. It found cyber volumes were up 32% over the period and 500% since the start of the pandemic.
Posted: 2022-05-04
Insurers will pay out almost £500m in claims for damage caused by Storms Dudley, Eunice and Franklin during February. According to the Association of British Insurers, the storms generated 177,000 claims relating to homes, vehicles and businesses.
Posted: 2022-05-03
Aon has reported total revenue of approximately £3bn for Q1 of 2022, an increase of 4% on the same period last year. Its commercial risk solutions division reported a 5% uptick in revenue for the period to £1.4bn while its reinsurance solutions division reported a 6% increase to achieve revenue of £780m.
Posted: 2022-05-03
Health insurers need to better tailor their propositions to differing geographic and demographic customer demands if they want to tap into the potential offered by digital technology, according to research from Finaccord.
Posted: 2022-05-03
Insurance data and analytics provider LexisNexis Risk Solutions has teamed up with credit reference agency TransUnion to secure access to its TrueVision data set, which offers a detailed picture of a customer’s financial position.
Posted: 2022-04-29
Pet Proactive Limited, which provides underwriting services for pet insurance on behalf of capacity provider HDI Global Specialty SE, has become an appointed representative of Pro MGA Global Solutions, a subsidiary of Pro Global Holdings Limited.
Posted: 2022-04-29
Axa’s shareholders have approved the appointment of Antoine Gosset-Grainville, who succeeds Denis Duverne, as chair of Axa and reappointed Thomas Buberl as CEO. The vote was passed at the insurer’s annual shareholders’ meeting.
Posted: 2022-04-29
The Chartered Insurance Institute has announced that Alan Vallance (pictured) will become CEO of the professional body on 30th August this year, succeeding interim CEO Jonathan Clark. Vallance is currently CEO of the Royal Institute of British Architects and in his role at the CII will take forward the board’s new five-year plan.
Posted: 2022-04-28
Zurich Insurance Group has named 12 start-ups from 2,600 applicants that it will support as part of the third edition of its Zurich Innovation Championship programme. The start-ups operate in the four areas of insurance reimagined, prevention and mitigation, simplicity, and sustainability. They will now embark on an accelerator programme to fast-track their development.
Posted: 2022-04-28
Intermediaries can now use the digital Health Compass platform to compare international private medical insurance products and apply the technology to find products suited to the specific cover requirements and budgets of individual customers.
Posted: 2022-04-28
More than a quarter of UK consumers would be happy to buy home insurance, according to GlobalData’s 2022 UK Insurance Consumer Survey. Amazon also scored well with consumers, as did energy suppliers, highlighting the potential challenges faced by traditional carriers to hold on to policyholders.
Posted: 2022-04-27
A medical, cancellation and baggage cover product initially launched in the UK by Axa Partners and Trip.com will be rolled out to Spain and Italy later this year, having recently been made available in France and Germany.
Posted: 2022-04-27
The Motor Vehicles (Compulsory Insurance Bill) will prevent the need for a wider selection of vehicles, including those on private land, to have motor insurance. The legislation has passed through Parliament and now awaits Royal assent to confirm the changes into law. It removes the effects of the European Vnuk judgment from UK law.
Posted: 2022-04-27
Since its launch in 2012, a signposting agreement to support older customers access travel and motor insurance between the government, the British Insurance Brokers’ Association and the Association of British Insurers has generated more than 860,000 enquiries to BIBA’s Find Insurance service.
Posted: 2022-04-26
Accident management firm Sopp and Sopp has signed a deal with video telematics specialist VisionTrack to launch an automatic FNOL service for commercial fleets. The system uses artificial intelligence and computer vision to help validate driver welfare, streamline costs and contain costs.
Posted: 2022-04-26
Asset valuation specialist John Foord is looking to grow its presence in the EMEA regions and accelerate the development of the analytics tools and valuation solutions available to clients. To do this, it has recruited Andrew Empson (pictured) into the newly created role of director – valuation and analytics EMEA.
Posted: 2022-04-26
The insurance industry is a prominent part of a group of 17 UK organisations that have written to Prime Minister Boris Johnston calling for the government to announce primary legislation for automated vehicles in the upcoming Queen’s Speech.
Posted: 2022-04-25
Syndicate 2525 is paying its panel adjusters a fee bonus when they complete a site visit in an entirely electric vehicle. The specialist third party and employers’ liability insurer at Lloyd’s said the flat fee added more than 25% to its on-site investigation fee for lower value, higher volume claims.
Posted: 2022-04-25
Re/insurance intelligence and geospatial imagery company McKenzie Intelligence Services has received ISO 27001 certification, the standard for the establishment and certification of an information security management system. Since 2016, MIS has been the exclusive geospatial intelligence provider for Lloyd’s, its managing agents, TPAs and partners.
Posted: 2022-04-25
Marsh McLennan has reported consolidated revenue of approximately £4.2bn for Q1 2022. This is an increase of 9% on the same period the previous year. Revenue from its Risk & Insurance Services division, including Marsh and Guy Carpenter, was £2.7bn in the first quarter of the year, up by 10% on the previous year.
Posted: 2022-04-22
FCA authorised and regulated Lloyd’s wholesale insurance broker Corrie Bauckham Batts Limited has entered liquidation. John Dean Cullen and Rachel Helen Lai of Menzies LLP have been appointed as joint liquidators. The firm placed non-marine insurance business into the London Market.
Posted: 2022-04-22
Cyber attacks and data loss were named as the top risks facing director and offices in a survey carried out by broker WTW and law firm Clyde and Co. Cyber extortion and the growth of ransomware attacks were also named as significant concerns.
Posted: 2022-04-22
Comprehensive motor insurance premiums have gone up by 2% during the past 12 months, representing the first annual rise since the autumn of 2020, according to the Confused.com Car Insurance Price Index in association with WTW. It said the annual rise came on the back of two quarterly increases.
Posted: 2022-04-21
Insurance services provider handl Group has acquired IPRS Group (Injury, Prevention and Rehabilitation Services), enhancing its market presence in the health and wellbeing sector. Suffolk-based IPRS Group offers a range of clinical products and services to the public and private sectors and had a turnover of £17m in 2020.
Posted: 2022-04-21
Young drivers (under 30s) continue to push privacy concerns to one side and between 2020 and 2021 increased their use of telematics motor insurance by 28.6%, according to data and analytics company Global Data.
Posted: 2022-04-21
County Group, the North West business hub of Global Risk Partners, has acquired Welsh broker Archenfield Insurance Management, which has offices in Monmouth and Cardiff Bay. It has been trading for 25 years and places a mix of commercial and business lines for clients.
Posted: 2022-04-20
Zurich UK has expanded its regional footprint and opened an office in Chelmsford to serve clients in East Anglia. It aims to recruit 11 specialist underwriters into the new office, which will be housed in a flexible co-working space.
Posted: 2022-04-20
Michel M. Liès (pictured), chairman of Zurich Insurance Group, has become steering committee chair of the Insurance Development Forum, which is a public/private partnership for the insurance industry whose members include the United Nations and the World Bank.
Posted: 2022-04-20
AbbeyAutoline, which is partner of Prestige Insurance Holdings, has acquired brokerage BMG Insurance, expanding its footprint in Northern Ireland. BMG specialises in commercial motor and haulage clients and has offices in Portadown and Newtonbutler.
Posted: 2022-04-19
CPP Group company Blink Parametric, has partnered with global insurtech Baoba. Baoba is B2B marketplace for travel sector organisations looking to add solutions for customers from providers such as travel insurers, travel agents and airlines.
Posted: 2022-04-19
Flood Re has announced a scheme to help ensure that homes are better protected against future flooding. Build Back Better is designed to make homes more resilient against incidents, supporting measures to help reduce losses by adapting features within homes which could minimise the impact should a flood reoccur.
Posted: 2022-04-14
Insurance companies in the UK are publishing record numbers of vacancies for claims specialists as they gear up for an anticipated surge in Covid litigation following the landmark High Court decision in favour of business interruption insurance policyholders.
Posted: 2022-04-14
Haven Insurance has agreed a two-year contract with Auto Windscreens for the provision of vehicle glass repair and replacement services to its customers.
Posted: 2022-04-14
Credit insurance and surety specialist Xenia has acquired a majority stake in Capstone Insurance Brokers, a Hong Kong-based insurance broker which specialises in financial lines and digital asset insurance.
Posted: 2022-04-13
The global hydrocarbon extraction, transport, and processing industry experienced a significant reduction in the number of major property damage losses during 2020-2021, due to the combined impact of the Covid-19 pandemic and well-executed business continuity planning, according to a report by broker Marsh.
Posted: 2022-04-13
Online used car marketplace Heycar has partnered with insurtech Wrisk to launch an embedded car insurance offering. Heycar motor insurance will provide an embedded link into a monthly rolling subscription insurance, powered by Wrisk, rather than redirect customers to comparison sites, or to brokers providing temporary cover.
Posted: 2022-04-13
Insurers MS Amlin and Hydor have announced the launch of the Association of Commercial P&I Insurers (ACPII), founded to support and promote commercial P&I in global markets.
Posted: 2022-04-12
The Lloyd’s building at London’s Lime Street was closed this morning due to a large-scale protest by climate activists. Around 70 protestors from Extinction Rebellion blocked the entrances to the Lloyd’s HQ from 7am on Tuesday 12 April, preventing staff from entering. The intention is to close the Lloyd’s market for the day and to demand that it stops insuring fossil fuel projects.
Posted: 2022-04-12
Insurance broker Howden has announced the acquisition of SPF Private Clients, subject to regulatory approval, in a deal which it says extends its offering to the mortgage broking market while enhancing its existing general insurance and wealth management service.
Posted: 2022-04-12
Keoghs fraud rings and intelligence teams have combined with LV=, AXA and 1st CENTRAL to identify a complex network of organised fraud involving deliberately induced accidents, with the operation saving over £1.2m to date, and five recent litigated cases alone saving around £1m.
Posted: 2022-04-11
The Chartered Insurance Institute’s survey of consumer attitudes to insurance has revealed how the profession is meeting the FCA’s consumer duty requirements as well as areas where there is room for improvement.
Posted: 2022-04-11
Fidelis Insurance has appointed Mark Herget to the position of deputy group head of direct & facultative (D&F) property.
Posted: 2022-04-11
JM Glendinning Group has acquired the Sphere Group. It will continue to trade under the Sphere brand and its seven employees will move to work out of the Newcastle premises used by JM Glendinning Insurance Brokers North East.
Posted: 2022-04-08
The Financial Conduct Authority is recruiting 80 staff as part of a new three-year strategy to improve outcomes for customers in the markets it regulates throughout the UK. The strategy will focus on preventing serious harm, setting higher standards and promoting competition.
Posted: 2022-04-08
The Movo Partnership has added seven new appointed representatives in April, taking the total to 55 members controlling gross written premium of £55m. The partnership said it wanted to add another 20 members and boost GWP by another £10m by the end of the year.
Posted: 2022-04-08
Loss adjuster QuestGates has acquired Amedeo Adjusting, which was founded in 2003 and provides property and liability loss adjusting services from offices in Glasgow, London, Manchester and Birmingham. It also provides catastrophe services in the Bahamas and Jamaica.
Posted: 2022-04-07
Provider of pay-per-use insurance provider Iotatech has entered into an agreement with Optalitix, which creates systems in Excel, to launch a joint product for clients using the Iotatech platform.
Posted: 2022-04-07
Insurance software solutions provider Genasys has struck a deal with Simplyhealth to migrate more than one million of its health plans to a single policy platform in a multi-year project.
Posted: 2022-04-07
Specialty insurer Fortegra Group has acquired secondary intermediary network ITC Compliance GRP Limited. ITC was founded in 2003 and provides appointed representative status to organisations in the UK retail automotive sector. It also has a broking arm.
Posted: 2022-04-06
Apollo Syndicate Management Limited has agreed a partnership with Mosaic Insurance. The deal raises Mosaic’s underwriting capacity for transactional liability risks from approximately £31m to £38m in North America, and from £28m to £34m in the rest of the world.
Posted: 2022-04-06
Foundations, soil and ground investigation specialist Bachy Soletanche Group has appointed Gallagher as the insurance broker for its UK operations, which have a turnover in excess of £250. Gallagher replaces the incumbent broker that had previously held the contract for 25 years.
Posted: 2022-04-06
Research from Allianz Commercial has found a growing proportion (44%) of sole traders and SMEs do not have business insurance. This is up from 41% the previous year. Almost half of those asked (47%) said their business was too small for insurance.
Posted: 2022-04-05
Loss adjuster Woodgate and Clark Limited has acquired specialist media and entertainment claims company Spotlite Claims Limited for an undisclosed sum. The deal will see Spotlite employees transfer to Woodgate and Clark and the acquired company will retain its brand.
Posted: 2022-04-05
MGA Castel Underwriting Agencies Ltd, including Castel Underwriting Europe BV, has been assessed by rating agency AM Best as “excellent” with an overall Performance Assessment of PA-2. The assessment covered the following five areas: underwriting capabilities; governance and internal controls; financial condition; organisational talent; and depth and breadth of relationships.
Posted: 2022-04-05
SCOR Syndicate has named Marie Biggas as active underwriter and chief underwriting officer of SCOR UK. The appointment is subject to regulatory approval. Previously she was deputy active underwriter for Arch Syndicate 2012, and head of terrorism, aviation, war and space for Arch Insurance International.
Posted: 2022-04-04
The Jensten Group has started a restructuring process that will see the firm rationalise operations into consistent corporate brands and five trading divisions - Jensten Insurance Brokers, Jensten London Markets, Jensten Underwriting, Jensten Brokers Europe, and Coversure for franchise activities.
Posted: 2022-04-04
Lloyd’s Lab has announced the 11 insurtech start-ups that will comprise the eighth cohort of its ongoing development initiative. The firms will complete a 10-week programme and were selected for their focus on solutions pertaining to decarbonisation and climate change; supply chains; data and models; and claims.
Posted: 2022-04-01
KGM Underwriting Services is to acquire MGA Eridge Underwriting Agency, which focuses on providing higher rated motor cover. The deal is expected to complete at the end of May and broadens KGM’s footprint in the motor market. It expects to produce gross written premium of £175m in 2022.
Posted: 2022-04-01
Specialist lines MGA Occam Underwriting has acquired Beech Underwriting Agencies, having received the required approval from the Financial Conduct Authority. Beech Underwriting is an approved Lloyd’s cover-holder and is a specialist in placing terrorism cover.
Posted: 2022-03-31
Research from Swiss Re Institute's latest sigma report shows that in 2021 global economic losses from floods hit £82bn, although just over £15bn of those were insured. Floods accounted for 31% of global economic losses from natural catastrophes, while tropical cyclones accounted for 33% of losses.
Posted: 2022-03-31
Lloyd’s has appointed Schroders Solutions as the investment partner of its new investment platform. The platform will offer a series of funds across asset classes, made available to Lloyd’s market investors who can freely invest in and allocate between them according to their appetite.
Posted: 2022-03-30
Travel insurance and assistance service provider Allianz Partners has agreed a deal with customer benefits and loyalty specialist Collinson. The agreement gives Allyz members access to airport lounges worldwide during flight delays. Allyz is the new digital platform from Allianz Partners that offers travellers access to safety, security, health and travel services from different partners.
Posted: 2022-03-30
RVU, which owns, Confused.com, Money.co.uk and Uswitch has agreed to acquire temporary motor insurance provider Tempcover. The deal is for an undisclosed sum and is subject to regulatory approval. Tempcover was established in 2006 and has a team of 51 employees.
Posted: 2022-03-29
The Claims Consortium Group has acquired Lloyd’s and London Market focused loss adjuster Roger Rich & Co, which was established in 1984, for an undisclosed sum. The deal sees the Claims Consortium Group expand its services into the accident, travel, health and pet sectors.
Posted: 2022-03-29
Trade credit insurer Euler Hermes UK, which has offices in London, Birmingham and Manchester and has been part of the Allianz Group since 2018, has rebranded as Allianz Trade. It has more than 5,500 employees operating in more than 50 countries.
Posted: 2022-03-29
The Ardonagh Group reported income of £945.8m for the year to 31st December 2021, up by 32.5% on the previous year. It said the figure was underpinned by organic growth of 7.3%. Adjusted EBITDA increased by 42.4% from £223.7m to £318.5m.
Posted: 2022-03-28
Insurer Axa has issued an update in relation to undoing its commercial ties with Russia and increasing the support it offers to Ukraine. In a statement, Axa said: “Since the start of Russia’s invasion of Ukraine, Axa has fully enforced all international sanctions. We have also stopped underwriting new insurance business (and stopped all renewals) with respect to Russian owned assets located in Russia.”
Posted: 2022-03-28
Insurance market Lloyd’s has reported a profit of £2.3bn for 2021, compared to the £0.9bn loss record a year earlier. In 2021 it posted a combined ratio of 93.5%, an improvement on the 110.3% recorded in 2020. Premium rates increased by 10.9%, continuing a consistent upward trend that now stretches over 16 quarters.
Posted: 2022-03-25
Consolidating broker Aston Lark has acquired Braddons, a specialist corporate broker, which was established in 1994 and has a particular focus on the construction and real estate sectors. It has since diversified its client base to include sectors including recruitment, energy, transportation, life sciences, clinical negligence, fintech and financial institutions.
Posted: 2022-03-25
Motor insurer Sabre Insurance Group plc has reported a profit before tax of £37.2m for the year ended 31st December 2021. This was down from £49.1m the previous year. Gross written premium was £169.3m, down from £173.2m in 2020 while the combined operating ratio for 2021 was 79.4%. This was up from 75.3% the previous year.
Posted: 2022-03-24
Saga plc has announced its preliminary results for the year ended 31st January 2022. Its retail broking division posted a profit before tax of £66.4m for the year, down 12.5% on the previous year. Its underwriting division recorded a profit before tax of £54.1m, down 7.8% on last year’s number.
Posted: 2022-03-24
The Association of British Insurers has said ethnicity is not a factor in pricing following a report from Citizens Advice which said people of colour pay hundreds of pounds more each year for motor cover. In 2021, the charity assessed car insurance costs for 18,000 people and found that, on average, people of colour paid £250 a year more than white people.
Posted: 2022-03-23
The credit hire industry has welcomed the publication of, “Part 2 of the Government Response to: Reforming the Soft Tissue Injury (‘whiplash’) Claims Process,” which looks at the arrangements concerning personal injury claims in England and Wales.
Posted: 2022-03-23
Blink Parametric, a CPP Group insurtech, has agreed a partnership with Lloyd’s re/insurance broker MNK Re. To begin, the deal will include the rollout of Blink’s flight disruption solution with plans to offer additional solutions in areas such as diverse weather, energy and climate.
Posted: 2022-03-22
The Movo Partnership Network has launched its new insurer portal called MIP. It lets insurers see all the relevant profile information they need about Movo’s broker members Plans are in place to allow insurer and brokers to exchange information directly via the portal and further improve their ability to trade quickly and efficiently.
Posted: 2022-03-22
Leakbot, which provides a patented water security system and was previously owned by HomeServe plc, has been acquired by Spinnaker Acquisitions Plc, which has renamed as Ondo InsurTech Plc and listed on the London Stock Exchange.
Posted: 2022-03-22
Members have endorsed HM Treasury’s five-yearly review of Pool Re, the government backed terrorism reinsurer. Members voted unanimously in favour of the review, which set out the scope of works for the coming future.
Posted: 2022-03-21
Loss adjuster QuestGates has warned that rising prices could lead to a surge in diesel and heating oil theft and an increase in environmental pollution damage from associated spills when criminals take fuel out of storage tanks.
Posted: 2022-03-21
The British Insurance Brokers’ Association has teamed up with MI Commercial Risks to launch an extension to its flood scheme that protects SMEs against the financial impact of a flood. The product is only available to BIBA members.
Posted: 2022-03-18
Lloyd’s has given approval for Oman Insurance Company’s syndicate 2880, which is managed by Asta, to commence underwriting. The syndicate launched under the syndicate-in-a-box initiative and will operate on the Lloyd’s platform under the Dubai International Financial Centre.
Posted: 2022-03-18
Verto syndicate 2689 has signed a deal with insurtech Optalitix to offer a fully digital pricing system with AI capability. Lloyd’s syndicate Verto operates on a follow-only basis and expects the partnership to improve its risk selection and to accelerate its underwriting process.
Posted: 2022-03-18
Markerstudy has named Mike Wall as head of non-standard insurance and tasked him to build a team to develop the intermediary’s non-standard home and motor offerings, including telematics insurance under the existing Smart Driver Club brand. He is actively recruiting for 12 positions.
Posted: 2022-03-17
Digital intermediary Frontier Insurance Solutions has appointed data intelligence provider Percayso Inform to improve the view it has of customers and support the development of additional products. Frontier focuses on the home and residential landlord sectors.
Posted: 2022-03-17
Lloyd’s of London has fined syndicate member Atrium Underwriting a record £1m for bullying and misconduct, the largest fine it has given for misconduct. It issued a notice of censure in response to misconduct that took place at Atrium, a managing agent in the Lloyd’s market. The public censure details three charges, to which Atrium has admitted.
Posted: 2022-03-17
Direct Line Group has teamed up with Zoom EV to encourage greater take-up of electric vehicles through its employee benefit scheme. Zoom EV’s benefits package includes cheaper access to public charging networks, nationwide parking, and money off smart home charging units. Direct Line Group already offers the Zoom EV package to new customers.
Posted: 2022-03-16
Machine Learning Programs, which is part of Open GI Group, has appointed Damian Baxter as chief executive officer. The move will see Tom Murphy, company founder and incumbent CEO, transition to the role of chief technology officer following a handover period.
Posted: 2022-03-16
Claims and technology solutions provider Charles Taylor has developed InHub, which is a cloud-based platform giving users access to third-party software as well as all of the solutions offered by Charles Taylor InsurTech. The InHub framework and architecture has been developed in conjunction with Microsoft and Oracle.
Posted: 2022-03-15
UK-based MGA Aurora has partnered with incubator operation Pro MGA Global Solutions, which is part of Pro Global Holdings Limited. Aurora provides commercial insurance to micro, small and medium businesses both directly and through selected brokers.
Posted: 2022-03-15
Speciality re/insurance MGA Rokstone, which is part of the Aventum Group, has appointed Gavin Dollings as its chief digital underwriting officer with strategic and operational oversight of all business distributed through Rokstone’s digital platform. He joins from Covea where he led the commercial underwriting team.
Posted: 2022-03-15
RSA Insurance Group Limited has reported a profit before tax of £4.3bn for the year ended 31st December 2021, of which continuing operations contributed a loss of £228m and discontinued operations a profit of £4.6bn (£17m loss and £500m profit respectively in 2020).
The disposal of the group’s operations in Scandinavia and Canada accounted for a £4.4bn gain in the results.
Posted: 2022-03-14
Axa UK&I has said home insurance customers can accommodate refugees without impacting their cover and without requiring insurer approval. Business insurance customers with hotels or guest accommodation can also support refugees under their current insurance policy but will need to inform Axa that they are going to offer this support.
Posted: 2022-03-14
Arc Legal Assistance, which is part of the AmTrust Financial Group, has completed the integration of recent acquisitions Legal Insurance Management and AmTrust Underwriting Limited to establish a new business called Arc Legal Group.
Posted: 2022-03-11
MGA and Lloyd’s coverholder Loadsure has raised almost £8.5m in Series A funding through a round led by MMC Ventures alongside Crowley, a global maritime, energy and logistics company, and existing investor Insurtech Gateway. Loadsure offers clients cover through a transactional cargo insurance platform supported by an automated claims process.
Posted: 2022-03-11
Pukka Service, which is part of the Freedom Group, has migrated to CDL’s cloud-based policy administration platform, which is hosted by Amazon Web Services. The platform handles inbound EDI from multiple software houses and is flexible to specific user requirements around reporting and account reconciliation across multiple schemes, product lines and partnerships.
Posted: 2022-03-11
CRIF Decision Solutions is providing RSA with digital solutions to improve its ability to detect pet insurance fraud and minimise the incidence of issues such as the non-disclosure prior claims and the misrepresentation of a pet’s breed.
Posted: 2022-03-10
Terrorism reinsurer Pool Re has completed the placement of its second ILS cat bond, which was issued through UK domiciled special-purpose vehicle, Baltic PCC Ltd. The bond increased in size to £100m from the first bond of £75m issued in 2019. The risk spread was reduced to 5.5% compared to 5.9% under the 2019 issue.
Posted: 2022-03-10
The Association of British Insurers has been confirmed as an official accelerator of the UN-backed Race to Zero campaign. In this role, the ABI will encourage members to join the campaign and work to raise awareness of the initiative.
Posted: 2022-03-10
The winners of the 2022 National Insurance Awards were announced last night at a gala dinner and awards ceremony at the London Marriott Hotel, Grosvenor Square. Hosted by comedian Zoe Lyons, and attended by 350 people, the awards highlight the very best in general insurance provision and management.
Posted: 2022-03-10
Direct Line Insurance Group Plc has announced a profit before tax of £446m in its preliminary results for the year ended 31st December 2021. This was down from the £451.4m recorded the previous year. Gross written premium dipped by 0.3% to £3.17bn for the year, while in-force policies also nudged down by 0.3% to 14.6 million.
Posted: 2022-03-09
Gallagher has acquired a specialty and facultative reinsurance business in the Dubai International Finance Centre to support clients across the Middle East and Africa. It has taken a 51% stake in ACE Re Ltd (DIFC). MIG Group retains the remaining 49% of the shares. The ACE Re (DIFC) team and clients will move into the new business and trade as Gallagher going forward.
Posted: 2022-03-09
US broker Brown & Brown has agreed to acquire Global Risk Partners from Searchlight Capital Partners. The deal is expected to complete in Q3 and is subject to regulatory approval.
Posted: 2022-03-08
Esure Group, operating under the two main bands of esure and Sheilas’ Wheels, has reported a trading profit, which excludes the impact of costs relating to one-off activity, of £83.5m for the year to 31st December 2021. This was up from the £82.6m recorded the previous year.
Posted: 2022-03-08
Re/insurance group Aventum has acquired Mulberry Risk, a consultancy providing actuarial, analytical, exposure and capacity management services to MGAs. Aventum said Mulberry gives MGAs the ability to analyse their portfolios and improve ongoing underwriting performance.
Posted: 2022-03-08
County Group, which is owned by Global Risk Partners, has acquired Cardiff-based community broker PG Insurance. The deal completed for an undisclosed sum on 1st March and extends GRP’s footprint in South Wales. PG Insurance will continue to trade under its existing brand.
Posted: 2022-03-07
Company director Haroon Bashir has been sentenced to 13 months in prison in attempt to defraud insurer Alliance. He had admitted starting a fire at his printer supply factory in Dundee. The fire had occurred on 11th February 2018 and claims were filed for losses totalling just over £2m.
Posted: 2022-03-07
RiverStone International has completed a reinsurance-to-close transaction of the legacy liabilities of the 2019 and prior years of account of Acappella Syndicate 2014, managed by Hamilton Managing Agency Limited, a wholly owned subsidiary of Hamilton Insurance Group.
Posted: 2022-03-07
Digital insurance broker Simply Business has announced a new partnership with RSA to extend its offering for tradespeople. RSA will join Simply Business’s panel of tradespeople insurance providers and provide products to Simply Business’s customers via both its RSA and More Than brands.
Posted: 2022-03-04
Verisk has acquired a UK based insurtech, Automated Insurance Solutions. The acquisition includes AIS’s flagship solution BAIL. The automated motor claims liability assessment solution provides assessors with accident information including Google Maps integration for location and weather at time of incident, local highway code, case law and imagery, together with a forecasted liability outcome.
Posted: 2022-03-04
Intermediary Specialist Risk Group has completed a deal to acquire commercial and motor trade broker Hamilton Leigh, subject to regulatory approval. Hamilton Leigh has a history dating back to 1987 and its team will join SRG’s retail division, Specialist Risk Insurance Solutions.
Posted: 2022-03-03
Insenture Underwriting has teamed up with telematics insurtech ThingCo to support the launch of fayre, an insurance product for private hire taxis. Under the partnership, ThingCo will deliver Theo, a self-fit device incorporating AI driven intelligent voice to fayre policyholders.
Posted: 2022-03-03
Speciality MGA Optio Group has appointed David Robinson as managing director, as of 1st March. Based in London, Robinson will join the group executive committee and oversee Optio’s underwriting, claims and data support functions. He brings 25 years of experience at Chubb and then Ace, where he served as regional president, UK & Ireland.
Posted: 2022-03-02
New Financial Conduct Authority rules have come into force restricting the amount claims management companies can charge. The limits are set as a percentage of the redress due to individuals, ranging from 30% for awards of £50,000 and above, down to 15% for awards of £1,499 and below.
Posted: 2022-03-02
Insurer QBE has announced a deal to work with risk management specialist Risk Solved in a programme that will deliver its new digital risk profiling solution, QRisk. The new solution will give customers real-time access to a range of risk management services via their device of choice - mobile, tablet or PC.
Posted: 2022-03-01
Ayrshire-based, Blue Rock Insurance Brokers has opened a new office in Bellshill, Lanarkshire to accommodate a new client base and expand its regional footprint. The new office will be based at Phoenix House within the Strathclyde Business Park development.
Posted: 2022-03-01
Reinsurance broker Gallagher Re has teamed up with cybersecurity data provider BitSight to enhance its ability to provide clients with an overview of the security performance and supply chain aggregation within their portfolios.
Posted: 2022-03-01
Swiss Re has announced group net income of just over £1.0bn for 2021, in comparison to the loss of £656.4m it announced for the previous year. It published a net income of £1.6bn for its property and casualty reinsurance business, turning around the loss of £184.7m announced for the previous year. Its P&C reinsurance combined ratio improved from 109% (2020) to 97.1% (2021).
Posted: 2022-02-28
Motor insurer Equity Red Star, which is part of IQUW Group, has renewed its partnership with rehabilitation services provider Corporé, which is part of handl Group. The new contract means Corporé will continue to provide case management and treatment services across the full range of ERS’s third party personal injury claims.
Posted: 2022-02-28
MGA Optio Group has increased its warranty and indemnity line size for single risks from £12m to £20.5m. It has also hired Paul Tominey as senior underwriter to help expand the provider’s warranty and indemnity proposition.
Posted: 2022-02-28
Hastings Direct has implemented the use of geographic location technology what3words into its motor claims handling process, helping it improve the speed at which it responds to customers needing assistance. The technology provides a unique reference for accident or breakdown locations, enabling a faster, more certain response.
Posted: 2022-02-25
Motor insurer and distributor Abacai Technologies has teamed up with Synectics Solutions to use its database of cross-sector customer risk intelligence across point-of-quote, point-of-sale, and point-of-claim customer interactions. Abacai said the partnership would allow it to make faster, more accurate decisions with fewer verification processes.
Posted: 2022-02-25
The British Insurance Brokers’ Association, the Association of British Insurers and Flood Re have published a directory of 18 specialist flood insurance providers to assist people struggling to find cover. The move comes after a government review, published last year, recommended a means of providing easier access to suitable and affordable insurance products for those living in flood-prone areas.
Posted: 2022-02-25
Members of the Association of British Insurers have pledged to double the number of apprenticeships across the insurance and long-term savings sector to 2,500 by 2025. The stated goals are to boost socio-economic diversity at entry level across the industry, to increase career opportunities around the UK and to increase access and inclusion.
Posted: 2022-02-24
GRP-owned Premier Choice Healthcare has announced the acquisition of Bristol-based Amba Care and Wellbeing, which is the broking division of Amba People Group and distributes healthcare insurance, group life and group income protection to corporate clients.
Posted: 2022-02-24
Aston Lark Ireland will acquire Dublin-based Marine & General Insurances DAC, which serves individuals and businesses and offers a range of general insurance, financial services and life and pensions products. The deal, for an undisclosed sum, is subject to regulatory approval.
Posted: 2022-02-24
Zurich UK has awarded Europcar Mobility Group UK a three-year contract to act as its sole supplier for temporary replacement vehicles. The rental company has a dedicated insurance support team based at its headquarters in Leicester and has recently added non-fault credit hire operation Cogent Hire to its offering.
Posted: 2022-02-23
London-based MGA Lares has gone live with an unoccupied household product on the Go-Insur digital insurance platform. The platform expects to host a series of further non-standard household products in the coming months. Go-Insur has recently completed an integration to enable electronic data interchange with Open GI.
Posted: 2022-02-23
Research from Gallagher Re suggests that by 2040 the cyber market will be comparable in size to either the property or casualty markets, and that it will exceed the property catastrophe market in terms of annual reinsurance premium a number of years before that date.
Posted: 2022-02-23
Global Risk Partners has announced that it will acquire a majority stake in Borehamwood-based broker Hamilton Fraser for an undisclosed consideration. The broker specialises in insurance and risk management for the private rented property sector and the cosmetic and aesthetic practitioners industry.
Posted: 2022-02-22
MGA Jackson Lee Underwriting has gone live with an electric vehicle early termination policy, underwritten Great American Insurance International (UK) Limited. The policy covers companies supplying electric vehicles as part of a corporate salary sacrifice scheme against the financial penalties of early redemption, for example if an employee resigns, loses their license on medical grounds, or falls sick.
Posted: 2022-02-22
Agricultural insurance specialist H&H Insurance Brokers has put a focus on expanding in the North-East and increasing its presence at agricultural marts in Middleton-in-Teesdale and Kirkby Stephen on the Cumbrian border.
Posted: 2022-02-22
Research from connected vehicle services provider, Verex Group has found that 29% of drivers want their next vehicle to include a usage-based or pay as you drive insurance solution as part of the connected services offered by the vehicle manufacturer.
Posted: 2022-02-21
Insurers are under pressure to deliver more regular and more personal customer experiences, according to the Global Consumer Insurance Insights Survey, which was conducted independently by Research in Finance and promoted by Duck Creek Technologies.
Posted: 2022-02-21
Full year results for Allianz Group released today show that the organisation is continuing to grow its business in the UK, achieving total revenue of £5.4bn in 2021, and growth of 2%.
Posted: 2022-02-18
As Storm Eunice batters parts of the UK today with winds of up to 100mph and warnings over flood risk in coastal areas, the Association of British Insurers (ABI) has sought to reassure homeowners and businesses that insurers will do everything they can to help customers recover as quickly as possible should they suffer storm damage. Home insurance, commercial business policies, and comprehensive motor insurance all cover damage caused by storms.
Posted: 2022-02-18
Insurer Hiscox has appointed Jon Dye as its new UK CEO, effective September 2022 and subject to regulatory approval.
Posted: 2022-02-17
AXA Commercial has launched a new electric vehicle proposition for motor fleet customers which it says offers a greener fleet option to businesses.
Posted: 2022-02-17
Critical event solutions provider Everbridge and broker Brown & Brown have teamed up to develop a new product that aims to enable property and casualty insurance customers to benefit from advanced alerts of events that may impact their insured properties.
Posted: 2022-02-17
WTW has partnered with Aurora, a UK specialist commercial insurance provider for the SME market. The firms say that the combination of WTW’s Radar Live and Aurora’s digital insurance platform will help to deliver real time commercial quotations, both directly to SME businesses and through intermediaries via an omni-channel distribution mechanism.
Posted: 2022-02-16
Reinsurer Conduit has appointed Greg Roberts as group chief underwriting officer, taking over from Trevor Carvey, the Group CEO and the current group CUO, with effect from 1 March 2022. Roberts joined Conduit in 2020 to lead Conduit’s property underwriting.
Posted: 2022-02-16
The British Insurance Broker’s Association (BIBA) has revealed the speaker programme for its 2022 Conference which takes place in Manchester on 11-12 May.
Posted: 2022-02-16
Insurers have been urged by emerging talent within the profession to innovate now or risk becoming irrelevant to the public. A report by the Chartered Insurance Institute’s New Generation London Market group concluded if the insurance profession does not learn lessons from the pandemic and innovate it could soon no longer meet the public’s needs.
Posted: 2022-02-15
Specialty MGA Optio Group, has promoted Mark Kelsey to UK head of political violence and terrorism (PVT) and tripled its line size for single risks to US$150m.
Posted: 2022-02-15
AXA UK&I has acquired the renewal rights to Ageas UK’s commercial business, for an initial fee of £47.5m. Renewals will transfer to AXA Commercial from June 2022, in a deal that also sees around 100 Ageas staff make the move to AXA.
Posted: 2022-02-15
Insurance specialist Taurus Insurance and travel risk management company Sitata have teamed up to provide online travel agent Thomas Cook with an in-path travel insurance solution that aims to offer end-to-end cover for its holidaymakers.
Posted: 2022-02-14
Beazley has teamed up with Lloyd’s Lab alumnus Gaia to offer a new solution for individuals undertaking IVF treatment. The health-focused insurtech has been working with Beazley and Chaucer to design a brand new underwriting approach and has been appointed as a Lloyd’s Coverholder. The product will be led by Beazley with further support provided by Chaucer and Atrium.
Posted: 2022-02-14
Telematics insurtech ThingCo is expanding into Northern Ireland in a new deal with independent broker association Provincewide.
Posted: 2022-02-14
Global payment, liquidity and treasury management platform, Vitesse PSP, has raised S$26m in Series B.
Posted: 2022-02-11
Endava is joining forces with Business Agility Consulting to bolster its insurance market offering.
Posted: 2022-02-11
Optimum Speciality Risks has teamed up with Avast to provide a multi-generational cyber safety policy to protect households in the UK from cyber crime. OSR: Home Cyber Plus provides protection for digital and physical assets, data loss, breaches of privacy, identity theft and well-being for victims of online harm and malicious content.
Posted: 2022-02-10
BGL Insurance has appointed Somerset Bridge to its insurer panel. The MGA specialises in underwriting private car and small commercial vehicles
Posted: 2022-02-10
Insurance companies in the UK posted over 23,000 new jobs in 2021, a rise of 74% year-on-year and 31.7% higher than in 2019, according to figures published today. The data represents a record for vacancies in the industry as it recovers from the impacts of the pandemic. NFU Mutual lead the way, posting over 1,240 new vacancies, whilst hiring levels at The Ardonagh Group saw the fastest growth.
Posted: 2022-02-09
Swedish pet insurer, Agria Djurförsäkring has acquired Capstone Financial Services, which owns Petinsure in Ireland and Zoopo in the Netherlands.
Posted: 2022-02-09
Personal lines intermediary iGO4 has launched a 4-day working week, which is available to all its team of more than 300 people. The compressed week comes on top of a move to hybrid working, with some permanent homeworking roles also available.
Posted: 2022-02-08
Purbeck Personal Guarantee Insurance wants more brokers to offer solicitor clients insurance to cover the increasing number of personal guarantees they need to give in order to secure professional indemnity insurance.
Posted: 2022-02-08
Aon has announced a 10% increase in total revenues to approximately £9bn for the 12 months ended 31st December 2021. It said cash flows provided by operations for 2021 decreased 22% to £1.6bn compared to the prior year. It said this was largely as a result of the termination fee payment (around £740m) and additional payments related to ending the WTW merger.
Posted: 2022-02-07
The Association of British Insurance said motor premiums hit a six-year low in 2021, although cost pressures may force them to rise in the coming months. According to the ABI’s latest Motor Insurance Premium Tracker, the average price paid for comprehensive motor insurance was £434. This was down 7% on 2020 and the lowest it has been since 2015.
Posted: 2022-02-07
Axa UK has launched a new lower premium motor insurance product to cater for changes in driving habits brought on by the pandemic. The insurer said the Defaqto 3 Star rated product was aimed at those no longer commuting daily and who had reduced their annual mileage.
Posted: 2022-02-04
Technology solutions for insurance telematics specialist, Trakm8 has announced a partnership with London-based insurance provider Humn, which specialises in real-time, data-driven fleet insurance cover. Humn’s insurance management system, Rideshur, will use Trakm8’s technology to enhance its ability to create individual premiums for each journey.
Posted: 2022-02-04
Leeds-based personal lines MGA, UK General Insurance has teamed up with Colchester-based insurtech, Arma Karma, to underwrite a personal possessions product for its customer base of students, young professionals and renters.
Posted: 2022-02-03
Insurance data specialist Percayso Inform has announced a £3.4m investment in the company, led by Manchester-based venture capital investor, Praetura Ventures. Percayso Inform launched in the UK insurance market 2019 and supports insurers, brokers and MGAs in both personal and commercial lines.
Posted: 2022-02-03
Mutual insurance group Covéa has announced that its MMA brand will use Guidewire Software’s claims management platform as it seeks to deliver operational efficiencies and to improve the digital experience it offers policyholders.
Posted: 2022-02-03
Gallagher has acquired specialist motorhome and motorcycle broker, Devitt Insurance Services. Devitt was established in 1936 and its team of 130 people support around 130,000 customers from offices in Romford, Essex and Ipswich, Suffolk. Devitt also offers other personal lines such as car and home insurance, together with motor trade related commercial insurance.
Posted: 2022-02-02
Aioi Nissay Dowa Europe in the UK, a subsidiary of Japanese insurance firm MS&AD Insurance Group, has expanded its existing partnership with ibott, a division of Apollo, to develop a range of insurance solutions for TURO, a peer-to-peer car sharing business.
Posted: 2022-02-02
Aqueous Underwriting has secured increased capacity for UK professional indemnity insurance risks in 2022. The managing general agent can now offer cover for limits up to £10m, on either a primary or excess layer basis, or a combination of both. The new excess layer capacity comes through the addition of Great American International Insurance (UK) Limited to its panel of providers.
Posted: 2022-02-02
Charles Taylor, the provider of claims and technology solutions to all parties in the global insurance market, has entered into a partnership with Fraud Keeper, acquiring a majority share of the company.
Posted: 2022-02-02
The Financial Conduct Authority has announced that Penny James, CEO of Direct Line Group, will step into the post of chair of its Practitioner Panel on 1st March. She succeeds Paul Feeney, CEO of Quilter. The FCA Practitioner Panel is an independent statutory body providing input from the industry to help the FCA meet its objectives.
Posted: 2022-02-01
Descartes Underwriting has announced a Series B funding round of approximately £90m. The raise is being led by growth equity firm Highland Europe alongside investment company Eurazeo, with participation from existing investors Serena, Cathay Innovation and Blackfin Capital Partners. New entrants include Seaya Ventures and Mundi Ventures. Descartes specialises in parametric insurance solutions to address climate and emerging risks.
Posted: 2022-02-01
Insurtech MIC Global has secured ‘in-principle’ approval from Lloyd’s to set up MIC Global Insurance Syndicate 5183. The new syndicate will be managed by Asta and aims to underwrite business incepting on or after 1st April 2022. It will specialise in micro-insurance products.
Posted: 2022-01-31
Haroon Bashir has admitted starting a fire at his printer supply factory in Dundee in a bid to secure £2m in compensation from the company’s insurer, Allianz. The fire occurred on 11th February 2018. Two companies located in the building, Fazteck and Chohan, which were managed by the same family, filed claims for losses totalling just over £2m.
Posted: 2022-01-31
Marsh McLennan has posted revenue of approximately £3.8bn in Q4 of 2021, an increase of 16% on the same period in 2020, or 10% on an underlying basis. For the year 2021, revenue was £14.8bn, an increase of 15% compared with 2020, or 10% on an underlying basis. Net income attributable to the company was £2.3bn.
Posted: 2022-01-28
Gallagher has rebranded its two Swiss businesses, Hesse and Partner and Verbag. They will both fall under the Gallagher brand from 31st January. Hesse and Partner develops risk management and insurance solutions for companies and has a particular focus on the waste-to-energy sector. Verbag specialises in commercial lines, employee benefits, accident and health and high net worth personal lines.
Posted: 2022-01-28
Motor injury claims reported to the Compensation Recovery Unit fell by almost 20% from 495,373 in 2020 to 398,051 in 2021. The drop of 97,322 was published following a Freedom of Information request from the Association of Consumer Support Organisations.
Posted: 2022-01-27
WTW has teamed up with Thatcham Research to use their combined data and analytical capabilities to research the impact of increasingly advanced vehicle technologies on claims risk. Thatcham Research’s dataset Variant Code has details for more than 50,000 vehicle variants. WTW’s Claim Metrics platform benchmarks claims for more than 40% of the UK motor market.
Posted: 2022-01-27
The British Insurance Brokers’ Association has launched its manifesto for 2022 under the title of ‘Managing Risk’. BIBA wants the government to reduce insurance premium tax to 10% and to grant IPT relief in three areas: property insurance for high rise residential buildings with cladding that require remediation, telematics led motor insurance policies and cyber insurance.
Posted: 2022-01-26
New broker, NW Risk Solutions has joined the James Hallam Partnership Programme as an appointed representative. It will focus on serving the needs of large AIM-listed firms, boutique businesses and private clients.
Posted: 2022-01-26
UK insurtech Send Technology Solutions has announced its first US partnership, with specialist liability insurance provider Bowhead Specialty Underwriters. Bowhead will use Send’s commercial insurance platform which supports and facilitates the underwriting process, from submission to bind.
Posted: 2022-01-26
Pen Underwriting has announced two new UK capacity deals with QBE for its specialist public sector and education business RMP, and its hazardous goods and environmental industries team. In total QBE will provide capacity for nearly £300m in premium over the next three years.
Posted: 2022-01-25
PIB Group has acquired Dublin-based broker Alan Tierney and Partners, which was established in 1979 and focuses on commercial insurance and financial planning. The 12-strong team boasts specialist knowledge in hospitality and leisure industries and, in particular, the pub sector.
Posted: 2022-01-25
The London and International Insurance Brokers’ Association wants brokers to be at the centre of the government’s push to make London a centre of environmental change management excellence. Publishing its agenda for 2022, LIIBA committed to working with the All-Party Parliamentary Group for Insurance and Financial Services to promote the same.
Posted: 2022-01-24
Aspen Insurance Holdings has entered into an agreement with Ryan Speciality Group to provide support in insurance, reinsurance and capital markets across seven programmes from Ryan Specialty Underwriting Managers’ MGU portfolio. The deal sees Aspen provide capacity in Europe and in the US.
Posted: 2022-01-24
Howden Group Holdings has reported a 48% increase in revenue to £1,148m, and an adjusted consolidated EBITDA of £335m for the year ended 30 September 2021. It said organic growth was 19% in a year marked by major acquisitions.
Posted: 2022-01-21
London-based insurance software solutions provider Genasys has named David Williams as chairman. He replaces company founder Steve Symes who is stepping back to become a non-executive director. Genasys provides policy administration and claims solutions across all lines of insurance.
Posted: 2022-01-21
CBPE Capital LLP has completed an investment into Direct Commercial Group, which comprises commercial motor specialist Direct Commercial Limited and Gibraltar-based carrier Carraig Insurance Company Limited. Direct Commercial Group is headquartered in Chelmsford. It also has an office in London and employs around 145 people.
Posted: 2022-01-20
Samphire Risk, an MGA focused on hostile and malicious risk insurance and supported by professional services and technology business Davies, has secured approval to start trading. Sampgire Risk and is backed by a blend of Lloyd’s and company market paper, with its Lloyd’s binder led by Aspen.
Posted: 2022-01-20
US cyber insurance MGA Resilience has announced it has earned delegated authority as a coverholder at Lloyd’s. Resilience provides insurance coverage and patented cybersecurity tools to protect mid-market companies.
Posted: 2022-01-20
Comprehensive motor insurance premiums fell by 6% in 2021, according to the latest Confused.com Car Insurance Price Index in association with WTW. On average, it said UK motorists now pay £539 for comprehensive cover. However, the index showed that after falling for four straight quarters, premiums rose by 5% (£25) in the final quarter of 2021.
Posted: 2022-01-19
Agriculture specialist H&H Insurance Brokers, part of the H&H Group, has acquired Hexham-based Tynedale Insurance Services Limited, which was established in 2015 and provides insurance for clients from farming to household and commercial to motor.
Posted: 2022-01-19
Insurance valuation specialist John Foord Analytics has launched a cloud-based platform providing real-time reinstatement and valuation costs for commercial and industrial fixed assets. Trials with insurers in the last quarter revealed underinsurance of almost £7.5bn in the power generation and property portfolios assessed.
Posted: 2022-01-19
Insurance provider Tempcover has signed a license agreement with WTW to use its pricing platform Radar Live to enhance its fully digital short-term vehicle insurance proposition. WTW said Radar Live will improve Tempcover’s ability to generate commercial insights from data sources, give it access to advanced analytical methods and provide the ability to deploy sophisticated algorithms to market.
Posted: 2022-01-18
Ecliptic, which is the technology division of Advent Insurance Management, has launched a system called Aries to provide oversight of the entire delegated authority stakeholder process in one place. It was developed in collaboration with the market and DA stakeholders at Ecliptic’s recently launched Inov8ionLab on Lime Street.
Posted: 2022-01-18
Lloyd’s has announced a new operational structure to deliver its Blueprint Two programme following the departure of its COO Jennifer Rigby, who leaves the market on 21st January. Burkhard Keese, currently CFO, will take on additional responsibility for technology and operations as COO. Bob James, director of market transformation, will be responsible for the delivery of Blueprint Two.
Posted: 2022-01-18
The Chartered Insurance Institute has announced that Jonathan Clark has become interim chief executive officer. Clarke is a former president of both the CII and the Chartered Institute of Loss Adjusters, as and served as CII Treasurer between 2003 and 2007.
Posted: 2022-01-17
The Society of Claims Professionals has emphasised the need for people working in claims to ensure they keep abreast of changes in technical aspects of policy coverage and develop their understanding of exactly what specific wording means in terms of cover following a loss.
Posted: 2022-01-17
Marshall Wooldridge, which is the Yorkshire hub for Global Risk Partners has acquired Rotherham-based Goldthorpe Insurance Brokers. The firm was founded more than 30 years ago and will retain its brand and office following the deal which completed on 1st January.
Posted: 2022-01-14
CPP Group UK, the managing general agent and insurance product and services provider, has acquired travel insurance and scheme specialist business Alpha Underwriting. The acquisition includes Alpha’s general insurance broker network and broker portal. CPP said it would develop Alpha’s existing suite of travel insurance products in the near future.
Posted: 2022-01-14
1 Answer Insurance has announced a deal with Inzura to use its AI-powered policy verification app, iApprove for its taxi, courier, minibus and private motor insurance lines. 1 Answer Insurance said the move was saving its agents around 40 minutes per new customer.
Posted: 2022-01-14
Lloyd’s has signed a contract with DXC Technology and the International Underwriting Association to create solutions to digitalise, streamline and fully automate processing for Lloyd’s and the London market. The agreement will cut market processing costs by 40% and has also received support from the Lloyd’s Market Association.
Posted: 2022-01-13
ZIM Integrated Shipping Services Limited has restructured its insurance broking services and created Kastor Holdings Limited, a UK-based holding company. Kastor has become the 100% shareholder of Lloyd’s broker, Ramon International Insurance Brokers Limited, which has also opened a US office to lead international expansion. In addition, Kastor has acquired Lloyd’s broker, Sanctuary Insurance Brokers Limited.
Posted: 2022-01-13
Trade credit MGA Nimbla has agreed a five-year capacity partnership with partnership with Accelerant Insurance Europe SA, which is rated A- (Excellent) by A M Best. Nimbla said the deal would enable it to expand its product range beyond its core single invoice and limit product.
Posted: 2022-01-13
MGA iprism has added its tradesman, contractors and professionals products to the SSP insurance platform. The deal expands iprism’s distribution and offers SSP brokers a quote and bind service from rating and pricing to core administration, data analytics and policy documentation at the point of sale.
Posted: 22-01-12
MGA platform Pine Walk Capital Limited has launched OPEnergy, which will be based in Lime Street and write onshore and offshore energy liability risks and offer public, products and pollution liability lines. The Financial Conduct Authority granted the new MGA regulatory approval on 6th January.
Posted: 2022-01-12
Cyber risk management specialist KYND has secured a £3.25m investment from private equity firm BGF. KYND has developed partnerships with insurers and brokers such as Beazley, Howden, Paragon and Alliant and will use the capital to accelerate its expansion plans and further develop its cyber risk technology.
Posted: 2022-01-12
Movo Investment Group, which owns the Movo Partnership network, has acquired three commercial brokers. They are Chiltern Insurance Group in Berkshire, FLS General in Essex, and Kidd Insurance in West Lothian. The acquisitions bring a combined gross written premium of £4.7m and nine new staff into Movo.
Posted: 2022-01-11
Willis Towers Watson has compressed its branding to WTW. The news came as the firm changed its ticker symbol on the Nasdaq stock market from the start of this week. It follows the collapse of the proposed merger with Aon last year.
Posted: 2022-01-11
Travel and international health insurance provider PassportCard Nomads is targeting roving workers with its digital and flexible cover options. Policyholders will receive a pre-paid debit card, which they can use to settle claims and medical bills on the spot.
Posted: 2022-01-11
Aston Lark has acquired Leicestershire-based Phoenix Healthcare, which was established in 1996 and advises clients in all aspects of corporate healthcare. Phoenix Healthcare was founded by Paul Wright and Lee Shorter.
Posted: 2022-01-10
The British Insurance Brokers’ Association has breathed new life into its West of England regional committee, which is chaired by Niki Facey of Marsh and will forge links with BIBA members in the region. The regional committee provides a direct conduit for local members to provide views to BIBA’s main board.
Posted: 2022-01-10
KPMG has appointed Trevor Jones to head up its insurance practice. Jones has been with KPMG for 24 years and previously led the firm’s UK actuarial practice. He replaces Simon Ranger, who will now focus on leading the Vice Chairs’ office. Huw Evans, former director general of the Association of British Insurers, also joins KPMG this week.
Posted: 2022-01-10
Marine insurer Skuld has announced its participation as mission partner in a global initiative to decarbonize the maritime industry. The firm has joined the Maersk Mc-Kinney Moller Centre (MMMC) for zero carbon shipping as part of the insurer’s intention to protect ocean industries.
Posted: 2022-01-07
The Chartered Insurance Institute’s new president Peter Blanc has called on the profession to address the unmet needs of society and show the true value of the advice it can offer.
Posted: 2022-01-07
Duck Creek Technologies has teamed up with global information services company Experian to enable UK general insurance providers to enhance the quality of their underwriting and claims handling.
Posted: 2022-01-07
New rules banning insurers from quoting customers a higher price for renewing their home or motor insurance than they would pay if they were a new customer have come into effect from 1 January. The FCA’s reforms follow a review that uncovered that many insurers were increasing prices for renewing customers year-on-year – a practice known as price walking.
Posted: 2022-01-06
Specialist insurer Canopius Group has appointed Neil Robertson as group chief executive officer. He joined the company as deputy group CEO in May 2021, reporting to chairman and CEO Michael Watson, and takes up his new role immediately. Watson will continue as group chairman.
Posted: 2022-01-06
Specialist insurer CFC is combining its medmal and healthcare teams to create what it says is the largest healthcare team in the London market. The move will see CFC’s UK and international experts in eHealth, medical malpractice and allied health come together to operate as one team reporting into Tim Boyce who took up the role of head of professions and healthcare in 2021.
Posted: 2022-01-06
Markerstudy has announced the acquisition of BGL Insurance (BGLi) from BGL Group, a digital distributor of insurance and household financial services.
Posted: 2022-01-05
Aston Lark has continued its expansion with the acquisition of Mainstay Insurance. Founded in 2013, Hove-based Mainstay offers bespoke commercial insurance and risk management solutions, with particular specialisms in the leisure industry, property owners, and professional indemnity sectors.
Posted: 2022-01-05
UK General has appointed David Boulcott as chief underwriting officer. Boulcott joined the Leeds-based business with effect from 1 January 2022 and will report to Tim Smyth, CEO, as part of the executive team.
Posted: 2022-01-05
Insurer Hiscox has announced that Paul Cooper will become its new chief financial officer with a start date to be announced in due course. The appointment is subject to regulatory approval. Paul is currently interim group CFO at M&G Plc and CFO for The Prudential Assurance Company.
Posted: 2021-12-23
Helios Underwriting, which acquires and consolidates underwriting capacity at Lloyd's, has announced the completion of three further deals. It has bought Kunduz LLP, Exalt Underwriting Limited and Nameco (No 1110) Limited for a total cash consideration of £3.9m, acquiring syndicate capacity of £4.1m. Helios said further deals were due to be announced in the coming days.
Posted: 2021-12-23
Competition and COVID-19 have pushed home insurance premiums down by 8.2% in the last 12 months, according to insurance analytics specialist Consumer Intelligence. Since it first started collecting data in February 2014, it said premiums had decreased by 6.9%.
Posted: 2021-12-22
Lloyd’s has announced that investment manager Nephila has funded its newly launched Syndicate 2358 with capital provided through London Bridge Risk PCC. Lloyd’s has also confirmed that Ontario Teachers’ Pension Plan, the first investor to use LBR PCC in November, has provided a second tranche of capital via LBR PCC to cover further risks in 2022.
Posted: 2021-12-22
Reinsurer Tunis Re has engaged catastrophe risk solutions company RMS to undertake an exposure and accumulation study, focusing on flood terrorism and other natural catastrophes. Tunis Re said the partnership would enable it to improve the way it monitors its exposures and expand its risk management capabilities.
Posted: 2021-12-21
Pro Global Holdings Limited will incubate environmentally focused MGA, Tierra Underwriting Limited via its subsidiary Pro MGA Solutions. Tierra underwrites on behalf of two Lloyd’s syndicates, Argo Syndicate 1200 and Ascot Syndicate 1414.
Posted: 2021-12-21
The British Insurance Brokers’ Association has said its 2022 conference will focus on the theme of ‘our insurance community’. The trade body said the decision underscored the desire for the industry to come together in-person after the pandemic had forced the past two conferences to be held remotely.
Posted: 2021-12-20
Zurich Insurance Group has snapped up Estonian artificial intelligence company AlphaChat to enhance its digital capabilities. Zurich said the use of conversational AI was central to meeting increasing demand from customers for personalised products and services that are available around the clock.
Posted: 2021-12-20
The Movo Partnership network has launched a locum service for brokers and appointed representatives, offering members up to two weeks of support annually. It can be used for holidays or to give businesses owners time to cope with life events such as personal bereavement or health issues. The service is offered free as part of membership.
Posted: 2021-12-17
Insurance provider Paymentshield has agreed partnerships with two tenant referencing firms, Blinc UK and LetHQ. The deal means the firms can now offer contents insurance to tenants through their own rental platforms, after integrating Paymentshild’s technology into their own processes.
Posted: 2021-12-17
Law firm BLM has developed a fraud tool to help insurers and claim managers identify questionable claims for property fire damage. BLM said the tool flags common fraud markers such as the insured refusing an inspection, or remedial work already being completed.
Posted: 2021-12-17
Payouts for motor claims jumped by 6.1% in the first six months of 2021, according to Claim Metrics, Willis Towers Watson’s claims benchmarking service. It found the average cost per claim was £5,380 during this period, up from £5,072 the previous year.
Posted: 2021-12-16
Speciality re/insurer MS Amlin Underwriting Limited has selected Verisk business Sequel as a strategic partner in its digital transformation programme. The deal will see MS Amlin Underwriting implement Sequel Impact, an exposure management solution, enabling the carrier to get a single view of its exposures and manage them in real time.
Posted: 2021-12-16
Fiducia MGA has pulled together a consortium of A-rated rated Lloyd’s capacity providers to launch an excess of loss cover for storage risks. The product will offer an indemnity limit up to £20m above a minimum retention level of at least £5m under the primary policy.
Posted: 2021-12-16
Telematics brand Carrot Insurance has gone live on sales and administration platform CDL Strata. CDL specialises in technology for the telematics sector, providing process automation and integrations with third-party telematics service providers. Carrot said the move would power the next phase of its expansion.
Posted: 2021-12-15
Insurtech start-up trade association Insurtech UK and the Association of Consumer Support Organisations, which represents companies supporting claimants, have become association partners. The new relationship underscores the importance of technology in the claims sector in areas such as digital processing, rehabilitation and treatment, and claims management.
Posted: 2021-12-15
Intermediary PIB Group has extended its European reach with the acquisition of independent broker Light, which was founded in 1986 and is based in Amsterdam. Backed by private equity firms Apax Funds and The Carlyle Group, PIB said the deal would act as a springboard to further acquisitions in the Netherlands and the wider Benelux region.
Posted: 2021-12-14
Insurance software company Genasys has agreed a £12.5m investment from scale-up investor Frog Capital. The deal gives Frog a significant stake in the business but the Genasys management team will retain operational control. Genasys provides policy administration and claims solutions for insurance businesses throughout the market.
Posted: 2021-12-14
Start-up insurtech Kanya has launched a solution that integrates with a company’s systems to monitor its operations and assess whether it is carrying the correct level of insurance cover in the various products across its insurance programme.
Posted: 2021-12-13
Catherine Reid will take up the post of chief operating officer, UK and Ireland for broker Marsh on 4th January. The appointment is subject to regulatory approval. She joins from Royal London Asset Management where she is executive director and COO.
Posted: 2021-12-13
UK broker hubb has agreed a partnership with mobile order and pay solution specialist Yoello to become its recommended insurance broker. As part of the deal hubb guarantees all Yoello customers a saving of 10% or more on their renewal price.
Posted: 2021-12-13
Allianz Insurance has said it will provide £100,000 to support its independent brokers on their journey to reduce their carbon footprint and achieve net zero. Brokers will be able to apply for funding from the Allianz Net Zero Accelerator from January.
Posted: 2021-12-10
Law firm BLM wants to see the UK Flood Re model replicated in Ireland to provide homeowners the same level of protection against flooding. BLM cited a report form
Gamma Location Intelligence that found 70,000 homes throughout Ireland are at risk of flooding.
Posted: 2021-12-10
Venture capitalist Eos Venture Partners and investment manager Twelve Capital have teamed up to offer growth funding to insurtech companies. The partnership said the global insurtech sector is expected to grow by almost 35% annually and reach a value of around £90bn by 2027.
Posted: 2021-12-10
US broker AssuredPartners has acquired PSP Insurance and Financial Solutions, which is based in the South West of England and places around £22m in gross written premium. It offers cover for both personal and commercial lines of business and has around 80 employees working across eight offices.
Posted: 2021-12-09
Sabre Insurance has signed a contract with LexisNexis Risk Solutions to deliver data on the presence and performance of Advanced Driver Assistance Systems within a vehicle at the point of quote, via LexisNexis Vehicle Build.
Posted: 2021-12-09
Managing general agent CPP Group UK has agreed a partnership with Warranty Solutions, which provides manufacturers’ warranties for the household electrical white and brown goods market. Under the deal, CPP UK will provide Warranty Solutions with an insured manufacturer’s warranty product for its entire product range.
Posted: 2021-12-09
Personal lines distributor BGL Insurance has announced a new partnership with insurer Covéa that will see the two organisations launch a new direct insurance proposition for the motor market in 2022. Covéa is already a panel member for several of BGL’s motor insurance brands.
Posted: 2021-12-08
Makerstudy Broking has signed a deal with financial services market research provider Consumer Intelligence to help the intermediary develop its long-term partnership with Co-op Insurance and grow its home and motor insurance footprint in the UK.
Posted: 2021-12-08
Hiscox has expanded its relationship with catastrophe risk solutions company RMS and will use its Location Intelligence technology to generate more tailored quotes for coverholders. An application programming interface will integrate the RMS data directly into Hiscox’s systems enabling coverholders to receive responses in real-time.
Posted: 2021-12-08
Aston Lark has snapped up the client book of Lancashire-based health insurance and employee benefit specialist Choice Benefits Ltd. The firm provides cover for both individuals and businesses. It was established in 2015 by Terry Shelbourne.
Posted: 2021-12-07
Kyndryl, which was spun out of IBM’s IT infrastructure services division earlier this year, has announced a collaboration with RSA Insurance to migrate more than 85,000 gigabytes of information to the cloud.
Posted: 2021-12-07
Close Brothers Premium Finance has published a guide to the Financial Conduct Authority’s incoming reforms around pricing and fair value. The guide covers price walking, product governance and renumeration, pre-contractual premium finance disclosures and regulatory reporting.
Posted: 2021-12-07
New premium finance provider OneCall Premium Finance has completed an integration with broker software provider Ignite systems and has launched with online motor broker Yoga Insurance to provide its premium finance solution to customers. Following the Yoga launch, OneCall Premium Finance is now available to all Ignite’s broker partners as an out-of-the-box service.
Posted: 2021-12-06
Insurtech Concirrus is using its Quest Marine Hull and Quest Cargo solutions to deliver a digital transformation programme for broker Howden. The solutions aim to provide a more detailed understanding of risk performance in real time as well as to analyse past performance.
Posted: 2021-12-06
Howden has snapped up Ross Insurance Group, a commercial broker leaning towards corporate and technology clients. The broker has a particular focus on financial and construction risks, and in addition to technology deals with clients in financial services, construction, property management and vehicle leasing.
Posted: 2021-12-03
The UK branch of Convex Europe SA, which is part of Convex Group Limited, has received approval from the Financial Conduct Authority and the Prudential Regulation Authority. The approval is effective immediately and means Convex Europe SA can write European business via London.
Posted: 2021-12-03
Not-for-profit electronic trading specialist Placing Platform Limited has confirmed the next generation of its platform will become available in 2022. The first risk was bound on PPL in 2016 and today it is used by around 380 broking and underwriting firms across virtually all classes of business in the London market.
Posted: 2021-12-03
Credit insurance and surety specialist Xenia Broking Group has acquired Northampton-based intermediary, Peter Hill Credit and Financial Risks Limited. The Peter Hill team, led by Mark Davison and Dave Smith, will continue to run the business from its current offices. The operation will be rebranded as Xenia in due course.
Posted: 2021-12-02
Re/insurance broker Consilium has added professional indemnity cover to its asbestos scheme for removers and surveyors, complementing the existing covers for employer’s liability, public liability and plant. The new product is underwritten by Lloyd’s syndicate Probitas 1492. It is available to asbestos removers, demolition contractors, surveyors, general building firms and allied trades.
Posted: 2021-12-02
Broker Arthur J Gallagher & Co has announced the completion of substantially all of the treaty reinsurance brokerage operations from Willis Towers Watson. The combined businesses will trade as Gallagher Re from more than 70 offices across 31 countries and employee around 2,400 people.
Posted: 2021-12-02
Tracking specialist Ctrack has teamed up with machine learning insurtech Humn to create a commercial fleet insurance proposition. Under the agreement, Ctrack Online, the web-based tracking solution, will be integrated with Humn’s data-driven insurance management system, Rideshur.
Posted: 2021-12-01
UK insurtech SchemeServe has launched an integrated accounting function, Digit, to enhance its insurance scheme software. Digit enables brokers to manage the whole transaction journey within SchemeServe from sub-agent reconciliation to insurer settlements and commission transfers, with dedicated ledgers for each.
Posted: 2021-12-01
In its bid to be more assertive, the Financial Conduct Authority has enacted a change to enable senior manager to take more decisions rather than relying on its Regulatory Decisions Committee. The move, detailed in policy statement PS21/16, aims to ensure decisions to prevent or stop consumer harm are taken more quickly.
Posted: 2021-11-30
JM Glendinning Insurance Brokers has strengthened its Birmingham office, appointing Blake Hynds as a client director in its professional risks team and recruiting Lee Gavin as a client service director for its real estate business.
Posted: 2021-11-30
Sabre Insurance Group is seeking a new non-executive director after Catherine Barton stepped down from her NED position, which included acting as chair of the audit committee. Subject to regulatory approval, NED Ian Clark will chair the audit committee.
Posted: 2021-11-30
Stephanie Smith, COO of Allianz Holdings, will step down from her position at the end of the year to pursue new opportunities. Incoming CEO Colm Holmes will have responsibility for naming her replacement after he joins in December.
Posted: 2021-11-29
Asta, the third-party management agent at Lloyd’s, has announced that the Council of Lloyd’s has granted final approval for Medical Protection Society to transition from its current status as special purpose arrangement 1892 to a market-facing syndicate.
Posted: 2021-11-29
Willis Towers Watson has partnered with software provider CodeEast to offer a digital transformation solution to insurance companies and MGAs that aims to improve their real-time risk assessment and pricing and reduce their operational costs.
Posted: 2021-11-26
Secure payment solution provider PCI Pal has upgraded the system used by Chill Insurance to improve security and compliance around payment card transactions, no matter if contact centre agents are working onsite or remotely from home.
Posted: 2021-11-26
RSA Insurance has enhanced its maternity and adoption, paternity and shared parental leave policies with the changes coming into force from 1st January 2022. The changes increase the full pay provided to employees during leave and follow enhancements brought in earlier this year for IVF and fertility leave, neonatal leave and miscarriage leave policies.
Posted: 2021-11-26
Alan and Thomas Insurance Group, the southern hub broker for Global Risk Partners, has acquired Aquilla Insurance Brokers. London-based Aquilla was founded in 2009 and writes insurance across the real estate spectrum. The deal has received regulatory approval and was completed for an undisclosed sum.
Posted: 2021-11-25
Personal lines intermediary BGL Insurance has launched a digital claims portal with Auto Windscreens, which will see it manage all vehicle glass claims across all the motor insurance brands for which BGL arranges and administers car and van insurance. This covers more than 3 million motorists.
Posted: 2021-11-25
Open GI has partnered with Percayso Inform to provide a new data enrichment service to brokers using Open GI’s platforms for motor and commercial vehicle lines of business from early 2022. There are plans to expand the service for home schemes.
Posted: 2021-11-24
Insurtech Send has developed a delegated authority workbench to provide insurers with automated, streamlined bordereaux and coverholder management. The platform processes open market and delegated business in one solution, providing a standardised view of risk exposure and detailed analysis on MGA and coverholder performance in real-time.
Posted: 2021-11-24
87% of managing agents want to increase their stamp capacity at Lloyd’s, according to research completed by Aon’s UK capital advisory team and the Lloyd’s Market Association. The report, entitled, “How CFOs Connect Capital and Business Strategy,” was completed by CFOs at 28 Lloyd’s managing agents, representing 75% of the market’s capacity for 2021.
Posted: 2021-11-23
Insurtech Aventus has launched a digital underwriting solution for both complex and standard insurance products. The technology caters for high volume personal lines products as well as commercial products requiring a high degree of flexibility. The solution also includes dynamic automated bordereaux reporting and performance analytics.
Posted: 2021-11-23
Broker policy administration software provider Ignite Systems and artificial intelligence specialist Nuon AI have teamed up to deliver an AI-driven pricing service. The service delivers real-time pricing insights and adjustments at the point of quote.
Posted: 2021-11-23
Willis Towers Watson has announced that Inga Beale, Fumbi Chima, Michael Hammond, and Michelle Swanback will join its board of directors. Beale, Hammond and Swanback will join the board on 1st January 2022 with Chima following suit on 1st April.
Posted: 2021-11-22
Apollo has received Lloyd’s approval to establish and manage Ibott syndicate 1971 for the 2022 year of account.
Posted: 2021-11-22
Hiscox has announced that Liz Breeze will become interim group chief financial officer. Breeze has been with the insurer since 2012 and geld various roles including head of finance for Hiscox UK and most recently chief financial officer for Hiscox Re and ILS. She will take up the position on 1 January 2022.
Posted: 2021-11-19
Insurtech managing general agent and Lloyd’s coverholder Loadsure has entered into an exclusive partnership with broker NFP’s Canadian operations. Loadsure will provide cargo and shippers’ coverage to NFP’s Canadian logistics clients shipping cargo globally, including inland transit.
Posted: 2021-11-19
The Financial Conduct Authority has said the latest monthly data up to 8th November shows that insurers have settled a total of 25,898 BI claims, up from the previous month’s running total of 24,466, at a cost of around £872m.
Posted: 2021-11-18
Specialist cycling insurer Pedalsure has teamed up with Marsh Commercial, the global intermediary’s UK SME broking business. The partnership aims to deliver a wider suite of products to address the growing scope of risks faced by cyclists.
Posted: 2021-11-18
Cloud-based insurance software provider SchemeServe has found professional indemnity, pubs and clubs, and cyber schemes were the top three performers in terms of volume, gross written premium and commission earnings in the six months to 30th September 2021.
Posted: 2021-11-17
CRIF Decisions Solutions has developed Sherlock Alert to notify fraud prevention teams of suspicious personal injury claims and to give them time to gather evidence and consider their position on fault within the 30-business-day timeframe.
Posted: 2021-11-17
Insurtech Concirrus has named Brian MacInnes (pictured) as its chief analytics officer. He joins from Aon where he spent the past 12 years, most recently focused on building out portfolio solutions and analytics capabilities within the broker’s London Market wholesale insurance business.
Posted: 2021-11-17
Aston Lark has acquired Philip Williams and Company, which has 30 employees and was established in 1975 in Stockton Heath. It has built up a strong presence providing group insurance schemes to the various police federations and other law enforcement agencies in the UK.
Posted: 2021-11-16
Post Office sales of travel insurance have surpassed pre-pandemic levels for the first time since COVID-19 restrictions began. In the three weeks to 7th November, Post Office said it sold almost 5% more policies compared with the same period in 2019. This was up 651% on the same period last year.
Posted: 2021-11-16
HDI Global Speciality has recruited senior underwriter Michelle Boyd to lead its entry into the marine hull and machinery London market. The firm will offer cover for vessel owners, managers, charterers and financiers that includes freight and total loss interests, shipbuilding and conversion risks, loss of earnings and war risks for physical loss or damage and collision liability.
Posted: 2021-11-16
Aston Lark has purchased corporate insurance and employee benefit adviser Innovation Broking, which was set up in 2015 by Paul Dickson and Howard Pearson and is based in London and Watford. It employee 30 people and has a particular focus on the technology, health, film and TV, and charities and care sectors.
Posted: 2021-11-15
Aviva Plc has reported gross written premium of £6.5bn for the first three months of 2021, up 5% on the same period last year. In the UK, personal lines GWP was down by 1% to around £1.8bn while commercial lines GWP was up by 16% to £1.9bn. Aviva’s UK combined operating ratio improved by 6.3 percentage points to 94.2%.
Posted: 2021-11-15
Reinsurance broker Gallagher Re has underlined its intention to develop its capabilities as a cyber insurance-linked securities broker and recruited Theo Norris to lead its push into this sector and to help bring new capacity into the global cyber reinsurance market. Norris’ appointment is the latest of 10 new hires into Gallagher Re’s cyber reinsurance team during 2021.
Posted: 2021-11-15
Insurer Zurich has reported property and casualty gross written premium of around £23.3bn for the nine months to 30 September 2021. This is an 11% increase on the same period last year. In Europe, Middle East and Africa, gross written premiums increased 6% on a like-for-like basis compared with the previous year.
Posted: 2021-11-12
The Association of British Insurers named Hannah Gurga (pictured) as its new director general. She will take up her post early next year. Baroness Nicky Morgan is to become the first independent chair in a newly defined role. Baroness Dianne Hayter will join as an independent non-executive director and become the senior independent director on the ABI board.
Posted: 2021-11-12
Allianz Holdings, the holding company which comprises Allianz Commercial and Allianz Personal, saw gross written premium for the nine months to 30 September 2021 fall 4.4% to around £2.9bn, when compared to the same period last year. GWP for Allianz Commercial was down 4.2% and for Allianz Personal it dropped by 2.3%.
Posted: 2021-11-11
Specialty MGA Fiducia has launched a new commercial combined product, backed by A-rated capacity, for hauliers and couriers, which will be available through its broker partners. The product sits alongside the MGA’s goods-in-transit policies and expands its range of core non-fleet covers.
Posted: 2021-11-11
Xenia Broking Group has taken ownership of the trade credit and financial and specialty risk teams from Lloyd’s insurance broker Parker Norfolk and Partners Ltd. The deal expands Xenia’s existing position as a specialist credit and surety broker.
Posted: 2021-11-10
Motor insurance app Kudo has teamed up with the AA, which will offer an annual breakdown policy to customer buying motor insurance through the app. Kudo tracks motorists and scores them on the quality of their driving. Customers who add breakdown cover to their policy will receive roadside assistance, home start and national recovery from the AA.
Posted: 2021-11-10
GRP-owned Premier Choice Healthcare has acquired Bournemouth-based PMI intermediary Equity Health Solutions, which was established in 2016 and offers personal, business and international health insurance, and personal travel cover. The deal is Premier’s second acquisition since it became GRP’s healthcare hub last year.
Posted: 2021-11-10
Insurance data intelligence provider Percayso Inform has partnered with specialist motor insurance MGA Somerset Bridge to develop an enhanced quote service that enables it to determine and price for manipulative behaviour in the private motor customer quote journey.
Posted: 2021-11-09
Insurer Beazley has reported a 29% increase in gross written premiums to approximately £2.4bn for the nine months to 30 September 2021. The carrier said premium rates on renewal business during the period went up by 23%. Q3 catastrophe loss estimates were £93m net of reinsurance, and investment returns were £73m, down from £92m in the same period last year.
Posted: 2021-11-08
The Movo Partnership network has said it will leave GRP’s Hedron broker network in March 2022 and become an independent appointed representative network. Movo launched in 2019 and now has 52 AR broker members, 30 staff and generates gross written premium of more than £40m.
Posted: 2021-11-08
The Association of British Insurers said the average price paid for comprehensive motor insurance in Q3 2021 was £429 and remained at its lowest level in over five years. The average premium has fallen by nearly £40 in 2021 and in Q3 was 7% lower than the same period last year. The figures are from the ABI’s latest Motor Insurance Premium Tracker.
Posted: 2021-11-05
Insurer QBE has signed a three-year deal with rehabilitation services provider Corporé, which is part of Handl Group. It means Corporé will provide case management and treatment services to all QBE’s injured parties with major and catastrophic injury claims.
Posted: 2021-11-05
MGA Avid Insurance Services has launched an A-rated GAP product which has received approval from Lloyds and will initially be sold to customers via three online retailers. Avid said the move underscored its determination to bring a renewed emphasis on A-rated capacity for niche products within the MGA sector.
Posted: 2021-11-05
Loss adjuster QuestGates has announced its fourth acquisition of 2021 after completing the deal for Focus Claim and Risk Management. Focus specialises in contingency and entertainment claims including cancellation and non-appearance, as well as in prize indemnity. The Focus team will become part of the QuestGates Specialist Services division and work in tandem with QuestGates subsidiary, Hyperion Adjusters.
Posted: 2021-11-04
Global Risk Partners has reported a 30% increase in EBITDA to £80m (2020:£61m) in a trading update for the period to 30th September 2021. In the first three quarters of the year, it said income had risen by more than 20% on the same period last year to £197m.
Posted: 2021-11-04
B2B property insurance platform Ceta Insurance is urging brokers to ensure clients have appropriate home insurance given the high numbers of workers who want to continue working from home as COVID-19 restrictions are relaxed.
Posted: 2021-11-04
Insurer Allianz has appointed its new approved repairer network, putting a focus on firms capable of handling electric vehicle repairs, completing ADAS recalibration and supplying green vehicle parts. The new network, effective from 1st November, is made up of two national suppliers and six regional groups.
Posted: 2021-11-03
UK-based digital underwriting and insurance distribution platform Ripe Thinking Ltd has sold a majority stake in the company to private investment firm Aquiline Capital Partners LLC. Ripe was founded in 1997 and has around 280,000 policyholders in niche markets such as golf, boats, caravans, and cycles. It also provides SME insurance to personal trainers, musicians, and photographers.
Posted: 2021-11-03
Law firm DAC Beachcroft has teamed up with Automated Insurance Solutions to offer insurers digital support in meeting the 30-working-day liability response deadline set by the Official Injury Claim portal. The automated tool helps gather evidence and prepare witness statements.
Posted: 2021-11-03
AllClear Group has announced 70 new jobs at its City of Southend location and signed a deal with Zurich which will see it become the new underwriter for the AllClear and InsureandGo brands. The deal with Zurich follows AllClear’s recent acquisition of InsureandGo from Mapfre Asistencia, which doubled its presences in the UK travel insurance market.
Posted: 2021-11-02
Chester-based Daulby Read Insurance has acquired Chelford-based Hornby Snape Insurance Services, which has a strong presence in its local area and a particular focus on agricultural business. The deal is Daulby’s third acquisition in 12 months and takes its annual gross written premium to around £7m.
Posted: 2021-11-02
Covéa Insurance has signed a partnership with Verex Group, which provides connected car insurance and accident management services to motor manufacturers. Covéa will join Verex’s panel of underwriters, enabling customers buying a car from one of the 16 manufacturers in its alliance to also purchase branded insurance.
Posted: 2021-11-02
Property, commercial and specialty re/insurer IQUW has acquired Agora Syndicate Holdings Ltd and its subsidiaries which provide underwriting services to Lloyd’s Syndicate 3268. The deal is subject to regulatory approval.
Posted: 2021-11-01
Parametric flood insurance specialist FloodFlash has agreed a partnership with Munich Re that will enable the insurtech to expand internationally and provide larger cover limits. Munich Re already provided capacity for FloodFlash+ which serves large and complex risks. It has now become the lead capacity provider for FloodFlash which provides flood cover for SMEs and landlords.
Posted: 2021-11-01
Lloyd’s has signed up to the Net-Zero Insurance Alliance which commits it to transition all of its operational and attributable greenhouse gas emissions to net-zero by 2050 at the latest. It will also set, publish, and report against, interim science-based targets every 5 years to drive near term action.
Posted: 2021-10-29
Fidelis Insurance Holdings has opened a trading floor in Lime Street, London to act as a trading hub for both Fidelis and its MGA platform, Pine Walk Capital. Brokers will have access to Fidelis underwriters, actuaries, wordings and claims specialists and be able to meet with MGAs managed by Pine, such as Kersey, Navium, Oakside, Perigon and Radius.
Posted: 2021-10-29
Arc Legal Assistance has agreed a deal with insurance administrator and distributor Paymentshield to provide family legal expenses insurance and home emergency cover to more than 250,000 of its homeowner and tenant policyholders. The partnership includes the creation of a home emergency claims submission portal, developed in partnership with Legal Insurance Management.
Posted: 2021-10-29
Broker NFP has acquired KGJ Insurance Services Group which has a particular expertise in combined risks for complex and non-standard programmes such as in the marine sector. The broker also offers a range of schemes and access to wholesale markets.
Posted: 2021-10-28
Aston Lark has bought Bainbridge Collins, an independent broker which was established 30 years ago by Cyril Gallagher and is based in the Midlands. The broker specialises in the mid-corporate sector and puts a priority on providing risk management, health and safety and loss prevention advice.
Posted: 2021-10-28
Consolidated global investment into the insurtech sector hit a record £7.25bn across the first three quarters of 2021, according to the Quarterly Insurtech Briefing from Willis Towers Watson. WTW said the 2021 investment total was just under £9m short of surpassing the combined total for 2018 and 2019 with Q4 still to come.
Posted: 2021-10-28
Global commercial insurance pricing increased by 15% in Q3, according to Marsh’s latest Global Insurance Market Index. This is the sixteenth consecutive quarter of rises, although the broker said the rate if increases continued to slow.
Posted: 2021-10-27
The Chartered Insurance Institute has reported a mean gender pay gap of 14.8% for 2021, down from 16.3% the previous year. Its mean gender pension gap was 7.4% in 2021 compared with 17.4% in 2020. The CII said its mean ethnicity pay gap was 25.4% in 2021, the first time it has reported this figure.
Posted: 2021-10-27
H&H Insurance Brokers has partnered with Aviva to launch Farm Complete, which is aimed at the agricultural sector and is part of the broker’s new ‘Distinction’ range of products being brought to the market over the coming months. HHIB operates across the North of England, the Scottish Borders and Wales.
Posted: 2021-10-27
Law firm DAC Beachcroft, in conjunction with cross border claims representative InterEurope UK, has warned insurers to be more vigilant when dealing with claims linked to accidents in the UK made against foreign-registered vehicles, particularly heavy good vehicles.
Posted: 2021-10-27
Joint government and insurance industry body Flood Re is touring flood-prone cities in the UK to highlight the resilience measures that residents and businesses can instal to mitigate against the risks of increased flooding.
Posted: 2021-10-26
Law firm Arch Law has established Arch Fleet, which is a service to help fleet operators improve their risk profile, remain compliant and educate drivers and company management about road risks and better driving habits. The service has been developed by Charlotte Le Maire (pictured), who was previously head of criminal motor defence at DAC Beachcroft.
Posted: 2021-10-26
Financial and Legal Insurance has launched a new legal expenses insurance scheme for foster carers, which will be distributed by London market broker Circle Insurance Services to its Gloucester-based broker Cass Stephens. The product offers legal expenses and loss of earnings cover.
Posted: 2021-10-26
Broker Howden is urging the insurance market to find better ways to protect poorer communities against the increasing frequency and severity of weather-related events and to build more resilience into some of the most vulnerable populations on the planet.
Posted: 2021-10-25
Loss adjuster Woodgate and Clark has highlighted a spate of claims relating to fires at commercial properties which were being used as cannabis farms. The adjuster said that between 2015 and 2020, the number of cannabis farms uncovered in the UK had increased by more than 150%, with criminals shifting away from large farms to smaller scale production.
Posted: 2021-10-25
Insurance Europe has named Denis Kessler, chair and chief executive officer of Scor, as chair of its Reinsurance Advisory Board. This is the second time he has held the position, after filling the seat in 2009/10. He takes over from Christian Mumenthaler, chief executive officer of Swiss Re.
Posted: 2021-10-25
Admiral has selected Guidewire as the new claims management system for its household line of business. The insurer had already deployed Guidewire for its policy administration and billing systems, as well as digital applications, to its motor and household lines of business.
Posted: 2021-10-22
Chris Wallace has been appointed as executive director of QBE’s UK insurance business, taking over the role from Cécile Fresneau who was promoted to run the European operations insurance division earlier this year.
Posted: 2021-10-22
Data covering the first quarter of operation of the Official Injury Claim (OIC) service have been published for claims made between 31 May and 31 August 2021.
Posted: 2021-10-22
Absolute Products has become Aston Lark’s 40th acquisition since formation in 2018, and is the broker’s 24th acquisition in 2021 alone.
Posted: 2021-10-21
Whitespace Platform has released a significant update to its e-trading technology for brokers and insurers.
Posted: 2021-10-21
Beazley has appointed Simon Wilson as head of open market. An experienced underwriter in primary and excess property D&F products, Wilson will join Beazley in mid-January 2022, and will be based at the company’s London headquarters.
Posted: 2021-10-21
The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have opened registration for the new Flood Insurance Directory expected later this year.
Posted: 2021-10-20
RiverStone International, the acquirer and reinsurer of legacy and discontinued insurance business, has announced the appointments of Costas Miranthis as an independent non-executive director to the group board and Neil Taylor as the group chief investment officer.
Posted: 2021-10-20
Global Risk Partners (GRP) has acquired a minority stake in dental and life science specialist broker All Medical Professionals (All Med Pro).
Posted: 2021-10-20
Allianz Insurance is looking to encourage its suppliers to develop their environmental, social and governance credentials and has launched a sustainable procurement charter. In its future tender assessments, Allianz will apply a minimum weighting of 10% to ESG factors. It has also said it will offer ESG support and education to suppliers.
Posted: 2021-10-19
Specialist insurer Tokio Marine Kiln aims to expand its presence in the aviation sector and has appointed David Slevin to the newly created post of departmental head of aviation to pursue growth. He joins from Chubb where he was product head for aviation and is due to take up his position in spring next year.
Posted: 2021-10-19
Charles Randell will step down as chair of the Financial Conduct Authority and the Payment Systems Regulator in spring 2022 and has asked the Chancellor of the Exchequer to commence the process to recruit his successor.
Posted: 2021-10-18
Insurers have now settled in full a total of 24,263 business interruption claims for an aggregate value of almost £767m, up from the £696m reported last month, according to the Financial Conduct Authority. The data is for claims reported up to 5th October.
Posted: 2021-10-18
Manchester-based insurance services provider iRevolution has bought motor broker BG Insurance, its fifth acquisition in the past three years. iRevolution was established in 2013 and other brands in its group include Insurance Revolution, 1st UK Commercial, Policy Link and Utilink Consulting.
Posted: 2021-10-18
Travel insurance specialist True Traveller has signed a deal with Axa Partners UK and Ireland and Axa Partners Central and Eastern Europe to underwrite its insurance scheme, enabling the travel insurance intermediary to maintain its presence in the UK and resume sales to European residents.
Posted: 2021-10-15
The Managing General Agents’ Association has expanded into the Republic of Ireland and confirmed its first member from the country – Blackrock Insurance Solutions. Blackrock is a specialist in liability and property and was acquired earlier this year by insurance intermediary Specialist Risk Group.
Posted: 2021-10-15
Ahead of politicians returning to the House of Commons next week, insurer Axa has published five recommendations to put safety and sustainability at the heart of the UK’s building regulations and planning process. The recommendations were developed by cross industry experts, including residential and commercial developers and construction industry groups.
Posted: 2021-10-15
Drivers are now paying £97 less than they were a year ago for comprehensive car insurance, according to the latest Car Insurance Price Index from Confused.com, in association with Willis Towers Watson. It found premiums are now the cheapest they have been since mid-2015.
Posted: 2021-10-14
Commercial broker Radius Insurance Solutions has expanded its motor and fleet capabilities with the acquisition of Leeds-based Milestone Insurance Consultants, which has a focus on taxis and couriers, and its underwriting brand Signature Underwriting. Radius Insurance also includes The Burley Group and has offices in Sheffield, Leeds, Glasgow and Essex.
Posted: 2021-10-14
London-based insurtech Hug Hub has secured a strategic investment from data analytics provider Verisk. The deal will enable Hug Hub to expand the capabilities of the digital platform it provides to insurers, MGAs and brokers to engage with their customers.
Posted: 2021-10-14
London-based specialty intermediary Nexus Group has secured a £70m loan facility with Barings LLC. Nexus will use £50m of the facility to refinance existing debt and the other £20m to fund further acquisitions.
Posted: 2021-10-13
Aviva has signed a five-year extension to its exclusive distribution agreement with estate agent Connells Group, which acquired Countrywide in March 2021. The deal builds on the contract first put in place in 2017 and sees Aviva provide Connells’ mortgage and rental customers with protection insurance.
Posted: 2021-10-13
Howden has reached an agreement to acquire Aston Lark from Goldman Sachs Asset Management and Bowmark Capital. Subject to regulatory approval, the transaction marks Howden’s largest acquisition to date, creating a UK business managing over £6bn of GWP for more than 1.7 million policyholders, served by over 5,000 employees from 160 locations in the UK and Ireland.
Posted: 2021-10-13
Specialist re/insurer and syndicate management services provider Apollo Group Holdings has secured an investment of approximately £66m from Alchemy Special Opportunities Fund IV LP. The deal, which is subject to regulatory approval, will help fund Apollo’s commitment to digital transformation and new and emerging markets.
Posted: 2021-10-12
Minster Law has signed a five-year deal with broker Principal Insurance to provide non-fault motor legal services to its customers. The arrangement builds on an initial contract signed in 2019. Principal is a specialist in motorcycle insurance as well as catering for other drivers.
Posted: 2021-10-12
Arch Insurance International has appointed Tom Rivers as its new chief risk officer with immediate effect. He joins from Axis Managing Agency where he was CRO and has also served as CRO at Novae Group. Arch Insurance International is part of Arch Capital Group Ltd and includes Arch Insurance UK.
Posted: 2021-10-12
Insurance distribution company A-Plan Group has snapped up Welsh broker Watkin Davies Insurance Consultants Limited, which was established in 1978. The commercial broker has a specialist national driving school business and generates gross written premium of around £10m.
Posted: 2021-10-11
Helios Underwriting has completed seven acquisitions for an aggregate cash consideration of £5.1m. The deals bring a combined additional syndicate capacity of £6.6m. The limited liability vehicles Helios has acquired are: Kemah Lime Street Capital Limited, Nameco (No 1130) Limited, Nomina No. 070 LLP, New Filcom Limited, Nameco (No.389) Limited, Nomina No 469 LLP and Nomina No 536 LLP.
Posted: 2021-10-11
Digital insurer Getsafe has raised just over £43m in extra funding, extending its Series B round of investment to approximately £68m. Investors include Swiss Re, Earlybird, CommerzVentures and a number of family offices from Germany and Switzerland.
Posted: 2021-10-11
Thomas Miller Specialty Construction and Aviva have partnered to provide capacity for their latent defect offering for commercial developers operating in the mixed use development market in the UK.
Posted: 2021-10-08
Brokers are under increasing pressure as a range of factors have seen stress levels rise in the workplace, according to Ecclesiastical’s latest Broker Wellbeing Survey. The research, published ahead of World Mental Health Day on 10 October, found the number of brokers suffering a mental health issue linked to work is at its highest level since the industry survey launched three years ago.
Posted: 2021-10-08
The value of the average general insurance fraud has risen while detection rates have also improved according to new figures from the Association of British Insurers.
Posted: 2021-10-07
Marsh has announced the appointment of David Bruce as CEO of Marsh Commercial, a role he will take up on 1 January subject to regulatory approval. He will also join Marsh’s UK & Ireland executive committee.
Posted: 2021-10-07
Lloyd’s Insurance Company (LIC) has announced new leadership appointments for its UK branch.
Posted: 2021-10-07
Speciality re/insurance MGA Rokstone has brought a new terrorism facility to market, which will be available to brokers through its digital distribution platform iSure. The UK facility is backed by A-rated capacity and follows Rokstone’s launch of a US terrorism product in July of this year.
Posted: 2021-10-06
Pen Underwriting has acquired Manchester Underwriting Agencies Limited and its wholly owned subsidiary Manchester Underwriting Management Limited. MUM is a full-service underwriting agency with a team of 50 generating gross written premium of more than £60m. It deals exclusively through brokers and is based out of five locations around the UK.
Posted: 2021-10-06
Global Risk Partners has completed its acquisition of Willis Towers Watson’s commercial risk and broking business in Northern Ireland. The £65m gross written premium portfolio has been absorbed by GRP’s ABL Group. The combined operation will move to new offices in City Quays, Belfast on 21st November.
Posted: 2021-10-06
Aston Lark, the consolidating broker backed by Goldman Sachs, has acquired Birmingham-based broker S Johnson and Company Ltd. The commercial broker led by Steven Johnson and Graham Ettrick is a specialist in cover for the music industry and the gun trade. It also offers high net worth personal lines home insurance.
Posted: 2021-10-05
Direct Line and Churchill have relaxed restrictions to COVID-19 cancellation cover on their travel policies. Policies will now cover cancellation due to: a passenger being instructed to quarantine or self-isolate: a government lockdown preventing travel: pre-booked accommodation no longer being available and changes to Foreign, Commonwealth & Development Office travel advice within 28 days of departure.
Posted: 2021-10-05
Lloyd’s broker Tysers has updated its suite of entertainment industry products to offer an online insurance solution for freelancers working in the music industry in the UK and Europe. Another product, Tysers Elite, covers the assets and liabilities of those working in the festival industry, including bands.
Posted: 2021-10-05
Bollington Insurance has been rebranded as Gallagher following its acquisition back in February 2021. The deal saw Gallagher take on 420 employees and 230,000 customers across mid-market commercial, niche lines, and SME and micro-SME businesses as well as personal lines.
Posted: 2021-10-04
South West London broker Bedford Insurance has partnered with telematics insurtech ThingCo to support a new proposition for commercial and personal lines motor customers. Under the deal Bedford Insurance’s Rightsure brand will offer customers Theo, ThingCo’s solar powered, self-installed telematics device which collects driving data for every trip.
Posted: 2021-10-04
Allianz is offering around 1,400 independent brokers access to the legal advice helpline run by Allianz Legal Protection. The 24/7 support line will offer advice on areas such as employment disputes, debt recovery, contracts, intellectual property and COVID-19 regulations.
Posted: 2021-10-04
Minster Law has agreed to acquire Irwin Mitchell’s back book of fast-track road traffic accident, employer liability and public liability injury claims. The deal will add around 6,500 cases per year to Minster Law’s case volume and follows Irwin Mitchell’s decision to focus its personal injury services on serious injury and complex needs cases.
Posted: 2021-10-01
Research published by Marsh has unveiled a 53% year-on-year rise for 2020 in the number of protected or segregated cell company formations, according to its 2021 Captive Landscape Report. Marsh suggested the speed at which cell companies can be established may have been a factor in their growth during the pandemic.
Posted: 2021-10-01
Jensten Group has set its sights on growth in the construction sector and is developing a construction underwriting proposition for the SME and middle market, incorporating single project, contractors all risks, and annual policies. It is also seeking to attract more high-end, high value construction clients to its broking business.
Posted: 2021-10-01
Insurance data provider Percayso Inform has partnered with the Vulnerability Registration Service, which is a not-for-profit organisation that maintains a central database of people registered as vulnerable in the UK. Percayso Inform wants to use this data to help insurers identify and support vulnerable customers.
Posted: 2021-09-30
Motor insurtech Ticker has teamed up with digital insurance distribution and underwriting firm Abacai Group to increase its capacity and refine its pricing capabilities. Ticker launched in 2019 with support from Munich Re Ventures. It targets novice drivers and van drivers.
Posted: 2021-09-30
More than three quarters (79%) of those aged from 18 to 34 agree that it might save them money to have multiple policies with the same insurer. Slightly fewer (73%) agree that it would make insurance easier to deal with, according to research from digital insurer Getsafe.
Posted: 2021-09-29
Lloyd’s has granted ‘in principle’ approval for Oman Insurance Company and third party management agency Asta to launch Syndicate 2880 under the syndicate-in-a-box initiative. The syndicate plans to start underwriting for the 2022 year of account and will be the first to operate on the Lloyd’s platform under the Dubai International Financial Centre.
Posted: 2021-09-29
Plum Underwriting, Open GI and Verisk have partnered to combine their underwriting, technology, and enrichment expertise to create an enhanced home insurance offering for brokers. The initial focus will be on using data enrichment to pinpoint flood risks at the point of quote for individual properties.
Posted: 2021-09-28
The Insurance Institute of London has announced Julian Enoizi, CEO of Pool Re as its president and Christopher Lay, CEO of the UK and Ireland region of Marsh as its deputy president for the coming year.
Posted: 2021-09-28
Helios Underwriting Plc has acquired four Lloyd’s limited liability vehicles for a total consideration of approximately £5.8m. The four LLVs are: North Breache Underwriting Limited, Nameco (No 1011) Limited, G.T.C. Underwriting Limited and Nameco (No 2012) Limited.
Posted: 2021-09-27
Speciality insurer Beazley has appointed Bob Quane as its new chief underwriting officer, subject to regulatory approval. Quane joins from Axis Capital where he was CUO and will take up his new role on 11th October. He will be based in New York, highlighting Beazley’s ambitions on the US market.
Posted: 2021-09-27
Insurance services provider Charles Taylor has expanded the capabilities of its loss adjusting services with the launch of its speciality lines division. The new practice will be led by Laetitia Fouquet and Nicholas La Stella.
Posted: 2021-09-27
MGA platform Volante Capital Holdings (Bermuda) Ltd has secured ‘in-principle’ approval from Lloyd’s to launch Syndicate 1699 for the 2022 year of account. The syndicate will be managed by Asta Managing Agency Ltd and have an initial stamp capacity of £130m.
Posted: 2021-09-24
UK water leak alarm system LeakBot has teamed up with MGA SageSure and is now being used in the US for the first time. SageSure has distributed LeakBot sensors to home insurance policyholders in New Jersey. The deal builds on partnerships that LeakBot has already established for use in the UK and Europe.
Posted: 2021-09-24
The Guernsey International Insurance Association has awarded its first environmental, social and governance accreditation for an insurance entity to Dunant Re IC Limited – an incorporated cell of Replexus ICC (Guernsey) Limited, managed by Aon Insurance Managers (Guernsey). The GIIA’s ESG framework was launched earlier this year.
Posted: 2021-09-23
Specialty re/insurer Chaucer has signed a long-term partnership with Allphins to use its exposure management platform to better understand its energy reinsurance risk accumulation. Chaucer said the move would enable it to more accurately control the amount, and the quality, of risk sitting in its book if business.
Posted: 2021-09-23
Specialist re/insurer Apollo Partners LLP has teamed up with Risk Management Solutions and will incorporate its ExposureIQ application into its exposure management workflow. The move will provide Apollo with a single source of exposure data which can then feed multiple applications.
Posted: 2021-09-23
Goldman Sacks backed consolidator Aston Lark has acquired Irish broker Deanspoint Insurance Brokers Limited, which trades as Abbey Murphy Insurance, and Bournemouth-based broker, The Health Insurance Company. The latter acquisition bolsters Aston Lark’s employee benefits and healthcare insurance business with further deals planned.
Posted: 2021-09-22
Allianz Insurance has changed the cover on its motor fleet (15 or more vehicles) and its small fleet (4 to 14 vehicles) policies in response to the increasing number of electric vehicles that comprise fleets. The cover now includes third-party liability during charging, and damage cover for cables, connectors and electric wallboxes located at the insured’s premises or employee’s home.
Posted: 2021-09-22
Technology firms RightIndem and Iotatech have teamed up to help insurance businesses improve their claims journeys from first notification of loss through to settlement and to reduce costs and claims lifecycles. RightIndem offers a cloud-based software platform to handle FNOL while Iotatech is a SaaS technology provider of policy and claims solutions.
Posted: 2021-09-22
Jensten Group has completed the acquisition of Tasker Insurance Group, which was first announced in July this year. The deal has now gained regulatory approval and includes Tasker Insurance Brokers, Tasker & Partners, and Gresham Underwriting.
Posted: 2021-09-21
Allianz Holdings has launched a transitioning at work policy which will be implemented across its UK businesses. The policy includes information on the legal context and protections that relate to transgender employees, as well as key considerations and responsibilities for employees and line managers.
Posted: 2021-09-21
London-based specialist MGA, Landmark Underwriting has been awarded the title of Chartered Insurance Underwriting Agent from the Chartered Insurance Institute. The title first became available in March 2020 as a result of a partnership initiative between the CII and the Managing General Agents’ Association.
Posted: 2021-09-21
Pool Re has announced the appointment of Angela Knight CBE as non-executive chair. Ms Knight’s career combines political experience and business knowledge. She has held the roles of economic secretary to the Treasury, chief executive of the British Bankers Association, chair of the Office of Tax Simplification and a number of non-executive positions.
Posted: 2021-09-20
The Business Group Alliance for Net Zero has this morning sent a letter to Boris Johnson urging him to align economic and fiscal policy with its decarbonisation strategy. The letter also warns that the UK government’s failure to act decisively on climate change will carry much greater risks and costs.
Posted: 2021-09-20
The British Insurance Brokers’ Association has launched a new member scheme from Yutree Underwriting targeting firms operating in the media and entertainment sector. The scheme offers a policy covering production exposures such as cancellation, abandonment or postponement and covers costs, cast and extra expenses, alongside property, liability and BI cover. Professional indemnity and terrorism can also be included meaning that this is a comprehensive combined policy for this sector.
Posted: 2021-09-20
Data insight consultancy Consumer Intelligence says average UK home insurance premiums are down 5.6% in the last 12 months, although it expects rates may rise as COVID-19 restrictions are lifted. The average buildings and contents policy now costs £144. Londoners continue to pay the most for their home insurance.
Posted: 2021-09-17
Insurers have expressed a willingness to underwrite fire safety risks on projects to remove defective cladding from high rise buildings, but have called on the construction industry to focus on quality, as serious questions remain about accountability, supply chain management and the ‘lowest cost culture’ in the sector.
Posted: 2021-09-17
Zurich UK has signed a five-year deal with specialist and niche motor insurer KGM Underwriting, which is part of the A-Plan/Howden Group. The deal secures Zurich’s solus capacity for KGM’s motor portfolio and the arrangement, which begins in January 2022, is worth over £700m of gross written premium.
Posted: 2021-09-16
Over two thirds (69%) of MGAs expect partnerships to increase in 2022, a view shared by one third (33%) of carriers, according to research from law firm Clyde & Co. It also found that 87% of carriers and 67% of MGAs think the claims process requires improvement, with many citing better communications and clearer processes, as areas on which to focus.
Posted: 2021-09-16
Global reinsurance broker Gallagher Re has launched Gallagher Automated Insurance Analytics, a scalable, automated analytics platform aimed at reducing the time to mine and analyse data for insights. GAIA collects and enriches data from disparate systems, runs it through automated modelling workflows and then delivers pricing, portfolio optimisation and e-placement options.
Posted: 2021-09-15
Insurtech Concirrus has unveiled its next-generation platform to help commercial insurers capture the value of data available from the Internet of Things and transition to digital operating models. The London-based company has also opened a US office to build its presence in the North American market.
Posted: 2021-09-15
US insurer Liberty Mutual Insurance has committed to a 50% reduction of Scope 1 and 2 global greenhouse gas emissions from 2019 levels by 2030. The firm owns Liberty Specialty Markets, which is based in London, operates in Lloyd’s and has offices in Bristol and Manchester.
Posted: 2021-09-15
International brokers network Brokerslink has appointed Fenchurch Law as an affiliate. In this role the law firm will offer a dedicated advisory service for claims and coverage disputes relating to policies written exclusively into the Lloyd’s and London markets. Fenchurch Law has specific expertise across construction, property, financial and commercial, professional, product and environmental.
Posted: 2021-09-14