News

Helios Underwriting Plc has acquired four Lloyd’s limited liability vehicles for a total consideration of approximately £5.8m. The four LLVs are: North Breache Underwriting Limited, Nameco (No 1011) Limited, G.T.C. Underwriting Limited and Nameco (No 2012) Limited.
Posted: 2021-09-27
Speciality insurer Beazley has appointed Bob Quane as its new chief underwriting officer, subject to regulatory approval. Quane joins from Axis Capital where he was CUO and will take up his new role on 11th October. He will be based in New York, highlighting Beazley’s ambitions on the US market.
Posted: 2021-09-27
Insurance services provider Charles Taylor has expanded the capabilities of its loss adjusting services with the launch of its speciality lines division. The new practice will be led by Laetitia Fouquet and Nicholas La Stella.
Posted: 2021-09-27
MGA platform Volante Capital Holdings (Bermuda) Ltd has secured ‘in-principle’ approval from Lloyd’s to launch Syndicate 1699 for the 2022 year of account. The syndicate will be managed by Asta Managing Agency Ltd and have an initial stamp capacity of £130m.
Posted: 2021-09-24
UK water leak alarm system LeakBot has teamed up with MGA SageSure and is now being used in the US for the first time. SageSure has distributed LeakBot sensors to home insurance policyholders in New Jersey. The deal builds on partnerships that LeakBot has already established for use in the UK and Europe.
Posted: 2021-09-24
The Guernsey International Insurance Association has awarded its first environmental, social and governance accreditation for an insurance entity to Dunant Re IC Limited – an incorporated cell of Replexus ICC (Guernsey) Limited, managed by Aon Insurance Managers (Guernsey). The GIIA’s ESG framework was launched earlier this year.
Posted: 2021-09-23
Specialty re/insurer Chaucer has signed a long-term partnership with Allphins to use its exposure management platform to better understand its energy reinsurance risk accumulation. Chaucer said the move would enable it to more accurately control the amount, and the quality, of risk sitting in its book if business.
Posted: 2021-09-23
Specialist re/insurer Apollo Partners LLP has teamed up with Risk Management Solutions and will incorporate its ExposureIQ application into its exposure management workflow. The move will provide Apollo with a single source of exposure data which can then feed multiple applications.
Posted: 2021-09-23
Goldman Sacks backed consolidator Aston Lark has acquired Irish broker Deanspoint Insurance Brokers Limited, which trades as Abbey Murphy Insurance, and Bournemouth-based broker, The Health Insurance Company. The latter acquisition bolsters Aston Lark’s employee benefits and healthcare insurance business with further deals planned.
Posted: 2021-09-22
Allianz Insurance has changed the cover on its motor fleet (15 or more vehicles) and its small fleet (4 to 14 vehicles) policies in response to the increasing number of electric vehicles that comprise fleets. The cover now includes third-party liability during charging, and damage cover for cables, connectors and electric wallboxes located at the insured’s premises or employee’s home.
Posted: 2021-09-22
Technology firms RightIndem and Iotatech have teamed up to help insurance businesses improve their claims journeys from first notification of loss through to settlement and to reduce costs and claims lifecycles. RightIndem offers a cloud-based software platform to handle FNOL while Iotatech is a SaaS technology provider of policy and claims solutions.
Posted: 2021-09-22
Jensten Group has completed the acquisition of Tasker Insurance Group, which was first announced in July this year. The deal has now gained regulatory approval and includes Tasker Insurance Brokers, Tasker & Partners, and Gresham Underwriting.
Posted: 2021-09-21
Allianz Holdings has launched a transitioning at work policy which will be implemented across its UK businesses. The policy includes information on the legal context and protections that relate to transgender employees, as well as key considerations and responsibilities for employees and line managers.
Posted: 2021-09-21
London-based specialist MGA, Landmark Underwriting has been awarded the title of Chartered Insurance Underwriting Agent from the Chartered Insurance Institute. The title first became available in March 2020 as a result of a partnership initiative between the CII and the Managing General Agents’ Association.
Posted: 2021-09-21
Pool Re has announced the appointment of Angela Knight CBE as non-executive chair. Ms Knight’s career combines political experience and business knowledge. She has held the roles of economic secretary to the Treasury, chief executive of the British Bankers Association, chair of the Office of Tax Simplification and a number of non-executive positions.
Posted: 2021-09-20
The Business Group Alliance for Net Zero has this morning sent a letter to Boris Johnson urging him to align economic and fiscal policy with its decarbonisation strategy. The letter also warns that the UK government’s failure to act decisively on climate change will carry much greater risks and costs.
Posted: 2021-09-20
The British Insurance Brokers’ Association has launched a new member scheme from Yutree Underwriting targeting firms operating in the media and entertainment sector. The scheme offers a policy covering production exposures such as cancellation, abandonment or postponement and covers costs, cast and extra expenses, alongside property, liability and BI cover. Professional indemnity and terrorism can also be included meaning that this is a comprehensive combined policy for this sector.
Posted: 2021-09-20
Data insight consultancy Consumer Intelligence says average UK home insurance premiums are down 5.6% in the last 12 months, although it expects rates may rise as COVID-19 restrictions are lifted. The average buildings and contents policy now costs £144. Londoners continue to pay the most for their home insurance.
Posted: 2021-09-17
Insurers have expressed a willingness to underwrite fire safety risks on projects to remove defective cladding from high rise buildings, but have called on the construction industry to focus on quality, as serious questions remain about accountability, supply chain management and the ‘lowest cost culture’ in the sector.
Posted: 2021-09-17
Zurich UK has signed a five-year deal with specialist and niche motor insurer KGM Underwriting, which is part of the A-Plan/Howden Group. The deal secures Zurich’s solus capacity for KGM’s motor portfolio and the arrangement, which begins in January 2022, is worth over £700m of gross written premium.
Posted: 2021-09-16
Over two thirds (69%) of MGAs expect partnerships to increase in 2022, a view shared by one third (33%) of carriers, according to research from law firm Clyde & Co. It also found that 87% of carriers and 67% of MGAs think the claims process requires improvement, with many citing better communications and clearer processes, as areas on which to focus.
Posted: 2021-09-16
Global reinsurance broker Gallagher Re has launched Gallagher Automated Insurance Analytics, a scalable, automated analytics platform aimed at reducing the time to mine and analyse data for insights. GAIA collects and enriches data from disparate systems, runs it through automated modelling workflows and then delivers pricing, portfolio optimisation and e-placement options.
Posted: 2021-09-15
Insurtech Concirrus has unveiled its next-generation platform to help commercial insurers capture the value of data available from the Internet of Things and transition to digital operating models. The London-based company has also opened a US office to build its presence in the North American market.
Posted: 2021-09-15
US insurer Liberty Mutual Insurance has committed to a 50% reduction of Scope 1 and 2 global greenhouse gas emissions from 2019 levels by 2030. The firm owns Liberty Specialty Markets, which is based in London, operates in Lloyd’s and has offices in Bristol and Manchester.
Posted: 2021-09-15
International brokers network Brokerslink has appointed Fenchurch Law as an affiliate. In this role the law firm will offer a dedicated advisory service for claims and coverage disputes relating to policies written exclusively into the Lloyd’s and London markets. Fenchurch Law has specific expertise across construction, property, financial and commercial, professional, product and environmental.
Posted: 2021-09-14
Insurtech Adiona has launched a new telematics motor insurance product rating drivers on how, where and when they drive. Its app-based product allows customers to manage their policy online, from purchasing cover through to making and completing a claim.
Posted: 2021-09-14
Lloyd’s broker Tysers is growing its presence in Dubai in a move that builds on the firm’s strategy to expand its international operations. Tysers opened its Dubai office in 2006. It has developed into a regional hub focusing on the marine, non-marine, financial, and professional risks sectors.
Posted: 2021-09-14
PIB Group has added Nottingham-based JRT Insurance Brokers to its stable. JRT was established in 2015 and has a team of 14 who cater for both private and business clients, specialising in the construction, care, hospitality and leisure industries. The deal comes days after PIB acquired Purfleet-based Simply Insurance Services.
Posted: 2021-09-13
Rating agency Moody’s has acquired a minority stake in flood modelling specialist Fathom, which was formed in 2012 out of the University of Bristol Hydrology Research Group. Moody’s will take a seat on Fathom’s board of directors and use Fathom’s insights into flooding to better inform its appraisal of businesses.
Posted: 2021-09-13
The Chartered Insurance Institute has named Mandy Hunt, chief underwriting officer for commercial lines at RSA, as the new chair of the Society of Underwriting Professionals, which has 11,000 members. Hunt joined the advisory board in 2019. She replaces previous chair David Williams, managing director, underwriting and technical services at Axa.
Posted: 2021-09-13
Willis Towers Watson has set out its strategy following the collapsed acquisition by Aon and is seeking to, “grow, simplify, transform” the business and return more than £2.9bn to shareholders in 2021/22 through share buybacks.
Posted: 2021-09-10
Handl Group’s rehabilitation business, Corpore, is offering insurers access to SilverCloud, which is a digital mental health treatment platform. Already used by the NHS, Corporé will use SilverCloud to manage the psychological impact on parties injured sustained as a result of accidents, including road traffic accidents.
Posted: 2021-09-10
Speciality re/insurance MGA Rockstone has appointed Ian Anson as group managing director. Rockstone currently generates gross written premiums of around £360m in several specialty lines including marine, terrorism and political violence, direct and facultative property, treaty property, construction and engineering, and liability.
Posted: 2021-09-10
Lloyd’s has posted an aggregated profit of £1.4bn for H1 2021, compared with the £0.4bn loss recorded for the same period last year. It announced a combined ratio of 92.2%, improving on the 110.4% posted for H1 2020.
Posted: 2021-09-09
Professional services and technology business Davies has acquired Asta, a third-party management agent at Lloyd’s. The deal expands Davies’ ability to offer end-to-end insurance management solutions to intermediaries, captives, syndicates, insurers, reinsurers and insurtech businesses.
Posted: 2021-09-09
Willis Towers Watson has partnered with Applied Systems Europe to support real-time pricing in its Radar Live programme, which enables insurers and MGAs to develop their rates, underwriting rules and adjustments, and then deploy them to the market in real time.
Posted: 2021-09-09
NuVenture International has launched MGA Nivante to offer specialist combined insurance products for the UK care sector. Co-founders Jade Knight (pictured) and Melissa Kalsi are both experienced underwriters in the sector. Nivante is broker-only and backed by A-rated capacity.
Posted: 2021-09-08
Aspen Insurance Holdings has reported net income after tax of £63.5m for the six months ended 30th June 2021, compared to the loss of £125.6m announced for the same period last year. Gross written premiums decreased by 4.7% to approximately £1.45bn in the six months, compared with £1.53bn posted last year.
Posted: 2021-09-08
Vehicle repair and claims management system AudaEnterprise Gold has teamed up with German manufacturer MAN Truck to add calculations of its vehicles to the system. This covers the truck maker’s range of lorries from the light commercial TGE to the heavy commercial TGX, TGL, TGM, TGA and TGS vehicles.
Posted: 2021-09-08
Purbeck Personal Guarantee Insurance, which provides personal guarantee cover to the owners and directors of SMEs, has launched an administration portal for commercial finance and insurance brokers. The portal lets brokers get a real-time view of applications, policies and commission statements.
Posted: 2021-09-07
Belfast-based Willis and Company Group Holdings Limited has rebranded to WF Risk Group Limited following a number of recent acquisition and a period of growth. The move standardises operations across its eight offices, which comprise different companies and 140 members of staff.
Posted: 2021-09-07
Low Earth orbit satellite communications company OneWeb has agreed an insurance deal with an aggregated value of around £720m with broker Marsh. The deal covers physical loss or damage to the GEN 1 satellites and launch vehicles used in OneWeb’s latest launch programme.
Posted: 2021-09-06
Swiss Re is to create a centralised cyber underwriting team with global responsibility for the carrier’s underwriting and product development activities in the cyber space. John Coletti will join the company as head of global cyber, while current head of cyber Maya Bundt will take on a newly created role at Swiss Re Institute’s Cyber Centre of Competence.
Posted: 2021-09-06
Zurich UK has announced that Caroline Dunn will take up the position of chief underwriting officer in November. Dunn joins from Lloyd’s where she was responsible for distribution strategy. Prior to that she spent 14 years with insurer RSA.
Posted: 2021-09-06
Insurtech Quotall has entered into a three-year strategic partnership with MGA Markham Private Clients to provide a high net worth e-trading system for Markham to expand its broker panel and facilitate an electronic trade, quote and buy facility for its broker partners.
Posted: 2021-09-03
Specialty insurer Canopius has announced Gavin Phillips as group financial officer. He will take up his position in January 2022. The news follows the decision of incumbent CFO Nigel Meyer to step down from his duties in March 2022. Phillips joins from PwC where he was regional financial services leader.
Posted: 2021-09-03
Insurance provider Battleface has launched a travel insurance policy for space tourists, underwritten in Lloyd’s, to cover those travelling with companies such as SpaceX, Blue Origin, Virgin Galactic and Space Perspective. Cover includes accidental death and permanent disablement.
Posted: 2021-09-03
Specialist insurance provider CFC has added a phishing simulation tool to its mobile app, Response, to enable clients to run faux phishing campaigns within their organisation. Targets who erroneously click are redirected to an educational page where they can learn how to identify and prevent future phishing attacks and social engineering campaigns.
Posted: 2021-09-02
AllClear Travel Insurance has doubled the size of its UK operations with the acquisition of InsureandGo from Mapfre Asistencia. AllClear focuses on specialist travel insurance for clients whatever their age or medical condition. InsureandGo will join AllClear Gold, Tailor Made, Breeze and Black Travel Insurance as part of AllClear’s portfolio of UK brands.
Posted: 2021-09-02
Verisk-owned Sequel has acquired Manchester-based broking software specialist Ignite Systems. Ignite licences an integrated software as a service platform which includes policy administration, rating engine and digital engagement for brokers and MGAs with a specific focus on motor, property, and pet insurance. The platform will form part of Sequel’s digital ecosystem going forward.
Posted: 2021-09-02
Ascot Group has launched Ascot Reinsurance, a new global platform which offers a single point of entry to all its reinsurance products worldwide. The solutions available will continue to be provided by its existing operating companies, which are Syndicate 1414 at Lloyd’s, Ascot Bermuda Limited, and various U.S. statutory companies.
Posted: 2021-09-01
Willis Towers Watson has named Andrew Krasner as CFO. He will replace Mike Burwell in the role. WTW has also announced a new global leadership team to oversee three geographies split into two segments and various corporate functions. The three geographies are Europe, International and North America and the two segments are health wealth and career, and risk and broking.
Posted: 2021-09-01
Swiss Re Corporate Solutions has teamed up with tropical cyclone risk analytics firm Reask, to expand its parametric windstorm solution, Storm. The insurer will leverage Reask’s windspeed data to provide tropical cyclone coverage to corporate and public entities exposed to the risk.
Posted: 2021-08-31
Zurich Insurance Group has appointed Paolo Mantero to the role of group chief strategy officer. Currently chief financial officer commercial insurance, he will assume the new role from 1 January 2022, reporting to Mario Greco, group CEO.
Posted: 2021-08-31
The Association of British Insurers has welcomed the FCA's multi-firm review assessing general insurance product value and COVID-19 guidance, which was published this week.
Posted: 2021-08-27
Skuld has launched an online marine claims tool that will allow customers to receive reimbursement of crew claims automatically.
Posted: 2021-08-27
Marsh has appointed Stefan Farahani as head of specific risks in the UK private equity and mergers & acquisitions practice.
Posted: 2021-08-27
Insurance professionals believe ‘personal skills’ are the most important competency requirement for fresh entrants to the profession to possess. A social media poll of 800 Chartered Insurance Institute members conducted in June found that 56% believe having the right attributes for successful social interaction was the key skill that people entering the profession needs to have.
Posted: 2021-08-26
Zurich Insurance Group has appointed Peter Kasahara to the new role of group chief data officer to oversee all aspects of data management and to help drive the group’s digital transformation.
Posted: 2021-08-26
Lloyd’s has announced a new partnership with geospatial insurtech McKenzie Intelligence Services (MIS). The two-year agreement provides the Lloyd’s market with access to multi-source intelligence including satellite imagery, through the Global Events Observer (GEO) platform, which it says will help deliver faster claims decisions and payments for customers.
Posted: 2021-08-26
Simply Business has announced an extended partnership with RSA, adding the insurer’s More Than and RSA landlord insurance products to its panel of landlord insurance providers.
Posted: 2021-08-25
Duncan Carter has been appointed CEO Retail at Global Risk Partners (GRP). He joins GRP from Marsh UK, where he was head of placement and networks. He will report to group CEO Mike Bruce, who said the need for the new role has come about as a result of continued growth of the retail division, which now employs over 1,000 staff in offices across the UK
Posted: 2021-08-25
Insurance firms may not be ready to implement new product governance rules put in place to ensure insurance provides fair value, according to a review published today by the Financial Conduct Authority. The review warns that too many firms are not fully meeting the FCA’s standards, with many likely to be unprepared to meet new enhanced rules on product governance, which come into force on 1 October 2021
Posted: 2021-08-25
The Council of Lloyd’s has confirmed BLW’s registration as a Lloyd’s broker. BLW was established in 1971 and since its inception has traded as a Lloyd’s coverholder. The firm was acquired in July 2020 by S&G Risk Solutions Limited and is owned by CEO Brett Sainty and CFO and COO Mark Greenwood.
Posted: 2021-08-24
Private equity firm CVC Capital Partners has acquired RiverStone Europe which specialises in non-life run-off insurance books and has significant experience of working with insurers in Lloyd’s and the wider UK market. Since 2010 RiverStone has completed 22 acquisitions of legacy non-life books from insurers and today manages around £2.9bn of insurance reserves.
Posted: 2021-08-24
Mosaic Insurance and DXC Technology have partnered to launch a new insurance platform for the speciality market. The technology provides transparent and instantaneous sharing of data across the platform among brokers, syndicated capital partners, reinsurers and regulators.
Posted: 2021-08-23
Tysers has launched a cloud-based platform to consolidate processes and automate the end-to-end lifecycle of a policy. Tconnect provides automated sanctions checking and task and query management workflow, as well as contract certainty checks and centralised governance data.
Posted: 2021-08-23
Law firm DAC Beachcroft has warned that changes to the Highway Code, proposed by the Department for Transport, may result in motorists being presumed to be liable in accidents involving pedestrians and cyclists and enforce a greater level of responsibility on those who can do the greatest harm, should an accident occur.
Posted: 2021-08-21
The Ardonagh Group has reported income of £433.2m for the six months ended 30 June 2021, a rise of 33.4% on the same period last year. Adjusted EBITDA was up 53.4% to £153.3m. The firm said its existing shareholders have subscribed for £350m of additional equity and its existing lenders have agreed to back further funding of £550m.
Posted: 2021-08-20
The Financial Conduct Authority has published updates to the new rules it is introducing to address the issues found in it GI Pricing Practices Market Study. In May it set out the final rules being introduced (PS21/5) and the updates, concerning issues such as discount, incentives and commission, are given in PS21/11.
Posted: 2021-08-20
Barclays has partnered with business insurance provider Simply Business, giving the bank access to a panel of insurers and enabling customers to get a quote for business insurance cover online or over the phone. The move builds on other strategic partnership announced in recent years as Barclays seeks to expand its offering.
Posted: 2021-08-19
Gateshead-based broker Talbot Jones has acquired Pwllheli-based March Insurance Services, expanding its presence into North Wales. March Insurance Services’ director Amanda Williams joins the Talbot Jones team as associate director and will continue to work with her previous clients.
Posted: 2021-08-19
MGA and ancillary insurance products and services provider CPP Group UK has teamed up with Just Travel Cover to launch Smart Luggage, a parametric product for lost luggage. If luggage is missing after 30 minutes, customers will receive an automatic payment of £50, and a further payment of £500 if it is still not located after 48 hours.
Posted: 2021-08-18
A new corporate travel insurance product from Jackson Lee Underwriting includes COVID-19 cover for cancellation, curtailment or medical expenses and repatriation. Policies are underwritten by Ergo Travel Insurance Services Limited on behalf of Great Lakes Insurance SE.
Posted: 2021-08-18
Aston Lark Ireland has acquired Dublin-based broker AR Brassington & Co Limited, which was established in 1929 and is a subsidiary of ARB Group. It specialises in travel solutions for customers as well as in the wholesale sector and has developed and online travel trading platform.
Posted: 2021-08-18
Figures from the Financial Conduct Authority show that interim and final payments from insurers for non-damage business interruption cases related to the test case total £968.1m, according to the latest monthly data collected by the regulator. Cases where final payments have been agreed and settled reached 21,198, up from last month’s running total of 18,958.
Posted: 2021-08-17
Willis Towers Watson has announced that Carl Hess has been selected as the company’s new president and next chief executive officer. He will take up the CEO position on 1st January 2022 upon the retirement of John Haley. Hess currently serves as the company’s head of investment, risk and reinsurance.
Posted: 2021-08-17
French insurer Axa has announced it has agreed to sell Axa Insurance Pte Ltd – Axa Singapore – to HSBC for a total cash consideration of approximately £415m. The move is part of Axa’s strategy to refocus on its core markets. The transaction is subject to regulatory approval and is expected to complete before the end of the year.
Posted: 2021-08-17
Broker Arthur J Gallagher & Co has announced an agreement to acquire Willis Towers Watson’s treaty reinsurance brokerage operations in a £2.35bn deal that is expected to conclude before the end of the year. Willis Re’s treaty reinsurance business operates in 24 countries, places more than £7.22bn of premium annually and represents over 750 insurance and reinsurance company clients.
Posted: 2021-08-16
The temporary agreement between the Association of Consumer Support Organisations and the Association of British Insurers to expedite dispute resolution will not be renewed after it expired on 13th August. Both bodies believe the terms of the agreement are now common practice or no longer necessary as the pandemic subsides.
Posted: 2021-08-16
Aviva plc has reported a dip in group operating profit to approximately £1.1bn for H1 2021, compared to the £1.2bn posted for the same period last year. In its UK commercial lines business, gross written premium was up 16% to £1.3bn, while in personal lines the gross written premium held steady at £1.2bn.
Posted: 2021-08-13
Globally, total economic losses in H1 2021 were £56bn, according to Swiss Re, down by 33% on the £83bn announced for the same period last year and less than the 10-year average of £78bn. Insured losses for H1 2021 nudged up 4% on last year to hit £30bn.
Posted: 2021-08-13
Connected car services specialist Verex Group has announced a partnership with car manufacturer Genesis Motor UK to provide it with branded insurance and accident management solutions.
Posted: 2021-08-13
Zurich Insurance Group has reported business operating profit of approximately £1.9bn for H1 2021, a jump of 60% on the £1.2bn reported for the same period last year. The group’s property and casualty division reported business operating profit up 108% to £1.2bn, and a combined operating ratio of 93.9%, an improvement on the 99.8% announced in the same period last year.
Posted: 2021-08-12
Insurer Ageas UK has reported a result after tax of £29.8m for the first half of 2021, up by more than 30% on the £22.8m posted for the same period last year. Gross income for the period dipped 1.8% while the combined ratio improved from 97.8% to 96%.
Posted: 2021-08-12
Sharing economy insurance specialist Pikl has signed a distribution deal with esure and Sheila’s Wheels. The two personal lines carriers will now sell Pikl’s branded host insurance top-up product to people who rent out assets, such as a room in their home, a whole property, or a car parking space.
Posted: 2021-08-11
Birmingham-headquartered loss adjuster QuestGates has acquired specialist adjuster, all-uk, which focuses on third party property damage, bus and coach, removers and self-storage claims. The all-uk team will remain in place and report to Stuart Lansdown, director of third-party services at QuestGates.
Posted: 2021-08-11
Managing general agent start-up platform NuVenture International Ltd has launched Hoxton Insurance Services, which focusing on mid and high net worth personal insurance in the UK. The MGA will trade exclusively through brokers and offer protection for homes, possessions, fine art, valuables, cars, travel and investment properties. It is supported by capacity from insurer Hiscox.
Posted: 2021-08-11
Goldman Sachs backed consolidator Aston Lark has acquired Essex Insurance Brokers, which was established in 1964 and is based in Hornchurch. It has a particular focus on the film and visual arts insurance sector and is seen as a good fit for Aston Lark’s Performance Film and Media brand.
Posted: 2021-08-10
Blenheim Underwriting Limited has secured the final approval and requisite permissions from the PRA, the FCA and Lloyd’s to act as a managing agency in respect of Syndicate 5886. Blenheim Underwriting is a wholly owned subsidiary of White Bear Capital Limited. Syndicate 5886 has an underwriting capacity of £325m for 2020.
Posted: 2021-08-10
Motor claims accident management company Action 365 has partnered with e2e Total Loss Vehicle Management, which will now handle its total loss claims including recovery and storage management and financial settlement with the policyholder.
Posted: 2021-08-10
Allianz Holdings plc, which owns Allianz Insurance and LV= General Insurance, has recorded an operating profit of £169m for H1 2021, a 6% drop on the same period last year. It also posted a 6% drop in gross written premium which fell to £1.86bn for the period. The combined operating ratio improved by 1 percentage point to 91.7%.
Posted: 2021-08-09
Leicestershire-based Blythin and Brown Insurance Brokers has been bought by Jonathan Blythin and Richard Picton, two longstanding members of management team. The broker has been in existence for more than 50 years and has a focus on the construction, leisure and hospitality sectors.
Posted: 2021-08-09
Lloyd’s has named the 11 insurtech start-ups that will make up the seventh cohort of its Lloyd’s Lab innovation accelerator programme, putting a focus on claims, data and models, and cryptocurrencies. The firms all specialise in creating simpler products for customers in these areas and were chosen from a total of 179 applications.
Posted: 2021-08-09
Rating agency Moody’s has acquired climate and natural disaster risk modelling and analytics specialist RMS from Daily Mail and General Trust plc, in a deal worth approximately £1.4bn. The purchase will push revenue at Moody’s insurance data and analytics business to around £360m.
Posted: 2021-08-06
Direct Line Group has reported an operating profit of £369.9m for H1 2021, a jump of almost 40% compared to the £264.9m posted for the same period last year. Across the group, in-force policies dipped 1.1% to 14.5 million. Gross written premium slipped 1.5% to £1.6bn.
Posted: 2021-08-06
Insurer Hiscox has recorded a pre-tax profit of approximately £96m, reversing to the loss £100m it recorded for the same period last year. Gross written premiums increased by 8.5% to £1.7bn and the insurer announced a group combined ratio of 93.1% for the period, an improvement on the 114.6% posted for H1 2020.
Posted: 2021-08-05
Goldman Sachs backed consolidator Aston Lark has added Kidderminster-based Plester Group to its stable, expanding its presence in the Midlands. Plester has a 19-strong team and operates across personal and commercial lines. It was established in 1964.
Posted: 2021-08-05
Axa is deploying a new digital claims solution called STeP for its motor insurance customers, offering them multi-channel journeys when making a claim and connecting them with vehicle repair and replacement suppliers involved in the process. Axa is looking at using the technology to develop the digital journey it offers across other business lines.
Posted: 2021-08-05
London-based high net worth specialist Gauntlet Insurance Services has acquired Bolton-based Three Sixty Insure Ltd, which also specialises in the private client sector and was established in 2008. The deal is Gauntlet’s first since it was acquired by Global Risk Partners in 2019.
Posted: 2021-08-04
Connected car services specialist Verex Group has agreed a new expanded contract with RCI Financial Services to offer branded insurance and connected services to motor manufacturers Renault, Dacia and Alpine and, for the first time, Nissan. The deal will enable the manufacturers to offer services including usage-based insurance and electronic first notification of loss at the point of sale.
Posted: 2021-08-04
Insurance broker and benefits consultant NFP has acquired Dublin-based personal and commercial lines broker Aiken Insurances Limited. AIL specialises in professional indemnity, D&O, complex commercial liability and property risks, as well as the leisure and entertainment, and construction sectors. AIL also maintains facilities as a Lloyd’s coverholder.
Posted: 2021-08-04
Ceta Insurance has added boat insurance specialist Topsail to its panel to broaden its existing offering to brokers in the marine market. Topsail provides cover for yachts, motorboats, sailing dinghies, small craft, ribs, sports boats, inland crafts and narrowboats.
Posted: 2021-08-03
Automated accident management company Call Brian has set up a personal injury claims service to help motorists injured in a road traffic accident make a claim through the government’s Official Injury Claim portal. Russell Atkinson (pictured), former head of National Accident Helpline will lead the service.
Posted: 2021-08-03
The twinned Hire Association Europe and Event Hire Association have announced Towergate Insurance Brokers will take on responsibility for HAE EHA Insurance Services from 1st October 2021. The move follows a competitive tender and will see Towergate cater for 800 member firms across the event, and plant and tool hire sectors.
Posted: 2021-08-03
Brit has announced gross written premiums of just over £1bn for the six months ended 30 June 2021. This is a rise of 14.2% on the £922m reported for the same period last year. Brit’s combined ratio for H1 2021 was 94.6%, an improvement on the 106.7% achieved in the same half last year.
Posted: 2021-08-02
Swiss Re has announced group net income of £719m for the first half of 2021, compared with the loss of £816m recorded for the same period last year. In its property and casualty reinsurance division, Swiss Re reported a combined ratio of 94.4%, compared to the 115.8 announced for H1 2020.
Posted: 2021-08-02
Chubb has launched its Chubb Academy to attract a broader range of talent into the company. The academy offers a two-year programme and is aimed at people in the early stages of their career. There is no requirement for previous insurance industry expertise or a university degree and the insurer is particularly encouraging people from socio-economically disadvantaged backgrounds to apply.
Posted: 2021-08-02
Specialist lines MGA Occam Underwriting has promoted chief financial officer Mark Fisher to chief executive officer, subject to regulatory approval.
Posted: 2021-07-30
The UK government has outlined its latest plans for tackling flood risk, pledging £5.2bn of investment over the next six years, including £860m over the next 18 months on over 1,000 schemes across England to protect some of the most vulnerable communities.
Posted: 2021-07-30
The Tasker Insurance Group has announced the acquisition of Insure Risk, subject to FCA approval. Located in Altrincham, Cheshire, Insure Risk is a £2.5m GWP commercial broking business which Tasker believes will add further depth to Tasker Insurance Brokers in the North West bringing mid corporate capability and extending the Tasker PI capability within the region.
Posted: 2021-07-30
Lloyd’s has outlined plans for how the insurance industry will partner with critical industries to support and accelerate the transition to a low carbon economy, including the launch of new products for electric vehicles.
Posted: 2021-07-29
Emerging risk and cyber specialist underwriter CFC has announced that chief innovation officer Graeme Newman has been appointed as the company’s new CEO. Founder and current CEO, Dave Walsh, will assume the role of group CEO effective immediately, subject to regulatory approval.
Posted: 2021-07-29
A knowledge gap on cyber insurance could result in mis-selling and poor customer outcomes, according to a survey by the Chartered Insurance Institute.
Posted: 2021-07-29
Ecclesiastical Insurance has launched a new technology system designed to protect properties. Ecclesiastical Smart Properties is a risk management technology being rolled out to selected heritage, education and faith customers.
Posted: 2021-07-28
Arthur J Gallagher could still seek an acquisition of all or parts of Willis Towers Watson including Willis Re after the deal with Aon fell through, according to Bloomberg Intelligence (BI).
Posted: 2021-07-28
Broker Right Choice has announced a new telematics partnership with UK Insurtech, ThingCo.
Posted: 2021-07-28
Markel UK, the division of Markel International that provides insurance, tax and legal services for SME businesses, has announced a partnership with technology firm Cytora.
Posted: 2021-07-27
Global commercial insurance prices increased 15% in the second quarter of 2021, according to the global insurance market index released by Marsh
Posted: 2021-07-27
Chubb has announced the launch of an insurance solution for offshore wind farms. The new policy has been developed to support green energy providers through the full offshore wind farm process, from project inception through to energy production, storage and distribution.
Posted: 2021-07-26
Lloyd’s has announced the appointment of Vicky Carter as Deputy Chair of Lloyd’s, effective 1 September 2021. Carter has sat as an elected member of Lloyd’s Council since February 2019 and has worked for the Lloyd’s market for 40 years, starting her career in medicine before moving to Reinsurance Broking in 1980.
Posted: 2021-07-26
Allianz Insurance has added present position trackers to its claims hub, allowing brokers to get live status updates on five key aspects of motor claims. The platform maps claims along five stages - policy cover, liability, vehicle, third party and recovery - and pulls information from the system so that brokers can have the latest on each or all five aspects.
Posted: 2021-07-26
Aon and Willis Towers Watson have agreed to terminate a proposed £21.5bn merger following an “impasse” with the US Department of Justice. The Department of Justice last month moved to block the planned acquisition by Aon, arguing that it would eliminate competition and lead to higher prices and reduced innovation for customers in the US.
Posted: 2021-07-26
Adrian Furness will take over as chief executive officer of Covéa Insurance, replacing James Reader who is stepping down from the role. Furness was previously chief operating officer and his been with the business in various roles for more than 10 years.
Posted: 2021-07-23
Aston Lark Ireland has announced its acquisition of Dublin-based personal lines specialist Principal Insurance Ireland DAC, which was established in 2015 and focuses on the motorcycle market. It has a market share in excess of 30% and an 18-strong team.
Posted: 2021-07-23
Staysure Group has launched a pet insurance product through its brand Petsure that offers cover for dogs and cats regardless of their pre-existing medical conditions or age. The product offers a range of limits and Petsure can include a mix of up to eight cats or dogs on a single policy with tailored cover levels for each pet.
Posted: 2021-07-23
Insurance software solutions provider Sapiens International Corporation has teamed up with re/insurer Munich Re to offer technology-led consultancy and solutions to insurers to enable them to better serve the SME commercial market in the UK. Once the partnership is up and running, it will be expanded to the Nordics and South Africa.
Posted: 2021-07-22
Specialist managing general agent Medical and Commercial International has received in-principal approval from Lloyd’s for Syndicate 1902 to underwrite business incepting from 1st January 2022. It aims to generate £45m of gross written premium in its first year focusing on core medical and commercial liability classes.
Posted: 2021-07-22
Munich Re has said it will report a net profit for Q2 2021 of around £946m when it publishes its results on 10th August. It said this would take half-year net profit to £1.5bn and put the group on track to hit its annual target for the year of £2.4bn.
Posted: 2021-07-22
Global Risk Partners has agreed to acquire Willis Towers Watson’s commercial risk and broking business in Northern Ireland, which will become part of GRP-owned ABL Group. The deal will add gross written premium of £57m to Belfast-based ABL Group, and includes the transfer of all associated WTW employees.
Posted: 2021-07-21
Axa UK will deploy BETSIE – buildings enhanced triage steering intelligence engine – its in-house machine learning tool, to streamline the handling of complex commercial property claims. The move follows a successful pilot in which BETSIE processed 1,300 escape of water claims and delivered a 25% reduction in re-routing.
Posted: 2021-07-21
The Confused.com Car Insurance Price Index in association with Willis Towers Watson has found that the average comprehensive car insurance premium for Q2 2021 was £522, down by 12% (£71) on the same period last year. According to the index, this is the lowest average figure for five years.
Posted: 2021-07-21
Ageas Insurance has forecast a jump in the number of crash for cash induced road collisions in the coming months as the UK leaves lockdown and traffic volumes increase. The insurer said it saw cases rise by 150% when the first national lockdown was lifted in 2020.
Posted: 2021-07-20
Speaking on the Financial Conduct Authority’s Our Role and Business Plan webinar, Nikhil Rathi, CEO at the FCA, said the regulator must become a “a forward-looking, proactive regulator” as it seeks to deal with what he called the “profound forces” that were reshaping financial services.
Posted: 2021-07-19
The British Insurance Brokers’ Association has created an Insurance Technology and Innovation Committee with members including Acturis, Applied Systems, Durell, HUGHUB, Open GI, Polaris, Schemeserve and SSP. The committee will formalise the relationship between members and insurance technology suppliers and represent and protect the interests of members.
Posted: 2021-07-19
Research from specialist insurer Beazley has found that clients want more than financial protection from their insurance partners including additional risk insight and risk management services, and cover that flexes with their changing needs.
Posted: 2021-07-19
Consolidator Aston Lark has reported revenue of £91.7m in 2020, up by 28% on the previous year and driven by its eight acquisitions during the period. The broker said its core organic commission and fee growth was 4.4% for the year. A further 17 acquisitions have been undertaken in 2021.
Posted: 2021-07-16
DCJ Insurance Group, which is owned by Global Risk Partners, has acquired Mansfield-based broker Real Insurance Group Limited. Real Insurance was established in 1976 and was a member of the Hedron Network, which GRP also acquired this year.
Posted: 2021-07-16
Specialist re/insurer Apollo Syndicate Management has secured in principle approval from The Council of Lloyd’s to convert Special Purpose Arrangement 1971 into a standalone syndicate. SPA 1971 was launched under the ibott brand in 2019 and caters for clients in the sharing economy.
Posted: 2021-07-16
Allianz Holdings is to create new personal and commercial lines divisions following the acquisitions of LV= General Insurance and L&G General Insurance. Allianz Personal will comprise the LV= Retail business, LV= Broker, L&G GI, Petplan, Home & Legacy and Allianz Musical Insurance. Allianz Commercial will comprise Allianz’s Mid-Corp Commercial, Engineering, Construction & Power, SME and Legal Protection businesses.
Posted: 2021-07-15
Flood Re backed 218,090 policies in the year ending 31st March 2021, an increase of 11% on the previous year. As it plans towards exiting the market in 2039, Flood Re highlighted the need for insurers to embrace a “build back better” strategy when settling flood claims, to increase the resilience of properties to subsequent flooding.
Posted: 2021-07-15
The winners of the 2021 National Insurance Awards were revealed at last night's gala dinner and awards ceremony.

Hosted by comedian Felicity Ward, the National Insurance Awards showcase outstanding performance in general insurance.
Posted: 2021-07-15
Admiral Group has announced it expects to report higher than expected profit before tax for H1 2021 of between £450m and £500m. These figures exclude the sale of the Penguin Portals comparison businesses which completed on 30th April 2021.
Posted: 2021-07-14
Insurers in both the life and property and casualty markets plan to accelerate their use of automation in their actuarial and reserving processes over the next five years, according to research from Willis Towers Watson.
Posted: 2021-07-14
Hedron Network, part of Global Risk Partners, has added Zurich Insurance to its panel for a wide range of manually traded and packaged commercial lines products. The news follows the decision by Markel to join the Hedron panel in June.
Posted: 2021-07-13
Consolidating broker Aston Lark has acquired London-based golf insurance specialist Linkscover, which was set up in 2015. The intermediary provides insurance to golf clubs throughout the UK. The deal expands Aston Lark’s footprint in the sport and leisure sector.
Posted: 2021-07-13
Insurer Beazley has named Troy Dehmann as chief operating officer with immediate effect. He joins from HSBC where he was global COO for finance operations and core finance. He will be based in the London and replaces Ian Fantozzi who now leads Beazley’s digital business unit.
Posted: 2021-07-13
The European Commission has given the green light to Aon’s acquisition of Willis Towers Watson, so long as it delivers, “full compliance with a substantial set of commitments offered by Aon, including the divestment of central parts of WTW's business to the international brokerage company Arthur J. Gallagher.”
Posted: 2021-07-12
US wholesale broker Jencap Group has acquired St Albans-based Worldwide Hole ‘N One Ltd, which has been a Lloyd’s coverholder for more than 25 years through its primary brand Worldwide Special Risks. The UK broker specialises in the live events market offering cover for cancellation, non-appearance, and event property and liability.
Posted: 2021-07-12
The Financial Conduct Authority has fined Lloyds Banking Group’s insurance division - LBGI - £90.7m for using language in renewal communications deemed to be unclear, unfair and misleading. LBGI comprises Lloyds Bank General Insurance Limited, St Andrew’s Insurance Plc, Lloyds Bank Insurance Services Limited and Halifax General Insurance Services Limited.
Posted: 2021-07-09
Travel insurance specialist Staysure Group has acquired Rock Insurance Group, which focuses on white labelled and partnership business in the travel insurance sector. The deal will increase Staysure Group’s customer base to more than 4 million people and expand its footprint into the B2B market.
Posted: 2021-07-09
Arc Legal Assistance and sister business Legal Insurance Management have signed a deal to provide family legal protection cover to Lloyds Banking Group customers through its brands Lloyds Bank, Halifax and Bank of Scotland.
Posted: 2021-07-09
Regulators in financial services are seeking views from the market on how to improve diversity and inclusion, including targets for representation and increased accountability for senior leaders. The proposals from the Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England are outlined in discussion paper DP21/2.
Posted: 2021-07-08
Tigon Underwriting, which is owned by Rock Insurance Group, has expanded its travel product to provide cancellation cover to policyholders contacted by the NHS Test and Trace system and told to self-isolate within 14 days of their departure date. The cover is available for both domestic and international trips.
Posted: 2021-07-08
JMG Group, the parent of broker JM Glendinning, has acquired Surrey-based Bickley Insurance, which will continue to trade under its own brand. The commercial lines broker has a team of eight and has been led by managing director Jeff Bickley since a management buyout in 1991.
Posted: 2021-07-08
The insurance industry has reacted positively to the publication of the Building Safety Bill and the improved standards and regulations it aims to bring to the construction industry. It has also urged the government to go further and expand the scope of the Bill’s reach in higher-risk buildings.
Posted: 2021-07-07
Aston Lark’s latest acquisition is London-based ES Risks, which provides wholesale re/insurance facilities to brokers, MGAs and re/insurers. ES Risks was established in 2007 and has a team of 45 people. It covers all classes of business and works with clients in 20 countries.
Posted: 2021-07-07
The AA will handle all its household claims inhouse, after striking a 5-year deal with Synergy Cloud to use its claims platform. The technology links insurers with supply chain partners and customers to give them direct control of the claims process.
Posted: 2021-07-07
Wakefield-based legal services firm Minster Law has agreed an exclusive 5-year partnership with Esure Group to deal with motor personal injury and legal claims for its esure and Sheila’s Wheels brands.
Posted: 2021-07-06
The British Insurance Brokers’ Association has launched a home insurance scheme with Reading-based insurtech OneClickCover Ltd. The scheme offers unlimited buildings cover and £80,000 of contents cover. OneClickCover, underwritten by Royal & Sun Alliance can offer home insurance to over 85% of all properties in the UK.
Posted: 2021-07-06
Vecta Risk Partners has completed a management buyout from Castel Underwriting Agencies four years after it launched on the MGA formation platform. Vecta focuses on group and individual accident and health, travel and lifestyle insurance covers. The management buyout was led by Vecta’s partners Richard Gorely, Andy Juggins and Vyv Townend.
Posted: 2021-07-06
Insurance broker Gallagher has acquired Edelweiss Gallagher Insurance Brokers, the Mumbai-based business in which it previously held a 30% stake. Edelweiss Gallagher operates in sectors including corporate, affinity and association, reinsurance and global, and digital solutions.
Posted: 2021-07-05
The Association of British Insurers has announced a boardroom shake-up to refocus the organisation and help the wider industry “boost customer trust, enhance reputation and tackle future risks such as climate change.” The move sees the ABI create a new post of independent chair, and new roles of president and deputy president of its board.
Posted: 2021-07-05
Law firm DAC Beachcroft and carrier Markel Insurance have joined forces to launch a skills sharing and mentoring initiative for people involved in any aspect of claims handling. The programme, called Mentoring the Market, will offer events and seminars in addition to mentoring opportunities.
Posted: 2021-07-05
The Holiday Travel+ and Sports Travel+ schemes offered by the British Insurance Brokers’ Association and provided by Jackson Lee Underwriting now include enhanced COVID-19 cover. The extension covers people who are vaccinated and travelling to European countries where the Foreign, Commonwealth and Development Office has advised against “all but essential travel” due to COVID-19.
Posted: 2021-07-02
The European Commission has scrapped the need for UK drivers to show a motor insurance Green Card as part of a package of measures announced to find a practical solution to the ongoing issues at the Norther Irish border created by Brexit.
Posted: 2021-07-02
Howden Group Holdings’ data division HX has launched digital platform Nova to offer users access to business intelligence relating to the insurance market. The available data includes pricing and placement information, loss trends, regulatory submissions and broader market financials to assist users in analysing their own operations.
Posted: 2021-07-02
Jensten Group has acquired Tasker Insurance Group in a deal that adds £50m to Jensten’s gross written premium, taking it to a figure of £300m. Tasker Insurance Group includes Tasker Insurance Brokers, Tasker & Partners and Gresham Underwriting. The deal is subject to regulatory approval.
Posted: 2021-07-01
The Ardonagh Group has announced plans to launch Inver Re, a reinsurance broker with the stated ambition of becoming a top-five global player. The news comes on the back of Ardonagh’s acquisition of the insurance operations of BGC Partners, comprised of Ed and Besso Broking Groups.
Posted: 2021-07-01
Specialist insurance provider CFC has teamed up with the Centre for Telehealth and E-Health Law to offer free risk management services as part of its eHealth product range. The services include a digital training solution aimed specifically at telehealth providers.
Posted: 2021-07-01
Simon Wilson has been named as Markel International’s next president, succeeding William Stovin who has led the Markel International division since 2008. The transition is part of a planned succession that will fully take effect no later than 1st January 2022, pending regulatory approval.
Posted: 2021-06-29
Willis Towers Watson has announced the live trading of complex commercial risks after integrating its broking platform with Ki, making it the first broker to digitally trade specialty risks at Lloyd’s.
Posted: 2021-06-29
Charles Taylor has announced the appointment of John Pickersgill as group chief commercial officer, effective today.
Posted: 2021-06-28
Covéa has rolled out Iotatech’s new Policy Platform across its motor business. The new platform offers full policy lifecycle management, promising highly configurable workflows and integration with affinity partner, third party and legacy systems.
Posted: 2021-06-28
HRH The Prince of Wales has launched a Sustainable Markets Initiative (SMI) Insurance Task Force, which aims to "to provide climate positive financing and risk management solutions to support and encourage individuals and businesses around the world to accelerate their transition to a sustainable future."
Posted: 2021-06-25
Car manufacturer Ford is working with UK usage-based motor insurance provider By Miles and will provide connected vehicle data to enable By Miles to offer cover to drivers without the need for an additional plug-in device. The insurance product is expected to launch later this year.
Posted: 2021-06-25
Rating agency Moody’s says European insurers have been ‘relatively unscathed’ by COVID-19, despite some significant and unexpected losses, and must now prepare for post-pandemic challenges. It highlighted the accelerated switch to digital and the gap between policy cover and customer expectation as particular issues, and predicted an uptick in sector M&A activity as carriers sought refuge in scale.
Posted: 2021-06-25
Insurer Zurich has announced a set of interventions to help it "identify and address issues around career progression, pay gaps and ethnic minority representation" across its UK workforce. Its ethnicity pay gap data for 2021 shows a mean pay gap of 10.2%, up from 9.8% last year. Zurich’s ethnicity bonus gap stands at 37%, up from 19.6% in 2020.
Posted: 2021-06-24
Carpenters Group has joined the Managing General Agents’ Association as a supplier member. The legal firm provides claims services to insurers, brokers and MGAs. The arrangement will give members access to the firm’s service such as FNOL claims handling and defendant litigation services.
Posted: 2021-06-24
handl Group has launched handl Engage, which is a full-service proposition for insurers dealing with the impact of the government’s personal injury reform. It follows the recent launch of the Official Injury Claim portal and the estimated 20% drop in claims resulting from teething issues around the new process.
Posted: 2021-06-23
The Lloyd’s Market Association has unveiled findings from its six-month project Dare, carried out in partnership with consultancy 6point6, to offer a reimagined model for delegated authority business. The work included 45 group workshops and 12 SME interviews with over 330 attendees, supplemented by 4 online surveys with over 200 responses.
Posted: 2021-06-23
Swiss Re has sold a stake of around 6.6% in Phoenix Group Holdings plc for £437m. The shareholding was acquired in the sale of ReAssure in 2020. Swiss Re said the sale was part of a regular review and rebalancing of its investment portfolio and is consistent with its overall investment strategy across equity and alternative investments.
Posted: 2021-06-23
The Institute and Faculty of Actuaries says the professional standards and education syllabus which support actuaries involved in pricing for the UK home and motor insurance market should have an increased focus on consumer fairness..
Posted: 2021-06-22
Vehicle management platform Caura has raised around £3m in new capital, which will help it expand its in-car insurance offering in the UK. Caura allows users to input their vehicle’s registration number to automatically set up payments for services such as insurance, MOT, city congestion charges, tolls, and tax. It currently works with insurers including Aviva, LV, ERS and Makerstudy.
Posted: 2021-06-22
We are delighted to report some exciting news for the National Insurance Awards 2021, which takes place on 14th July. Due to strong bookings, and the need to run this event in a COVID-secure environment, we have secured the stunning Great Room at the Grosvenor House in Park Lane for the evening.
Posted: 2021-06-21
Amicus Insurance Solutions has completed a management buy-out with Adam Scott buying the shares of his fellow co-founder Richard Evans, who is set to retire. Amicus is based in the South East and is the preferred supplier of insurance to the Scaffolding Association. The MBO was financed by a commercial loan facility from Shawbrook Bank.
Posted: 2021-06-21
Specialist insurance provider, CFC’s new Syndicate 1988 has incepted. To bolster its own risk capital, the syndicate worked with Aon Capital Advisory to attract third-party support from an ILS manager and reinsurers. It is also believed to be one of the first MGA-to-syndicate businesses to secure risk capital from a pension fund.
Posted: 2021-06-21
Consolidating broker Aston Lark has acquired Bolton-based Premier Insurance Consultants, which has eight employees and controls gross written premium of more than £2m. The commercial broker has a particular niche specialism in the concrete industry. The deal is Aston Lark’s fifteenth acquisition of 2021.
Posted: 2021-06-18
UK insurtech Send Technology Solutions has launched a global SaaS platform that supports the underwriting process from submission to bind. The AI-enriched, API-enabled platform includes advanced functionality such as bordereau and cover holder management, and a rating component. The official launch follows two years of operational usage with one of the UK’s top five composite insurers.
Posted: 2021-06-18
The Association of British Insurers and Flood Re have highlighted the value of maintaining flood defences in the UK ahead of the government’s consultation on its comprehensive spending review. A joint report found river flood defences provide protection valued at £568m a year and that every £1 spent on flood defence maintenance, saves £7 in spending on new defences.
Posted: 2021-06-17
London-based insurtech Tractable has raised around £43m in Series D funding, which was led by Insight Partners and Georgian. Tractable uses artificial intelligence to analyse photos of damaged cars and helps insurers assess the cost of repairs. The new funding values the company at one billion dollars, giving it unicorn status.
Posted: 2021-06-17
UK insurance placing specialist InsurerCore is joining the Licensed Integrator Partner community of ACORD Solutions Group, the industry-owned subsidiary of insurance standards body ACORD. The InsurerCore platform lets underwriters, brokers, and agents showcase new products, monitor market appetite, expand professional networks, and advertise their proposition to the industry.
Posted: 2021-06-17
Aon’s proposed $35bn purchase of Willis Towers Watson is being challenged by US antitrust regulators, who say the proposed merger would eliminate competition and lead to higher prices and reduced innovation for customers in the US.
Posted: 2021-06-17
Specialist insurer Peach Pi has teamed up with insurtech MGA Tapoly to create insurance for freelancers and micro SMEs operating in the health and wellbeing sector. The flexible product is available online and includes cover for professional indemnity, public liability and treatment risk.
Posted: 2021-06-16
Asset manager Legal & General Investment Management has published its annual Climate Impact Pledge report, in which it announced it will divest from four new companies, due to insufficient action to address the risks posed by climate change. These companies are AIG, Industrial and Commercial Bank of China, PPL Corporation and China Mengniu Dairy.
Posted: 2021-06-16
Research from the Association of Medical Insurers and Intermediaries has found a majority of members expect to see an increase in demand for individual private healthcare in 2021. Lengthening NHS waiting lists was cited as a major driver for the forecast demand.
Posted: 2021-06-16
Acrisure Re, the reinsurance division of broker and fintech services provider Acrisure, has launched a London-based cyber reinsurance division in partnership with cyber risk modeler, Kovrr. The new division will be led by Cyber Practice Leader, Tom Quy and aims to offer data-driven risk analysis to better inform insurers on their cyber reinsurance needs.
Posted: 2021-06-15
Managing general agent Dual, the underwriting arm of Howden Group Holdings, has established a forestry offering to add to its product stable. The proposition will be led by Gordon Steward, reporting directly to Richard Clapham, CEO, Dual Group.
Posted: 2021-06-15
Data from the Financial Conduct Authority shows that insurers have settled 43% of accepted COVID-19 business interruption claims, following the test case and appeal contested by the regulator. So far, insurers have paid £268m in interim payments and £467m in final settlements.
Posted: 2021-06-15
Broker Clear Insurance Management has purchased Horsham-based Anderson White Insurance Brokers. Clear’s team in Cranleigh will relocate to new offices in Horsham, where the Anderson White team will join it. Clear said it was looking for further growth opportunities in the South East.
Posted: 2021-06-14
Aston Lark Ireland has completed its fourth acquisition in 2021 and has announced the purchase of Dublin-based broker McMahon Galvin Limited. The target broker was founded in 1970 and specialises in car, motor and business insurance covers.
Posted: 2021-06-14
The majority (86%) of SMEs in the UK are without cyber cover according to Aviva. Research by the insurer found significant regional variation with just 3% of Scottish SMEs having cyber insurance compared to almost a third (32%) in Northern Ireland.
Posted: 2021-06-14
UK motor insurers achieved a 90.3% net combined ratio in 2020, following the unprofitable 100.8% recorded the previous year, according to consultancy EY’s latest UK Motor Insurance Results. But it predicts a return to the red in 2021 and forecasts a net combined ratio of 103% for the market. It expects this to deteriorate further in 2022 to 112%.
Posted: 2021-06-11
Covéa Insurance has agreed a deal with water leak detector, Leak Bot to roll out its devices to the insurer’s high net worth customers across the UK through its broker and affinity networks. The new deal builds on an existing relationship that began in 2017.
Posted: 2021-06-11
Insurer Chubb has developed a pay as you roam travel insurance proposition, which uses mobile phone roaming data to identify when customers are away from their home country and to activate coverage automatically at a daily premium. It will be made available through the insurer’s partners in the banking, fintech and telecommunications industries.
Posted: 2021-06-11
The most successful insurers have a number of factors in common, including 'thoughtful growth', a focus on markets in single countries and digital maturity. This is among the findings of a study conducted by Acord and Alchemy Crew on the primary drivers of success among 40 of the largest insurers headquartered in Europe.
Posted: 2021-06-10
IDEX Consulting has completed its merger with Aspects Insurance Recruitment, the consultancy set up by Allison Marshall in 2007.
Posted: 2021-06-10
CPP Group UK has partnered with NPA Insurance to run the claims and 24/7 emergency helpline service for its new key insurance offering.
Posted: 2021-06-10
Insurer RSA will join digital broker Simply Business’s panel of providers. It will offer insurance products to Simply Business’s customers through the More Than and RSA brands. The insurer will also offer its RSA Shop insurance to help meet growing online demand from shop owners.
Posted: 2021-06-09
Insurance provider CFC has launched a new transaction liability solution for the micro end of the M&A market. Its Private Enterprise policy insures the sellers of businesses with an enterprise value from around £175,000 up to approximately £7m for damages and defence costs resulting from a claim against them for a breach of a representation or warranty in the purchase agreement.
Posted: 2021-06-09
Dublin-based commercial broker Crotty Insurance, which was acquired by Global Risk Partners last year, has purchased Cavan-based broker Martin Insurance. The target broker specialises in commercial covers such as airside, marine and cargo, professional indemnity, contractors, construction, apartment block and motor fleet.
Posted: 2021-06-09
Legal expenses insurer DAS UK Group has teamed up with litigation funding provider Maxima to launch a new clinical negligence and personal injury scheme called Optimise, which is aimed at smaller legal practices, including sole practitioners and small departments.
Posted: 2021-06-08
Private medical insurance provider Now Health International Group has announced a new partnership with Starr Insurance Companies to deliver growth in the UK and underwrite its WorldCare and more affordable SimpleCare healthcare products. Starr replaces Axa PPP Healthcare as Now Health’s insurance partner.
Posted: 2021-06-08
Law firm DAC Beachcroft has launched a new microsite to support insurers’ claims teams in navigating their way through the new rules and procedures introduced by the government’s new package of whiplash reforms and the Official Injury Claim Portal that went live on 31st May 2021.
Posted: 2021-06-08
Direct Line Group has launched a new technology platform for Direct Line, Churchill and Privilege motor customers. The platform offers customers the opportunity to self-serve and the ability to engage with support teams in a web chat or on the phone. It was developed and deployed in partnership with Capgemini.
Posted: 2021-06-07
Insurance broker Howden has announced the launch of Parhelion, which it says will be the world’s first fully sustainable insurer. Parhelion is targeting a capital raise of around £350m and will implement an underwriting approach based on data, technology and proprietary ESG criteria. It aims to start underwriting from 1st January 2022.
Posted: 2021-06-07
XS Direct has acquired Kitsune Associates, after it was announced last year it would be put into run off. The news came to light when Trevor Bowers, previously managing director for Kitsune Associates, posted details of the purchase on LinkedIn.
Posted: 2021-06-07
Aviva plc has signed a five-year strategic partnership with Darwin Innovation Group, which will initially focus on an autonomous vehicle trial at the Harwell Science and Innovation Campus in Oxfordshire. Data gathered from the trial will help Aviva to build an insurance model for such vehicles.
Posted: 2021-06-04
Aviva detected more than 12,000 instance of fraud in 2020, a rise of 10% on the previous year. On motor policy applications, uncovered fraud was up by 34% and on motor injury claims it rose by 20%. Aviva said it saw a 26% rise in the proportion of home insurance claims rejected for fraud. Detected fraud on EL and PL claims was up by 5%.
Posted: 2021-06-03
SME insurance provider Superscript has struck a partnership with cyber security specialist CyberSmart, making it faster and easier for firms to get cyber cover. The deal means that once SMEs complete the government-backed Cyber Essentials certification on CyberSmart’s website, they can subscribe to Superscript’s cyber insurance without leaving the website.
Posted: 2021-06-03
Data, analytics and technology provider LexisNexis Risk Solutions surveyed 3,000 homeowners and renters and found that two out of three are happy to bend the truth to get a cheaper quote online. Fraud data from the Association of British Insurers suggests this manipulation typically consists of non-disclosure of previous claims.
Posted: 2021-06-03
Ethos Broking UK has purchased Drayton Insurance Services via its Norwich-based regional hub, Hugh J Boswell. Drayton Insurance Services was founded in 1997. It has offices in Norwich, Poringland, Aylsham and Ipswich and handles £14m if gross written premium. It employs 40 people and they will all stay with the business following the deal.
Posted: 2021-06-02
Roadside assistance and services provider Allianz Partners has joined forces with software company BeNomad to integrate a new electric mobility solution – ev-Move – into its roadside assistance operations. The ev-Move platform helps electric vehicle drivers estimate their energy consumption and optimise their trips.
Posted: 2021-06-02
Specialist legal expenses insurer, Financial and Legal Ltd, has developed a new product range to cover excess losses on home, motor and bike policies. It also offers a combination product. The products are available via brokers.
Posted: 2021-06-02
The Financial Conduct Authority has implemented changes to prevent a renewal quote for home and motor insurance being more expensive than it would be for a new customer. The pricing, auto-renewal and data reporting remedies come into effect on 1 January 2022.
Posted: 2021-06-01
Law firm Slater and Gordon has launched a new platform called micase, to deal with claims for whiplash, following the government’s creation of the Official Injury Claim portal. Claimants using the law firm’s platform will be able to access legal advice if needed, and will be charged on a no win no fee basis.
Posted: 2021-06-01
Lloyd’s, DXC Technology, the Lloyd’s Market Association and the International Underwriting Association have signed an agreement to support the creation of a digital and technology-led market as set out in the Future at Lloyd’s Blueprint Two. The underlying aim is to a enable customers to get cover more quickly and receive faster claims payments.
Posted: 2021-05-28
Law firm Minster Law has urged for industry collaboration and co-operation ahead of the launch of the Official Injury Claim portal to ensure customers’ needs remain central to considerations in the face of expected teething problems. The OIC portal will go live on 31st May.
Posted: 2021-05-28
Specialist motor broker Principal Insurance has teamed up with technology firm ITS Telematics Solutions and intermediary XS Direct Insurance to develop a new telematics solution. Principal offers a range of motorcycle, car, van, home, courier and commercial policies and has 40,000 policyholders.
Posted: 2021-05-28
The Ardonagh Group will buy the insurance brokerage business of US intermediary and technology business BGC Partners for around £350m. Ardonagh will fund the acquisition, which is subject to regulatory approval, through a combination of equity and debt. Under the deal it will acquire Ed Broking Group and Besso Insurance, which were recently grouped together with other businesses under the Corant Global brand.
Posted: 2021-05-27
Allianz Holdings has announced that Jon Dye will step down as CEO at the end of November 2021. He will be succeeded by Colm Holmes, currently CEO of Aviva General Insurance. To replace Holmes, Aviva has appointed Adam Winslow, who was CEO of Aviva’s international businesses and responsible for overseeing its strategic divestment programme.
Posted: 2021-05-27
London-based managing general agent Rising Edge has officially launched to the market, after announcing its creation earlier in the year. It specialises in D&O cover. Vantage Risk Ltd, the Bermuda-based Class 4 reinsurer will provide the “A-”rated reinsurance capacity. Accredited Insurance (Europe) Limited, a Randall & Quilter Group Company, also “A-”rated, will provide Rising Edge with the required insurance licenses to underwrite business.
Posted: 2021-05-27
Dundee-based insurtech Broker Insights has reported revenue of £2.25m for the year ended 31st January 2021. This is its second year in business and sees it double the revenue announced for year one. The firm runs a searchable platform that connects insurers and brokers in the UK. It also doubled gross written premium on the platform for the year to hit £1bn.
Posted: 2021-05-26
Insurtech Insurian has launched its services to the UK insurance industry, seeking to make it easier and quicker for carriers to develop and launch new products. The Insurian platform is underpinned by insurance operating system Genasys. It segregates new product design and build programmes from existing systems to minimise development and delivery risks.
Posted: 2021-05-26
Legal and business services provider DWF has announced two acquisitions to enhance its insurance sector capabilities. It has bought Zing365, a specialist provider of compliance training to the insurance and financial services markets, and Canadian claims management and adjusting business Barnescraig and Associates.
Posted: 2021-05-26
Insurance data and analytics provider Lexis Nexis Risk Solutions can now provide motor insurers with details of cancellations and gaps in cover that occurred during the COVID-19 lockdowns. The aim is to ensure those who chose to cancel their motor insurance or allowed it to lapse during the lockdown period are priced more fairly when they next shop for insurance.
Posted: 2021-05-25
Two alternative dispute resolution schemes for minor injury claims have produced positive results in relation to both costs and time. Claimspace, part of handl Group, has run a pilot scheme in conjunction with Verisk. Another concurrent scheme was run by Yorkshire law firm Minster Law in association with technology company Nuvalaw.
Posted: 2021-05-25
After the event insurance provider DAS UK Group has signed a deal with law firm Pattinson and Brewer to provide a clinical negligence product for its clients. The legal practice works with the UK’s largest trade unions as well as directly with individuals and has offices in London, York and Bristol.
Posted: 2021-05-25
Insurtech Ripe has announced statutory EBITDA of £4.8m for the year ending 31st December 2020, up from £2.75m the previous year. Turnover for the year was up by 25% to £18.8m, form the £15m posted for 2019. Ripe offers targeted products which can be quickly launched to market.
Posted: 2021-05-24
Aston Lark Ireland has acquired Veritan Consultants Limited, which trades as Brady Burns & Associates. Brady Burns was founded in 1989 by Joe Brady and Breda Burns. It specialises in delivering commercial and personal lines insurance solutions to retail and business customers.
Posted: 2021-05-24
FMG, the fleet incident management and recovery services firm, has chosen DWF 360 and its claims management software, EvoClaim, to help identify fraud, to generate efficiencies across its claims profile and to improve customer experience.
Posted: 2021-05-21
Square Pegs has become an underwriting cell in its own right within Castel Underwriting Agencies Limited. It offers brokers specialist business insurance coverage for complex and unusual SME risks via an e-trading platform. The move comes on the back of strong growth since it launched in 2019.
Posted: 2021-05-21
Broker Policy Bee is campaigning to publicise the intricacies of professional indemnity insurance and has published a checklist for buyers, urging them to check whether the insurance they buy has sufficient limits and will respond if needed. The broker said its largest PI claim in 2020 was settled at £465,000 and excluded legal fees.
Posted: 2021-05-21
Howden Broking has acquired Medical Professional Risk Solutions, which specialises in serving the primary care sector. MPRS provides accident and health, professional liability, medical malpractice, and commercial combined cover for general practice, private practice and GP federations. The deal will expand Howden’s existing health and care division.
Posted: 2021-05-20
Huw Evans, director general of the Association of British Insurers, will leave his role at the end of the year to join KPMG as a partner in its insurance and long-term savings practice from January 2022. Evans has been director general since February 2015. He joined the ABI in 2008 as operations director before becoming director of policy and deputy director general in 2013.
Posted: 2021-05-20
London-based underwriting agency Attento has opened its doors for business. The agency deals in commercial motor and associated products in the United States and Canada and offers the surplus lines markets an alternative solution for their insurance requirements.
Posted: 2021-05-20
Lloyds Banking Group has signed a deal with Allianz Partners UK to underwrite and administer its travel insurance offering. The insurer already supplies home emergency cover to Lloyds Banking Group customers. Allianz Partners UK will provide travel cover for holders of Added Value Accounts and Ultimate Reward Current Accounts for Lloyds Bank, Bank of Scotland and Halifax.
Posted: 2021-05-19
Third party managing agent Asta has received ‘in principle’ approval from the Lloyd’s Council for the transition of the Medical Protection Society’s Special Purpose Arrangement 1892 to a full syndicate. This will be effective 1st January 2022. The special purpose arrangement, which offers medical malpractice insurance, was established in 2019. It has a stamp capacity of £14.7m for 2021.
Posted: 2021-05-19
Acrisure Re has established an international facultative unit, which will be led by Matthew Harvey who will be based in London. He joins from Willis Towers Watson where he was senior vice president, broker and producing broker for the international property team.
Posted: 2021-05-19
Allianz Insurance is to move its flagship Manchester office into Landmark, which is a sustainable building in the city’s business district. The carrier has signed a ten-year lease and will occupy the first floor of the building in St Peter’s Square.
Posted: 2021-05-18
The Financial Conduct Authority has opened a consultation (CP21/13) on its plans to introduce a higher level of consumer protection in retail financial markets. It said the new duty will ensure that consumers always get products and services that are fit for purpose, that represent fair value and are clearly communicated and understandable.
Posted: 2021-05-18
Handl Group has signed an exclusive deal with AI-based mental healthcare company Limbic to provide its service to insurer customers. Limbic’s platform is currently available as part of a number of NHS services. This is the first time it will be available elsewhere.
Posted: 2021-05-18
Insurer Beazley has announced gross written premiums of around £688m for the three months ended 31st March 2021, up 16% on the same period later year. Premium rates on renewal business were also up by 16% on Q1 last year.
Posted: 2021-05-17
The Managing General Agents Association and the Association of Consumer Support Organisations have agreed to team up and form a partnership focused on supporting consumer rights and enhancing relationships and understanding between the two groups of members.
Posted: 2021-05-17
Acturis has added CFC’s Cyber Now product to its platform. The product provides cover against social engineering, theft of personal funds, cyber extortion and cryptojacking. It also offers first-party cyber cover including business interruption that is triggered by both malicious cyber events and IT system failures throughout the insured’s supply chain.
Posted: 2021-05-17
Allianz Holdings plc, which includes Allianz Insurance and LV= General Insurance, has announced a 10.6% drop in gross written premium for Q1 2021. Allianz Insurance said GWP for the quarter was £451m, down 12.3% on the same period last year. LV= General Insurance announced GWP of £466m, down 8.9% on Q1 2020.
Posted: 2021-05-13
Business consultancy CapGemini and non-profit networking organisation Efma, have published their World Insurance Report 2021. The research highlights the needs for carriers to prioritise customer convenience, to increase their digital capabilities and to be more personalised in customer communications.
Posted: 2021-05-13
Insurance software provider Schemeserve has announced the launch of SchemeServe Network, which is a collaborative facility allowing any insurance scheme to be shared and replicated by any other broker, MGA or insurer. SchemeServe currently operates more than 270 schemes and controls £240m of gross written premium via its cloud-based platform.
Posted: 2021-05-12
The insurance market has underscored the need to align the planning and regulatory systems for housing in the wake of the Queen’s Speech, which outlined the legislative agenda for the forthcoming parliamentary term. The market also welcomed the focus put on skills and training and the positive impact this would have on the sector.
Posted: 2021-05-12
Lorega Limited has achieved Chartered Insurance Underwriting Agents status. The accreditation was launched by the Chartered Insurance Institute, with the support of the Managing General Agents’ Association, in 2020. Lorega’s chartered designation adds to that held by its loss adjusting business Lorega Solutions, which has Chartered Loss Adjuster status.
Posted: 2021-05-12
Covéa Insurance has partnered with pay-by-mile insurtech, By Miles, reflecting increasing interest in usage-based motor insurance – a trend which has only gained momentum as a result of the pandemic.
Posted: 2021-05-12
Data analytics and technology provider LexisNexis Risk Solutions has launched Broker Intelligence to give small to medium sized UK brokers access to enriched risk data at the point of quote and/or renewal. It aims to enable brokers to price more effectively, cut operational costs and improve customer journeys in personal lines.
Posted: 2021-05-11
Insurance provider Paymentshield has signed a further five-year partnership deal with referencing company Goodlord, which will distribute contents and liability insurance products to tenants. The agreement builds on the existing relationship between the two firms which began in 2016.
Posted: 2021-05-11
After the event insurance provider DAS UK has teamed up with law firm Smith Partnership to provide a clinical negligence product for its clients. Smith Partnership has six offices across the Midlands and works on client cases in areas such as delayed diagnosis or treatment; incorrect diagnosis; dental negligence; and hospital or care home neglect.
Posted: 2021-05-11
Seventeen Group has acquired Ipswich-based Ryan Insurance Group for an undisclosed sum. Ryan Insurance was established in 1975 and employs more than 50 people. It handles more than £12m in gross written premiums. Two thirds of the business is commercial and one third is private clients.
Posted: 2021-05-10
RSA Group has confirmed its acquisition by Intact and Tryg will complete at the end of May having received the necessary regulatory approvals. In a trading statement for Q1 2021, the insurer also announced gross written premiums were up 2% on the same quarter last year at just over £2bn.
Posted: 2021-05-10
A social media survey of almost 4,000 members of the Chartered Insurance Institute has found that half expect to work remotely for two or three days a week once COVID-19 restrictions are lifted. Just 10% said they intended to return to the office five days a week when allowed.
Posted: 2021-05-10
Gallagher has teamed up with its appointed representative Doctors Indemnity to make it easier for medical clinicians to generate professional indemnity insurance quotes tailored to their practice. Clinicians can now generate quotes through the Healthcode’s Private Practice Register platform.
Posted: 2021-05-07
Telematics provider Carrot Insurance has teamed up with RoadHow, an app-based, AI-powered driver coaching platform, to support the backlog of 420,000 learner drivers waiting to sit their test. Examinations resumed on 22nd April after being stopped due to COVID-19 restrictions.
Posted: 2021-05-07
Direct Line Group has launched a smartphone app-only version of its telematics offering DrivePlus, in partnership with telematics specialist The Floow. The app-only version turns a driver’s smartphone into a telematics device and offers a mobile-first, fully digital user experience. The DrivePlus app runs on the FloowDrive platform.
Posted: 2021-05-07
Travel, insurance and assistance solutions provider Collinson has renewed its partnership with EasyJet until at least April 2024. It will provide the airline’s passengers with a range of insurance options including COVID-19 cover for all domestic travel.
Posted: 2021-05-06
Insurer Hiscox said strong growth in its Hiscox London Market, Hiscox Europe and direct and partnerships business helped it achieve grows written premiums of around £904m in Q1 this year, up 6.3% on the same quarter last year.
Posted: 2021-05-06
Specialist insurance provider CFC has improved its mobile app, Response, enabling users to activate cyber security tools, such as deep scanning and dark web monitoring, with a single click. Both tools use a combination of proprietary, commercial, and open-source threat intelligence technology.
Posted: 2021-05-06
Direct Insurance Group has completed a global restructure and rebrand to Aventum Group. The group’s global broking operations will come together under the brand Consilium, while its MGA underwriting businesses will sit under the name Rokstone. The group said it now accounted for gross written premium of more than £430m.
Posted: 2021-05-05
Willis Towers Watson has launched DataValidator 2.2, an updated version of its proprietary technology, which helps insurers validate and clean data for financial modelling and reporting purposes. The new version has improved processing power enabling users to handle larger data volumes. It also has enhanced business process management, governance, and automation capabilities.
Posted: 2021-05-05
Global Risk Partners has confirmed that it has received regulatory approval for its acquisition of Marsh’s UK networks business. The networks business is made up of Marsh ProBroker, Bluefin Network and Purple Partnership. The acquisition also includes Marsh Connections, Marsh Labyrinth and Broker2Broker.
Posted: 2021-05-05
Admiral Group has announced that ZPG Comparison Services Holdings UK Limited has completed the purchase of Penguin Portals Group, comprising online comparison portals Confused.com, Rastreator.com and LeLynx.fr as well as the group’s technology operation Admiral Technologies.
Posted: 2021-05-04
The Association of British Insurers said the average price paid for comprehensive motor insurance in Q1 2021 was £436. This was down £32 (7%) on Q4, 2020 and was the biggest quarter-on-quarter drop since the ABI started collecting the data in 2012. The ABI’s Motor Insurance Premium Tracker records the price paid and not the price quoted.
Posted: 2021-05-04
Insurer More Than has launched a new mileage-based car insurance product in response to changing driver dynamics created by COVID-19. Developed in partnership with data driving business IMS (Insurance & Mobility Solutions), the product is for those driving up to 7,000 miles a year.
Posted: 2021-05-04
Specialist insurance provider CFC has announced it has ‘in principle’ approval from Lloyd’s to create CFC Syndicate 1988, which will be managed by Asta Managing Agency Ltd. The syndicate aims to go live on 1st July and will write specialist, emerging and digital economy risks with a planned gross premium of over £100m in its first year.
Posted: 2021-04-30
Private equity firm Cinven and British Columbia Investment Management Corporation have acquired specialist legacy group Compre. Cinven and BCI are now the majority shareholders alongside Compre’s management team who remain in their roles and as minority shareholders.
Posted: 2021-04-30
Data from cloud-based insurance software platform SchemeServe points to strong growth in the cyber scheme market, although demand in the contractors all risks sector was hit hard by COVID-19. The findings are form SchemeServe’s bi-annual premium index of the schemes market and cover the period from 1st October 2020 to 31st March 2021.
Posted: 2021-04-30
A total of 27 firms have signed the Association of British Insurers’ Making Flexible Work Charter. Its aim is to attract and retain the best talent from all backgrounds to the sector, respond to the changing expectations of all employees and firms post-pandemic, and to improve gender equality in the industry.
Posted: 2021-04-29
The Insurance Fraud Bureau has announced a partnership with Shift Technology to build an AI-powered fraud detection system for the UK insurance sector. The new platform is scheduled to be delivered in 2022. The IFB said insurance fraud cost the UK economy £3bn annually.
Posted: 2021-04-29
Chubb has partnered with Willis Towers Watson to use its point-of-sale insurance rating software, Radar Live. According to WTW, the software allows prices, rules, adjustments, scores and other metrics to be deployed directly to a rating system calculated in real time.
Posted: 2021-04-28
Icelandair is partnering with Cover Genius to offer embedded COVID cover for its worldwide customers. The new COVID Plus Medical Cover will ensure that travellers and their travel companions are covered if they get COVID-19 or another illness or injury while travelling, or if they need medical assistance while they are overseas.
Posted: 2021-04-28
Covéa Insurance has teamed up with DAS UK Group to provide a cyber insurance product as part of its HNW Home Insurance offering. The cyber cover provides a limit of indemnity of £50,000 for Covéa’s Executive Home policy or £100,000 for its Executive Plus product.
Posted: 2021-04-27
London-based company NuVenture is seeking to attract MGAs to its new platform, launched in partnership with consulting, managed services and technology specialist Xceedance. The first MGAs to use the platform is expected to be operational within the coming weeks.
Posted: 2021-04-27
Lloyd’s has defended its move towards being a more sustainable marketplace after several individuals from Extinction Rebellion gathered in Leadenhall to dump a pile of fake coal outside the Lloyd's building, to express their ire about the support Lloyd’s provides the fossil fuel industry via insurance and investment.
Posted: 2021-04-26
Insurer Zurich has reported claims for catalytic converters thefts across the UK have increased five-fold in just two years with repairs linked to claims costing customers an average of over £1,200. Zurich said the majority (78%) of converter thefts last year related to Honda, Toyota and Lexus hybrid vehicles.
Posted: 2021-04-26
Motor accident claims in Q1 2021 fell by 31% when compared to the same quarter last year, according to figures released by the government's Compensation Recovery Unit, following a freedom of information request made by the Association of Consumer Support Organisations. ACSO believes the fall is symptomatic of an ongoing trend and numbers will continue downwards after COVID-19 restrictions have been lifted.
Posted: 2021-04-26
Dash cam provider Nextbase has teamed up with intermediary Cornmarket Insurance Services to launch Nextbase Insurance, offering motor cover underwritten by a range of insurers including Ageas and Axa. Nextbase Insurance will offer discounts to drivers who have a Nextbase dash cam installed in their car.
Posted: 2021-04-23
Lloyd’s has appointed Kroll Bond Rating Agency to provide an additional independent opinion of its financial strength. The rating agency has assigned the market an AA- insurance financial strength rating with a stable outlook. It found Lloyd’s maintains strong capital and solvency positions, with net resources increasing to £33.9bn in 2020 and a central and market wide solvency ratios of 209% and 147% respectively.
Posted: 2021-04-23
The Chartered Insurance Institute has created a President’s Forum to explore customer needs that are not currently being fully met by the insurance profession. Julie Page, CEO of Aon UK and current president of the CII, will chair the forum. The aim is to produce guidance and key actions for further development on addressing emerging risks and the changing insurance needs of consumers and SME businesses.
Posted: 2021-04-23
The Financial Conduct Authority has said its overall annual funding requirement for 2021/22 is £616.5m, up by 4.5% on the previous year. The regulator has published its fees and funding proposals in consultation paper CP21/8 and will publish feedback and a final policy statement on fees in July.
Posted: 2021-04-22
Insurance industry think tank The Geneva Association has published a report entitled Public-Private Solutions to Pandemic Risk outlining four possible government-led schemes that could help close the protection gap for business interruption risk in the case of a pandemic. The four schemes relate to direct insurance, reinsurance, social insurance and post-event protection.
Posted: 2021-04-22
Munich Re has posted a preliminary net profit of around £518m for Q1 2021 despite above average major loss expenditure in property and casualty reinsurance, relating primarily to an unusually severe cold snap in the US, and in particular Texas. COVID-19 losses also hit the results, but were in line with expectations.
Posted: 2021-04-22
Allianz Insurance detected a record £65.8m worth of insurance fraud in 2020. The insurer saw a 6.5% rise in property fraud detection over the year. It said large loss claims accounted for £1.3m of savings, which it attributed to the success of a new large loss team adopting a ‘Know Your Opponent’ strategy focused on rogue loss assessors.
Posted: 2021-04-21
Insurance intelligence provider Percayso Inform has teamed up with Cazana, which has a database of vehicles and automotive transactions covering MOT history, sales events, valuations and vehicle specifications including any ADAS features. The partnership will help Percayso Inform support its clients’ pricing and fraud prevention strategies.
Posted: 2021-04-21
Construction and development business Higgins Group has appointed Gallagher as its professional indemnity broker. Higgins is headquartered in Essex, employs 260 people and is one of the largest family-owned construction businesses in the South East of England. It specialises in new build, conversion and restoration projects.
Posted: 2021-04-21
The Association of British Insurers has launched a free online training platform to improve the level of understanding of mental health in customer-facing roles. The platform was developed in collaboration with employee health and wellbeing specialists, Rightsteps, which is part of health and care social enterprise Turning Point.
Posted: 2021-04-20
Lloyd’s and London Market service provider Advent Insurance Management has launched a technology business called Ecliptic. The new venture will part-build solutions for potential clients to prove a concept works in practice before they commit to buying the end product. It will also provide an innovation lab and a drop-in, collaborative space staffed by experts.
Posted: 2021-04-20
Close Brothers Premium Finance has highlighted the role of brokers in helping retail, hospitality and other businesses to navigate the easing of lockdown rules. It said brokers were well placed to provide support in areas such as health and safety, risk management, legal and regulatory requirements, as well as around the increased cyber risk many face having become more reliant on digital processes.
Posted: 2021-04-20
Fraud and financial crime firm Synectics Solutions has teamed up with voice analytics specialist Digolog to provide AI and machine learning capabilities, to help identify and manage suspicious insurance claims and improve the customer experience for genuine claimants. The partnership aims to address a rising tide of fraud in the insurance sector.
Posted: 2021-04-19
Re/insurance software specialist Sequel Business Solutions and insurance standards-setting body ACORD have announced a joint initiative to create expanded data standards for the London Market and the wider global insurance system. The standards relate to a variety of business activities including placing, underwriting, and distribution.
Posted: 2021-04-19
Goldman Sacks backed consolidator broker Aston Lark has agreed terms to acquire D O’Loughlin & Co Limited, which trades as the O’Loughlin Insurance Group. The broker is based in Swords, County Dublin and was founded in 1984. It is Aston Lark’s second Irish acquisition this year.
Posted: 2021-04-19
Lloyd’s has announced the next eleven insurtech start-ups joining the sixth cohort of the Lloyd’s Lab innovation accelerator programme, which will be focused on creating simpler products for customers, including solutions related to climate risks. The 11 firms were selected from 177 applicants and the programme starts on 26 April.
Posted: 2021-04-16
Technology provider Acturis has teamed up with RAC to offer RAC Breakdown products via its broker management system. The partnership enables brokers to access private, commercial and fleet breakdown products. They can quote and bind the products via the cloud-based technology.
Posted: 2021-04-16
Law firm DAC Beachcroft is launching a Celtic customer care package for the Scotland and Northern Ireland jurisdictions, using animations to explain the insurance claims litigation process. It builds on the suite of animations created for England and Wales.
Posted: 2021-04-16
According to data from the latest Pearson Ham Quarterly Market Price Index both motor and home insurance premiums saw marked price reductions in Q1 2021. Motor premiums reduced by 5%, combined buildings and contents premiums were down by 1.4%, while contents-only cover dropped by 4% in the quarter.
Posted: 2021-04-15
Emerging risk analytics specialist Praedicat has developed a new platform to help syndicates at Lloyd’s understand how their existing book of business is exposed to emerging risks and to produce compliant reports on six specific liability scenarios, as required by the market.
Posted: 2021-04-15
Vehicle and driving data company IMS has partnered with car sharing marketplace Turo to offer a telematics-based vehicle security package to car owners using its platform. Vehicle owners using Turo can get IMS’ telematics hardware installed in their vehicles, with security specialists W4G providing ongoing monitoring and theft recovery services.
Posted: 2021-04-15
Specialist insurance and reinsurance broker BMS has launched Pathlight Analytics, which helps clients examine data to drive better insight into their specific capital and risk transfer goals and objectives. The platform works across both insurance and reinsurance.
Posted: 2021-04-14
Sedgwick has teamed up with the University of the West of England to assess 702 home insurance claims and the issues affecting the cost and duration of flood damage claims. The work was funded by Flood Re and highlights the ability of resilience measures to reduce the time and value of claims.
Posted: 2021-04-14
Figures from Willis Re’s 13th Reinsurance Market Report, which tracks the capital and profitability of the global reinsurance industry, show the total capital dedicated to the global reinsurance industry was £477bn at the end of 2020, an increase of 7% on the previous year.
Posted: 2021-04-14
Insurance brokers and intermediaries reported 15 conduct rule breaches between 9 December 2019 and 31 August 2020. This is from a universe of more than 6,000 solo-regulated insurance intermediaries with a regulatory responsibility to inform the FCA each year of any conduct breaches by certified staff. The figures come from a freedom of information request by consultant Sicsic Advisory.
Posted: 2021-04-13
RAC Insurance has set up its own personal lines broker to accelerate growth and hit gross written premium of £300m by 2023. Telematics motor insurance will be offered first, with van and home insurance propositions to follow. RAC Insurance has appointed CDL as its technology provider. Europa Group will provide policy administration services and a branded contact centre.
Posted: 2021-04-12
MS Amlin has extended its reach into the US managing general agent market with the acquisition of International Transportation and Marine Office, LLC and its associated subsidiaries. The primary subsidiary, International Transportation and Marine Agency, LLC, provides marine and other specialty lines of insurance and will write business into Syndicate 2001.
Posted: 2021-04-12
The Competition and Consumer Commission of Singapore is seeking public feedback on the proposed merger of Aon and Willis Towers Watson. The one-week consultation period opened on Friday and closes at 2pm on 16th April. The proposed merger was announced over a year ago in March 2020.
Posted: 2021-04-12
Sonja Rottiers is to step down from her role as CEO of Lloyd’s Europe.
Posted: 2021-04-12
Jaguar Land Rover on-demand rental platform, THE OUT, has selected Flock’s usage-based insurance for its fleet. Launched by Jaguar Land Rover’s mobility venture capital arm InMotion in 2019, the rental service allows customers to hire vehicle online and have them delivered to their homes or offices.
Posted: 2021-04-09
Reinsurers are set to foot most of the bill for the grounding of the ship that blocked traffic in the Suez Canal last month, with payouts expected to run into hundreds of millions of dollars according to reporting by Reuters.
Posted: 2021-04-09
The motor insurance industry is heading towards usage-based pricing models, with 91% of insurers regarding it as a positive change for the industry, according to research from technology firm By Bits.
Posted: 2021-04-08
Ethos Broking has increased its number of regional hubs to 13 with the acquisition of London-based brokerage Chambers and Newman.
Posted: 2021-04-08
A former chair of both Airmic and FERMA, Graham has served as deputy CEO and technical director of Airmic since October 2015 and has more than 35 years’ experience in senior risk management and insurance positions, including serving as director of risk management and insurance at DLA Piper and 30 years in the insurance sector. She is also a board member of IFRIMA, the International Federation of Risk and Insurance Management Associations, and serves as a non-executive director of several captive insurance companies.
Posted: 2021-04-07
Insurance technology provider Acturis has teamed up with the RAC to offer brokers access to breakdown products directly via their broker management system. The partnership expands the e-trading capabilities of the cloud platform with the launch of new private, commercial and fleet breakdown products.
Posted: 2021-04-07
Goldman Sachs backed consolidator Aston Lark has continued its expansion plans with the acquisition of DNA Insurance Services to further strengthen its motor trade reach.
Posted: 2021-04-07
Ratings agency AM Best is maintaining a negative market segment outlook on the UK non-life insurance sector, citing economic uncertainty as a key headwind for non-life insurers.
Posted: 2021-04-07
Despite pandemic disruption, pet insurers last year processed claims worth the second highest annual amount recorded according to figures from the Association of British Insurers.
Posted: 2021-04-06
Insurance broker Premium Choice is planning to exploit next generation telematics technology in the launch of its first telematics insurance proposition, Aura Insurance.
Posted: 2021-04-06
Lloyd’s has posted an aggregate market loss of £0.9bn for 2020 (2019: £2.5bn profit), including net incurred COVID-19 losses of £3.4bn after reinsurance recoveries. The market’s combined ratio deteriorated to 110.3% (2019: 102.1%). Gross written premiums for the year dipped slightly to £35.5bn (2019: £35.9bn) despite average premium rate increases of 10.8%.
Posted: 2021-04-01
The Suez Canal blockage caused by the large container ship Ever Given will be credit negative for re/insurers, but Moody’s Investors Service believes the losses generated will be manageable for the market. However, it expects a rash of legal disputes over liability and coverage to prolong claims settlements.
Posted: 2021-04-01
Working remotely has increased the amount of contact UK commercial brokers have with clients, according to GlobalData’s 2021 UK Commercial Brokers Survey. The research found that more than half (52%) said they were in touch with clients more often now than before the pandemic. In addition, 47.8% believed their relationships with customers had strengthened.
Posted: 2021-04-01
Flood science specialist JBA Risk Management is pushing insurers to stress the impact of increasing climate change exposures and forecasts rises of up to 30% in annual average losses on UK residential property by 2040. The warning comes ahead of changing Prudential Regulatory Authority reporting requirements on insurers’ climate change resilience.
Posted: 2021-03-31
Data services provider Verex Group has signed up 13 UK vehicle manufacturers to manage their connected data and offer a portfolio of additional services including a range of connected insurance and accident management services. The working relationship will make it easier for car manufacturers to offer motor insurance at the point of sale.
Posted: 2021-03-31
Aviva has launched a new digital cyber product with indemnity limits ranging from £25,000 to £2m with independent limits applying to first and third party cover. Aviva has also joined forces with cyber security partners such as CyberSmart and Kaspersky, to provide risk management solutions to help mitigate client risks.
Posted: 2021-03-30
MB&G Warranty Insurance Services is to use DWF 360's claims management software, EvoClaim, to help manage and improve the end-to-end claims journey for its customers and reduce the operational cost of claims management. MB&G said every aspect of customer contact was now automated and the move had reduced service level complaints.
Posted: 2021-03-30
Emerging risk specialist broker INSUREtrust is to roll out CyberCube’s Broking Manager, a cyber risks analytics platform for insurance intermediaries. The software-as-a-service application helps to assess the source, scale and potential impact of cyber risk exposures. This informs decisions on the appropriate insurance cover for clients.
Posted: 2021-03-30
Allianz has agreed to buy Aviva Poland for a cash consideration of £2.14bn. The sale is part of Aviva’s strategy to focus on operations in the UK, Ireland and Canada. It is the eighth transaction Aviva has announced in as many months as part of its divestment process to refocus the group’s portfolio.
Posted: 2021-03-29
Needham Insurance Services has set up an administration and integration service aimed at administrators and liquidators working with insurers, who need to ensure that policyholders continue to receive servicing of their insurance policies when their original providers are no longer able to deal with them.
Posted: 2021-03-29
BGL Group has signed a three-year extension of its RAC partnership across motor insurance and breakdown. The focus for the motor insurance partnership is to support the RAC’s investment in proprietary data and boost its ability to align pricing and customer risk. RAC and BGL have also renewed their roadside assistance relationship, allowing BGL partners and customers to benefit from the breakdown service.
Posted: 2021-03-26
Ardonagh Group has posted a loss of £206.3m for the year ended 31st December 2020, compared to the loss of £74m reported the previous year. It said this was largely due to new borrowing issued in July 2020, increased financing costs and an increased tax charge for the year. Ardonagh announced an operating profit of £47.1m for the year (2019: £3.4m), driven by acquisitions and the delivery of cost savings.
Posted: 2021-03-26
Stockport-based C&C Insurance Brokers has announced plans for a Dumfries and Galloway operation in Scotland. It will be led by Lauren Kerr who is tasked with developing opportunities north of the border. She joins from Towergate and has particular expertise in the transport haulage and logistics sector.
Posted: 2021-03-26
CNA Financial Corporation is investigating a cyber attack which has caused a network disruption and impacted a number of its systems, including corporate email. The insurer has a holding page posted on its website and has engaged a team of third-party forensic experts to investigate and determine the full scope of the incident.
Posted: 2021-03-25
Open source catastrophe modelling platform Oasis Loss Modelling Framework has secured £1.5m in further investment from a group of re/insurers comprising Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, RenaissanceRe, Swiss Re, SCOR and Willis Re. The Insurance Development Forum is also providing funding and input to accelerate finance-aware risk insight in developing markets.
Posted: 2021-03-25
Willis Towers Watson has launched CyNat, a new cyber insurance product designed for power and utility companies. The product seeks to offer a more tailored solution for companies in the sector that have significant potential for loss from cyber attacks and are attractive targets due to their strategic importance.
Posted: 2021-03-24
Tokio Marine Holdings Inc has said it does not anticipate any material impact on its financials for the next fiscal year as a result of its relationship with Greensill Capital. The statement came in response to media coverage of Tokio Marine Holdings’ subsidiary The Bond and Credit Company in Australia.
Posted: 2021-03-24
PIB Group has acquired Acquinex, a specialist financial lines managing general agent. Formed in 2017 and headquartered in London, Acquinex specialises in providing mergers and acquisitions products, and underwrites warranty and indemnity and tax liability insurance for UK and European SME transactions. It has offices in Germany, Poland and Denmark.
Posted: 2021-03-24
The Financial Conduct Authority has detailed a more generous timetable for insurers to make changes if the regulator issues new rules following its consultation on general insurance pricing practices (CP20/19). The FCA will publish any new rules at the end of May. Initially, it had said insurers would have 4 months to enact changes. It has now amended this timetable.
Posted: 2021-03-23
Research from the Chartered Insurance Institute has uncovered a split in customer priorities when purchasing personal lines, created by COVID-19. Those heavily affected by the pandemic put more value on clarity and choice around claims, while those who have not been financially hit, still prize low premiums.
Posted: 2021-03-23
Lloyd’s has gone live with an earthquake policy which pays out within 5 days following a strong earthquake. The parametric policy has been developed in partnership with insurance start-up Bounce, which tracks peak ground velocity data and then triggers policy payments when levels hit 20 centimetres per second and above.
Posted: 2021-03-23
Ecclesiastical Insurance posted a loss of loss before tax of £15.7m (2019: profit before tax £73.3m) for the year ended 31st December 2021. This was driven by poor investment results. The group’s gross written premiums grew 11% to £437m (2019: £394m) and in 2020 it returned a combined operating ratio of 95.1% (2019: 91.1%).
Posted: 2021-03-22
Specialist Risk Group has recruited a 16-strong team from AFL Insurance Brokers with particular expertise in US, Canadian and Australian specialist wholesale, binding authorities and London market facultative reinsurance. The team includes Jonathan Bines, who was previously CEO at AFL.
Posted: 2021-03-22
Aston Lark has launched an online portal allowing brokers to quote and buy renovation insurance for their clients. The BIBA-approved Renovation Plan scheme offers three levels of cover and serves both the wholesale and retail market. The portal also provides brokers with the ability to process mid-term adjustments, bind cover and download documents immediately.
Posted: 2021-03-22
Reduced traffic volumes during the first COVID-19 lockdown caused a fall in opportunistic low-speed impact and fraudulent slam-on claims (crash for cash). However, phantom/bogus passenger claims and claims that were entirely premeditated, rose by 10%, according to work done by DAC Beachcroft’s counter fraud team and Aviva.
Posted: 2021-03-19
Willis Towers Watson has teamed up software company Pegasystems. The IT form will join its Radar Live Collaboration programme. The programme helps insurers integrate with Radar Live, which is a price delivery and decision engine platform supported by insurance software houses and system integrators.
Posted: 2021-03-19
Funds advised by investment firm BC Partners have agreed to acquire a majority stake in Davies Group, the professional services and technology business serving the insurance market. Existing investors HGGC and AIMCo will continue to hold minority ownership stakes in the business, alongside the Davies leadership team and employees.
Posted: 2021-03-19
Lloyd’s third-party managing agent Asta will go live with a new underwriting business on 1st April. Led by Paul Witzenfeld, it will accept worldwide property facultative reinsurance risks with a focus on primary and first-layer placements. Business will be written against binding authority contracts backed by highly rated company-market capacity through Asta’s AUML licensed entity.
Posted: 2021-03-18
Credit insurance and surety specialist Xenia Broking Group has agreed to acquire the trade credit business of Status Credit Insurance Brokers Limited, which is based in East Sussex. The transaction is expected to complete next month. Xenia will integrate Status’s trade credit business with its regulated entity Credit Risk Solutions Limited.
Posted: 2021-03-18
Digital broker Wrapper Insure has appointed Percayso Inform as its data enrichment partner. Percayso Inform will help Wrapper get a better understanding of customers, initially for those seeking motorhome quotes and expanding later in the year to include touring caravan, gap and micro-mobility insurance products.
Posted: 2021-03-18
Goldman Sachs backed consolidator Aston Lark has acquired North County Brokers Ltd, based in Balbriggan in County Dublin. The firm’s key sectors include technology and communications, manufacturing, import and distribution, and motor trade. It will be rebranded as Aston Lark Ireland next month.
Posted: 2021-03-17
Handl Group is launching a new credit hire business called Cogent Hire. It aims to reduce bills, target fraud and minimise litigation to create a new standard of relationship with insurers. Managing director Kirsty McKno will lead the firm. She was previously chair of trade body the Credit Hire Organisation.
Posted: 2021-03-17
UK business insurer Peach Pi has launched a new modular product aimed at freelancers and small professional businesses operating in the wellbeing and lifestyle sector. Peach Pi for Professionals is available via Acturis and offers combinations of professional indemnity, treatment risk, public and product liability, employers’ liability and property insurance.
Posted: 2021-03-17
Research from the Chartered Insurance Institute has identified challenges the industry needs to overcome when trying to support vulnerable customers. It found the biggest barrier professionals face when trying to assist consumers in vulnerable circumstances was being able to openly discuss the nature of the individual’s vulnerability with them.
Posted: 2021-03-16
Marsh & McLennan Companies has trimmed its name to Marsh McLennan and unveiled refreshed corporate branding. The company’s four businesses – Marsh, Guy Carpenter, Mercer, and Oliver Wyman – will maintain their existing names. The new logo is an abstract infinity symbol seeking to convey the firm’s history and range of customer solutions.
Posted: 2021-03-16
The Association of Consumer Support Organisations has attacked motor insurers for not delivering significant premium reductions or customer rebates, responding to figures from the Association of British Insurers which stated motor claims were down 19% last year. ACSO questioned why only Admiral had returned significant sums to its policyholders.
Posted: 2021-03-16
According to the Association of British Insurers, lockdown restrictions led to a fall of 19% in the number of motor claims settled in 2020, although the average value of a claim paid was up 17% on the previous year to £4,000. The average personal injury claim rose by 13%.
Posted: 2021-03-15
Lloyd’s has published the first version of its Core Data Record for consultation, which seeks to standardise the data used in the market and to improve operational efficiency and performance. Lloyd’s is collaborating with ACORD to adopt the global standards already used in the London market and internationally.
Posted: 2021-03-15
Insurer Mapfre has adopted new commitments to exclude tar sands and Arctic oil and gas production from its insurance business and to extend its existing coal exclusion policy. But, campaigners are calling on the insurer to end existing tar sands and arctic drilling contracts now, and to stop insuring all new oil and gas projects.
Posted: 2021-03-15
Esure Group has recorded a combined operating ratio of 104.4% for the year ended 31st December 2020, an improvement of 1.9 percentage points in its 2019 COR of 106.3%. Gross written premiums were £841m in 2020 (2019: £834.5m). Trading profit was £82.6m (2019: £57.7m). In-force policies nudged up from 2.38 million in 2019 to 2.45 million in 2020.
Posted: 2021-03-12
Consolidator GRP has acquired Lawrence Fraser Brokers. The firm will join GRP’s Yorkshire hub Marshall Wooldridge and is the fourth brokerage to become part of Marshall Wooldridge since GRP invested in the business in 2016. Lawrence Fraser provides a range of commercial, prestige home and motor products and risk management services to clients throughout the Yorkshire region.
Posted: 2021-03-12
Agria Pet Insurance has implemented DWF 360's claims and insurance policy management software, EvoClaim, to replace its previous system. The move will enable Agria to cope more effectively with high volume transaction numbers and to sustain operational performance as it pursues an aggressive growth strategy.
Posted: 2021-03-12
The Clear Group has acquired HIA International and Luker Rowe Chartered Insurance Brokers. HIA was established in 1996 and its Coventry office will relocate to Clear’s operation in Leamington Spa. A small team will remain in HIA’s Bedford office. Luker Rowe was founded in 1989 and has 40 staff in its Amersham office.
Posted: 2021-03-11
ERS is seeking to raise £251m in capital to turbo-charge its growth strategy. The specialist motor insurer said the money would enable it to diversify and build on its recent backing of Lloyd’s Syndicate 1856. Boston-based private equity firm Abry Partners will lead the capital raise supported by an Aquiline-led investor group.
Posted: 2021-03-11
UK-baed insurtech Zego has completed fundraising of £108m ($150m), putting a valuation of £789m ($1.1bn) on the commercial motor insurer which launched in 2016. The firm has integrations in place with Uber and Deliveroo to offer insurance to their drivers and riders. It also partners with Dott to insure its fleet of e-scooters in France and Belgium.
Posted: 2021-03-11
Specialist Risk Group has acquired Emrose Insurance Brokers which has expertise in covering London Taxis and the wider passenger transportation sector. Emrose has a history dating back more than 40 years. It will sit within SRG’s retail division, Specialist Risk Insurance Solutions, which also includes Insolvency Risk Services, KBIS British Equestrian and The Channel Partnership.
Posted: 2021-03-10
Lloyd’s capacity consolidator Helios Underwriting has raised gross proceeds of around £53.5m through a placing, subscription and open offer of more than 33 million new ordinary shares. The arrangement is conditional, inter alia, upon the passing of certain resolutions and a general meeting of shareholders is due to take place on 1st April 2021.
Posted: 2021-03-10
Direct Line Insurance Group saw operating profit fall 4.5% to £522.1m for the year ended 31st December 2020, compared to the £546.9m recorded in 2019. Its combined operating ratio for 2020 was 91%, an improvement of 1.2 percentage points on the previous year. Gross written premium was down by 0.7% to £3.18bn.
Posted: 2021-03-09
The British Insurance Brokers’ Association has launched a new marine insurance scheme for members with specialist broker MercariRisk. Cover includes cargo insurance (including stock-throughput), freight liability insurance for hauliers, hull and liability cover for commercial vessels, charter yachts, commercial maritime operations, super yachts and yachts and pleasure craft.
Posted: 2021-03-09
Global Risk Partners’ Chesterfield brokerage DCJ Group Insurance & Risk Management Limited, has acquired J E Sills & Sons Limited. Based in Lincoln, Sills was founded in 1928 and focuses on business insurance, property owners, fleet, business motor, manufacturers, office, retail and wholesalers. Sills will become part of the DCJ Group, which was bought by GRP in 2018.
Posted: 2021-03-09
Markerstudy acquired intermediary Brightside Group from private equity investor AnaCap Financial Partners. The acquisition will add gross written premium of around £125m to Markerstudy and follows the completion of its purchase of the Co-op Insurance underwriting business in December.
Posted: 2021-03-08
Intermediary Specialist Risk Group has acquired CLS Risk Solutions, an MGA focused on providing cover for real estate development projects and transactions. It controls gross written premium of more than £30m and was founded in 2010. The deal is SRG’s fourth acquisition in 2021 and is subject to regulatory approval.
Posted: 2021-03-08
PIB Group has acquired Staffordshire intermediary Element Hinton, which has a 33-year history and specialises in the construction, waste, engineering and holiday parks sectors. The family firm has around 2,500 customers across the UK.
Posted: 2021-03-08
Howden Specialty has acquired Sturge Taylor & Associates, which focuses on the superyacht and pleasure craft markets. It will become part of Howden Specialty and operate under the new trading name Howden Sturge. STA has a history dating back more than 50 years and includes the Fastnet Marine insurance broking firm.
Posted: 2021-03-08
Admiral Group’s UK insurance operations have reported a profit before tax of £698.1m for the year ended 31st December 2020. This is up by almost 17% on the £597.4m reported the previous year. The combined operating ratio for UK insurance operations improved to 70.7% (2019:80.3%), reflecting quieter roads and reduced claims during lockdown.
Posted: 2021-03-05
Aston Lark has continued its acquisition spree, adding Bristol-based Venture Insurance Brokers to its stable. The business serves both personal and commercial clients and has a focus on areas including professional indemnity, property management, haulage, small business solutions and risk management.
Posted: 2021-03-05
London-based Costero Holdings has acquired fellow Lloyd’s broker Mar Risk Services. The business was founded in 2000 by Clive Freeman who becomes a non-executive director of Costero. The wider Mar team has also joined Costero as part of the deal, which completed at the start of March.
Posted: 2021-03-05
Insurer Hiscox has reported a loss before tax of £192m for the year to 31st December 2020, compared to the £38m profit posted the previous year. The group combined ratio deteriorated from 106.8% in 2019 to 114.5% in 2020, while gross written premium remained stable at £2.9bn.
Posted: 2021-03-04
Global Risk Partner’s Birmingham broker Newstead Insurance Brokers has completed its first acquisition and purchased local firm Alford Burton and Company Ltd. Alford Burton was founded in 1987 and its core business is commercial insurance for SMEs, ranging from manufacturers to professionals and contractors to charities.
Posted: 2021-03-04
The Chartered Insurance Institute has expressed its frustration at the Chancellor of the Exchequer’s decision to keep insurance premium tax at 12% in his latest Budget. The CII said maintaining the tax at this level was deterring the take up of insurance and leaving people exposed to potentially catastrophic risks.
Posted: 2021-03-04
Aston Lark has acquired Bruce Stevenson Insurance Brokers, Scotland’s largest independent broker. The firm supports both personal and commercial lines clients and specialises in sectors including renewable energy, social housing and property insurance.
Posted: 2021-03-03
London and Leeds-based Avid Insurance Services has acquired MGA Incorporated Insurance Group Ltd, which specialises in the construction sector and caters for clients in the property, airside, health and safety, and packaged SME sectors. IIGL was founded by Mike Smith, Lyndsey Thompson and Dean Surridge in 2013 and employs 17 staff. It is based in Hornchurch, Essex.
Posted: 2021-03-03
The Ardonagh Group, through its subsidiary Hamilton Investment Bidco Limited, has acquired specialist broker Hemsley Wynne Furlonge LLP. The acquired intermediary focuses on structuring bespoke insurance solutions for transactional risks, specialising in warranty and indemnity, tax, contingent risk and environmental indemnity products.
Posted: 2021-03-02
Loss adjuster Lorega Solutions has teamed up with law firm Wynterhill LLP to launch Legal Expert, which provides access to legal services if a property and business interruption claim is rejected or discounted.
Posted: 2021-03-02
Technology firm Ignite Insurance Systems has struck an integration deal with data specialist Percayso Inform to improve the quality of information available to its clients.
Posted: 2021-03-02
Lloyd’s has announced plans to partially open its Underwriting Room on 17th May before further relaxing restrictions on 21st June. In addition, Lloyd’s said it was opening the Virtual Room to all classes of business and was continuing to improve the features available to users.
Posted: 2021-03-01
Chubb has agreed to offer travel insurance products and benefits to people using Travix websites to make their travel arrangements.
Posted: 2021-03-01
A study from Juniper Research forecasts the total value of premiums generated by insurtech platforms to top £398bn in 2025, up from £179bn in 2020.
Posted: 2021-03-01
The Jensten Group has acquired specialist personal and commercial lines broker Advance Insurance Agencies, which handles gross written premium of £16m and has 82 employees.
Posted: 2021-02-26
Rising Edge, a new MGA serving wholesale London Market and European brokers, will launch in the first half of this year. The company will offer the full spectrum of D&O coverage, offering primary and low attachment cover for a breadth of different companies ranging from those with US listed securities or international exposures to private businesses.
Posted: 21-02-26
Ageas UK has reported a full net year result of £58m for 2020, down from £60m in 2019. Income for 2020 was £1,484m, down from £1,517m the previous year.
Posted: 2021-02-25
Axa has posted 2020 property and casualty underlying earnings for the group of £1.4bn down from the £2.8bn recorded in 2019. Total group net income for 2020 was down 18% on the previous year to £2.8bn.
Posted: 2021-02-25
Global Risk Partners has acquired Suffolk-based Five Insurance Brokers, which specialises in the construction, manufacturing and process, haulage, motor trade and warehousing sectors.
Posted: 2021-02-25
Moody’s Investors Service has given the UK P/C sector a stable outlook, but highlighted looming profitability challenges for the personal lines market. Its P/C Insurance – UK 2021 Outlook suggests personal lines profitability will be challenged in 2021, while commercial insurers are expected to benefit from sustained price increases.
Posted: 2021-02-25
The Financial Conduct Authority has published final guidance (FG21/1) on what it expects from firms when dealing with vulnerable customers to ensure they enjoy the same level of outcomes as all others. Some 27.7 million adults in the UK have characteristics of vulnerability.
Posted: 2021-02-24
Consolidating broker Aston Lark has acquired construction market specialists Sennocke International Insurance Services Ltd and Build-Zone Survey Services Ltd. Sennocke International Insurance Services comprises self-build insurance specialist Self-Build Zone and Build-Zone, which focuses on latent defects insurance in the self-build market.
Posted: 2021-02-24
Motor insurer First Central has teamed up with Shift Technology and is now using its fraud detection solution to spot suspicious claims.
Posted: 2021-02-24
Results from the Lloyd’s 2020 annual culture survey show the market lags behinds its aspirations to be an inclusive market with a positive culture. The survey is now in its second year and results from 2020 show an improvement in the previous year. But this year’s research found that only 50% felt comfortable about raising concerns about behaviour.
Posted: 2021-02-23
Zurich has invested in data analytics and telematics insurance provider My Policy and agreed to join its panel as a long-term insurance capacity provider.
Posted: 2021-02-23
Specialist legacy group Compre has completed the reinsurance to close transaction of Syndicate 3330’s 2018 year of account into its recently established Lloyd’s Syndicate 1994, managed by Apollo, and the purchase of Axa DBIO II’s Corporate Member.
Posted: 2021-02-23
The Association of British Insurers has published estimates revealing members expect to pay around £2.5bn for COVID-19 insurance claims incurred in 2020. The latest estimates include £2bn for COVID-19 business interruption claims and £204m paid from COVID-19 related protection insurance claims including life, critical illness, and income protection insurance claims.
Posted: 2021-02-22
Broker Aston Lark will acquire Right to Health Ltd and The Health Insurance Specialists in deals expected to complete in March. Right to Health focuses on individual health insurance and The Health Insurance Specialists operates in the broker market serving both businesses and individuals.
Posted: 2021-02-22
Axa has replaced Swiss Re as the main capacity provider for MGA Ensurance, which specialises in construction and engineering.
Posted: 2021-02-22
The Co-operative Bank has named Axa as preferred business insurance provider to its SME customers as part of a five-year deal.
Posted: 2021-02-19
Global Risk Partners has agreed terms to purchase Marsh’s UK Networks business, which includes Marsh ProBroker, Bluefin Network, Purple Partnership, Marsh Connections, Marsh Labyrinth and Broker2Broker.
Posted: 2021-02-19
Rock Insurance Group has launched Tigon Cover Services Limited to diversify its product range beyond travel insurance and open up wider distribution networks in the broker market.
Posted: 2021-02-19
Lloyd’s has launched an online collaboration hub to source ideas on the future design of the underwriting room and supporting spaces and services in the Lloyd’s building.
Posted: 21-02-18
UK travel, health insurance and assistance solutions provider Collinson has teamed up with Nigerian life insurer FBNInsurance to create SmartHealth International.
Posted: 21-02-18
Artificial intelligence platform for language understanding Expert.ai has teamed up with Patra, a provider of technology services to the insurance industry, to enable the market to analyse policies more effectively.
Posted: 21-02-18
The Ardonagh Group has acquired Australian intermediary network, Resilium BidCo Pty Ltd, which has offices in Sydney, Melbourne and the Gold Coast, and provides commercial and personal insurance solutions to clients across Australia.
Posted: 21-02-17
American International Group has announced a £4.3bn loss attributable to common shareholders for 2020, in comparison to the net income of £2.4bn recorded the previous year.
Posted: 21-02-17
AI specialist Shift Technology will make CRIF Decision Solutions’ Sherlock system available to users of the Motor Insurers' Bureau’s Claims and Underwriting Exchange.
Posted: 21-02-17
Castel Underwriting Agencies Limited has launched a new proposition for the renewable energy market and acquired Arena NV, a Belgian-based specialist accident and health MGA.
Posted: 21-02-16
Specialist re/insurer Apollo Syndicate Management has teamed up with legacy acquirer Compre to launch Syndicate 1994, which will focus on legacy business and has approval from The Council of Lloyd’s.
Posted: 21-02-16
Research from comparison website GoCompare has found that the compulsory excess for theft claims on comprehensive motor policies has jumped by 47% in the last year. Compulsory excesses for accidental damage and fire claims are both up by 26%.
Posted: 21-02-16
Insurer Brit has reported a loss of £167m for the year ended 31st December 20201, compared with the profit of £130m it reported in 2019. Brit said its combined operating ratio for 2020 was 112.6%, up from the 95.8% recorded in 2019. The insurer said that its combined operating ratio for 2020 would have been 96.7% if COVID-related losses had been excluded.
Posted: 21-02-15
Deal activity in the insurance sector jumped by 42% in Q4 2020, compared with the average over the preceding four quarters, according to analysts at GlobalData.
Posted: 21-02-15
AEGIS London’s online quote-and-bind platform Opal has seen a 40% growth in trading during 2020. Based on over £50m gross premium passing through the platform, the 40% rise is a combination of both continuing organic growth since the system’s launch in 2016 and the boost in e-trading created by lockdown.
Posted: 2021-02-15
Zurich UK reported an operating profit of £111m for the year ended 31 December 2020. This was down by 73% on the £413m recorded in 2019. In its property and casualty business, Zurich UK saw operating profit in 2020 drop to £68m from the £271m achieved in 2019. Its combined operating ratio for 2020 rose by 6.8% on the previous year to hit 97.8%.
Posted: 21-02-12
Canopius Group has named Neil Robertson as deputy group CEO. He will take up his new post on 4th May 2021. Robertson will report to Michael Watson, group chairman and CEO at Canopius. The re/insurer said it was intended that in due course Robertson would assume the role of group CEO with Watson continuing as chairman.
Posted: 21-02-12
Insurance technology provider Acturis has upgraded its Acturis Mobile app to improve the experience for those working on a tablet. The app is available for iOS and Android devices.
Posted: 21-02-12
Specialist professional services provider Davies has established a new captive management facility in Guernsey and has received regulatory approval from the Guernsey Financial Services Commission. Davies Management Services (Guernsey) will deliver a full captive management capability and builds on the firm’s existing captive management operations in Bermuda and the US.
Posted: 21-02-11
Insurance intermediary Specialist Risk Group has expanded into the trade credit sector with the acquisition of The Channel Partnership. Based in Bristol, The Channel Partnership was founded in 1992 and following the deal its senior team and staff will join SRG’s retail business, Specialist Risk Insurance Solutions.
Posted: 21-02-11
Pen Underwriting has revamped its claims management approach for fleet clients in the hazardous goods and environmental industries. The new proposition incorporates a multi-year partnership with accident management specialist FMG to provide 24/7 first notification of loss for road traffic accidents, a UK-wide repair solution and third-party intervention to manage and mitigate costs.
Posted: 21-02-11
The date of the 2021 National Insurance Awards has changed. The Awards Gala Dinner will now be taking place on 14th July 2021, at the Waldorf Hilton in London. Supported by the Chartered Insurance Institute, the National Insurance Awards showcase outstanding performance in general insurance. Entries remain open and the deadline is 18th March 2021.
Posted: 2021-02-11
The Jensten Group has acquired Shipley-based, mid-market specialist broker Sydney Packett & Sons, for an undisclosed sum. The deal is Jensten’s third acquisition in the last eight months as it tries to boost GWP from around £230m to £500m in the next three to five years.
Posted: 21-02-10
BIBA has called on the industry to improve customer signposting. Executive director, Graeme Trudgill said: “For many different reasons some people can find accessing insurance a challenge. We are committed to helping consumers navigate their way to suitable insurance protection to improve their resilience to financial shocks.
Posted: 21-02-10
Specialist MGA Optio Group has launched a new London-based division called Marine Specialty, led by Angus Bailey. The initial focus will be on marine war, and kidnap and ransom risks. Paul Western, group chief underwriting officer at Optio said the group saw a "wealth of opportunities" in the marine sector.
Posted: 21-02-10
Chubb Global Markets has established a new energy underwriting division to cater for all large corporate energy customers in EMEA, Asia Pacific and Latin America. The team, which is based in London, is led by Andrew Brown, the newly appointed head of energy CGM.
Posted: 21-02-09
Specialist MGA Iprism has launched a new e-traded excess of loss product for brokers, covering sectors including wholesalers, manufacturers and construction. Brokers can quote and bind cover online for SME clients, with excess layers of up to £5m across public liability and public/products liability on either an annual or short-term basis.
Posted: 21-02-09
Solera, a global data, applications and service provider to the insurance and automotive sectors, has updated its AI-powered claims platform to deliver 40% faster damage detection and repair estimate results. Qapter promises to return results in under two seconds.
Posted: 21-02-09
Insurer Beazley has reported a loss before income tax of £37m for 2020, down from the profit of £195 recorded the previous year. Its combined ratio for 2020 deteriorated to 109%, up from the 100% posted for 2019. Gross written premium for 2020 was up 19% to £2,959m when compared with the previous year.
Posted: 21-02-08
The Association of Consumer Support Organisations is calling on motor insurers to refund policyholders on the back of reduced injury claims driven by lockdown. Following an FOI request, ACSO found that 172,000 injury claims were registered in Oct–Dec 2020, a drop of almost 50,000 compared to the same period in 2019. Motor injury claims fell to just under 140,000, a 23% year-on-year fall.
Posted: 21-02-08
Axa UK is investing £800,000 in a data academy and has 54 employees enrolled on a data analytics apprenticeship. The academy spans all divisions of the business including underwriting, claims, human resources, finance, risk and compliance. Funded by the Apprenticeship Levy, the scheme is designed for Axa employees who have not previously received formal training in data analytics.
Posted: 21-02-08
US risk services business Applied Underwriters has purchased Yorkshire based MGA Concept Special Risks, which specialises in coverage for a wide variety of nautical vessels and marine operators.
Posted: 21-02-05
The British Insurance Brokers’ Association has issued supplementary guidance for members on the defence of professional negligence claims connected to the absence of cover for losses caused by COVID-19.
Posted: 21-02-05
Almost 6 out of 10 insurance professionals suffered depression, anxiety, emotional distress or another mental health condition during the COVID-19 pandemic, according to the Chartered Institute of Insurers.
Posted: 21-02-05
Insurance service provider Handl has launched Mind Right, which provides digital and face-to-face psychological care to people who have suffered from bodily injury.
Posted: 21-02-04
Antares Managing Agency has placed Syndicate 1274’s Lloyd’s China operation into run-off and will not accept new or renewal business through the Lloyd’s China platform from 1st March 2021.
Posted: 21-02-04