Broker
In Depth: Cyber risk and AI – friend or foe?
The rise of artificial intelligence signals both a threat and opportunity for UK firms in pursuit of a cyber-secure future. But how can brokers help clients stay on the winning side, asks Saxon East.
Private equity and broking specialist Kirby joins PIB
Richard Kirby has joined PIB Group as chief transformation and integration officer covering the retail, specialty, underwriting and schemes divisions and all international territories as the group expands.
FCA set to raise broker levy by 9.8%
The Financial Conduct Authority is set to hit brokers with an inflation busting 9.8% hike in fees for the general insurance mediation pot in 2024/25.
NBS Underwriting rolls out commercial combined
NBS Underwriting has added commercial combined insurance to its product portfolio building on the acquisition of Capital Markets Underwriting.
FSCS details £23m MCE Insurance Company recovery from £90m hit
The Financial Services Compensation Scheme has secured £23m from the estate of Gibraltar-based Green Realisations 123, formerly known as MCE Insurance Company, after paying out approximately £90m in compensation to the firm’s customers.
Ardonagh buys SIB Insurance, boosting presence in North West
Ardonagh Advisory has bought commercial broker Southport Insurance Brokers, building its presence in the North West of England.
In Depth: New dimensions in cyber risk
UK businesses are under increasing threat from cyber attack, yet it remains one of the most underinsured risks. Saxon East reports
17% of brokers report unprofitable quarter to FCA financial resilience survey
An average three-month net profit of £22,636.50 has ranked insurance brokers and intermediaries as the third most profitable sector in the latest Financial Resilience Survey by the Financial Conduct Authority.
Jensten completes on Scrutton Bland deal
Jensten has completed on the acquisition of Scrutton Bland Insurance Brokers following final regulatory approval.
Asset manager ICG invests in Staysure
Global asset manager ICG has taken a minority stake in travel insurance specialist Staysure.
UK businesses unprepared for incoming Martyn’s Law, warns Gallagher
Research from Gallagher has found just 23% of firms are fully confident they will be able to fulfil the requirements of Martyn’s Law when it comes into force.
Kingfisher drives further into classic car market with Lynbrook buy
Kingfisher Insurance has bought Lynbrook Insurance to expand its presence in the classic vehicle market.
People Moves: 2 – 5 April 2024
Follow the latest insurance personnel moves.
My Insurance Downtime: Martyn Mathews, SSP Broker
Martyn Mathews, MD of SSP Broker, offers us a window into his life outside of insurance covering 90s house music, an obsession with retro Serie A football shirts and Jack Bauer.
Open GI swoops for Hug Hub’s Digital Platform
Open GI has bought Hug Hub’s Digital Platform which offers portal capability for insurance brokers and managing general agents.
FOS confirms levy cut but forecasts more insurance complaints
The Financial Ombudsman Service has set its levy for 2024/25 at £70m despite anticipating an increase in operating expenditure and caseload.
CFC partners with Biba for conference Cyber Hub
The British Insurance Brokers’ Association and CFC have collaborated to design and deliver a Cyber Hub, a new feature at the trade body’s annual conference.
AssuredPartners expands into Wales with LT Insurance buy
AssuredPartners has added to its UK footprint buying South Wales-based LT Insurance Services.
Clear spending tops £100m in 2023
Clear spent £102.4m snapping up 10 businesses in the year ended 31 October 2023, the most in its history and around double the year before.
Ardonagh completes Westfield Insurance purchase
Ardonagh Advisory has completed its deal for Westfield Insurance having announced plans to buy the broker in December 2023.
FCA adds four more S166s to sector
The Financial Conduct Authority has slapped the general insurance and protection sector with another four skilled person reports as the crackdown continues.
Ex-Marsh and Aon COO joins Thomas Carroll
The former chief operating officer of Aon’s UK retail business, David Whittaker, has joined Thomas Carroll Group in the same role.
Bissell & Partners adds Lloyd’s broker status to offering
Bissell & Partners has been authorised as an independent boutique Lloyd’s insurance broker.
Jensten buys hair and beauty specialist Henry Seymour & Co
Jensten has bolstered its schemes offering by buying Henry Seymour & Co, adding 66,000 policyholders to the business.