Broker
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.
TBIG ups stake in PHP Insurance to 80%
The Broker Investment Group has increased its investment in Macclesfield-based chartered insurance broker PHP Insurance to 80%.
Applied updates on commercial push
Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.
GIC completes Miller deal
Institutional investor GIC has completed the takeover of Miller, buying out previous co-investor private equity house Cinven.
People Moves: 25 – 28 March 2024
Keep up to date on the latest personnel changes in insurance.
Lloyd’s reports £10.7bn pre-tax profit for 2023
Lloyd’s swung back into the black in 2023 with £10.7bn of pre-tax profit reversing a red ink loss of £800m the year before.
Ajay Mistry launches insurance broker
Ajay Mistry has launched Mode Insurance to provide flexible cover for self-employed and freelance creatives, as well as small businesses in the creative sector.
Ardonagh boosts adjusted Ebitda by a third to $649.6m
Income at Ardonagh rose 29.1% last year to $1.99bn (£1.59bn) on the back of organic growth and 67 acquisitions.
Nine ghost broker actions in police counter-fraud Operation Henhouse
Police officers from the Insurance Fraud Enforcement Department have served nine cease and desist notices over a two-week period to help tackle ghost brokers.
Motor MGA KGM adds Ciaran Astin as managing director
Ciaran Astin has joined specialist motor managing general agent KGM as managing director, succeeding interim CEO Paul Kneafsey.
New MGA aims to combat broker frustrations with PI
A new managing general agent has launched targeting mid-market SME professional indemnity business.
MarshBerry: Deal pricing to stay strong in 2024 but unlikely to go higher
Competition among consolidators supported insurance distribution deal prices in 2023 with ongoing demand likely to keep it robust this year, M&A specialist MarshBerry has calculated.