Insight
Flood Re posts 18% policy growth
Flood Re has reported covering 256,634 policies in the year ended 31 March 2022, up 17.7% on the previous 12 months.
Insurtech app Honcho shuts up shop
Motor specialist Honcho has closed for business after three years of trading citing difficulty acquiring customers and the competitive environment as reasons for the closure.
FCA says all options on table ahead of possible phased implementation period for Consumer Duty
Brokers have been urged to prepare for the April deadline as the Financial Conduct Authority ponders changes to the implementation period for Consumer Duty regulations.
Lloyd’s launches mentorship scheme for LGBTQ+ staff
Lloyd’s of London has developed a pilot LGBTQ+ mentoring programme for those in the Corporation and Lloyd’s market.
Brokers looking to introduce multi-policy portfolio, says CDL’s CEO
CDL’s CEO, Nigel Phillips, has said brokers are looking to deploy a multi-policy portfolio, so that they can “reap” some of the benefits by offering a breadth of policies to their customers.
Car premiums up 7.8% since start of 2022
The cost of car insurance has risen 7.8% since the start of the year after new rules came in to tackle the practice of “price walking”, research by Consumer Intelligence has revealed.
News analysis: The future for Directors’ & Officers’ cover
Martin Friel explores how this niche line is developing, and learns how factors such as Russian sanctions are driving change in the highly specialist market.
Have you got what it takes to be part of Insurance Age's Future Force 2022?
Today Insurance Age launches a new project that seeks to highlight the up-and-coming brokers with annual gross written premium of under £30m that we believe will shape the future of the independent intermediary sector over the next decade.
FSCS broker pot pays out £7m compensation in 2021/22 after levies of £13m
The Financial Services Compensation Scheme has revealed that the broker levy pot paid out £7m in compensation in 2021/22, less than half the £15m total in 2020/21.
Ghost broker gets suspended sentence over £50,000 fraud
Rodney Bruce Van der Puye has been sentenced to 21 months imprisonment suspended for two years and ordered to complete 180 hours of unpaid work for acting as an illegal insurance intermediary.
Lloyd’s commits to One Lime Street – report
Lloyd’s of London is set to stay in the iconic Lime Street building designed by Sir Richard Rogers until at least 2031.
Sam White’s Freedom Services Group adds David Williams as first NED
Former Axa leader David Williams has joined Freedom Services Group, consisting of managing general agent Pukka, Freedom Brokers and claims management service Action 365, as a non-executive director, Insurance Age can reveal.
FCA names Ashley Alder as chair
HM Treasury has appointed Ashley Alder as the new chair of the Financial Conduct Authority succeeding Charles Randell.
Lycetts continues growth trajectory
Lycetts has grown its turnover to £23.5m for the full year 2021 from £22.4m in 2020 according to documents filed on Companies House.
People Moves: 4-8 July 2022
Stay informed of the top personnel changes in insurance.
Biba adds Covéa as partner
The British Insurance Brokers’ Association has added Covéa Insurance to its roster of partners taking the total to 20.
AM Best upgrades Aviva ratings
AM Best has upgraded the financial strength rating of Aviva Insurance to A+ (Superior) from A (Excellent).
CDL grows revenue to £53.7m in 2021
CDL has reported a rise in profit after tax to £11.2m in 2021, up from £9.8m the year before.
Biba reports return to growth in 2021
The British Insurance Brokers’ Association has reported a £211,410 rise in net assets for 2021.
John Glen resigns as Economic Secretary to the Treasury
The Minister handed in his notice to Prime Minister, Boris Johnson, yesterday (6 July) stating that he “can no longer reconcile my commitment to the role and to the financial services sector with the complete lack of confidence I have in your continuing…
Towergate Underwriting hit with £3.3m suit by pub over non-paying Gable policy
Few Inns has launched court proceedings against Towergate over a Gable policy which failed to pay out following a fire at one of its pubs in 2015.
Thomas Carroll grows profit and revenue in 2021
Thomas Carroll achieved turnover of £12.9m for the full year 2021, an uptick of 10.6% on the £11.7m in reported in 2020.
Lorega finds “natural home” at Ardonagh
Lorega will go to the “next level” under Ardonagh’s ownership, former leader and current CEO of Vizion Insurance Brokers John Sims has predicted.
Brown & Brown completes GRP takeover
US-headquartered Brown & Brown has completed the takeover of consolidator Global Risk Partners.