Insight
Momentum grows turnover and profit as it tops £50m GWP
Appointed representatives network Momentum has reported turnover of £9.9m for 2021, up from £7.8m in 2020.
Sarah Willmont promoted to UK CEO as Canopius restructures
Canopius has named Sarah Willmont as UK CEO as it reorganised its global underwriting operations into four areas of specialty, short tail, reinsurance and casualty.
Biba welcomes FSCS fee cut
The British Insurance Brokers' Association has welcomed the Financial Services Compensation Scheme's decision to lower the broker levy from £68m to £5m for 2022/23.
People Moves: 23-27 May 2022
Keep up-to-date with the latest job changes in insurance.
Disappointed FCA warns brokers on consumer harms
The Financial Conduct Authority has written to brokers warning there are significant risks of potential harm that both the market and individual firms need to address and that it will take action where needed.
BoE exercise: No additional action scenario on climate change ups UK insurer losses by 50%
UK general insurers could face at least a 50% increase in average annualised losses in a non additional action on climate change scenario, a report by the Bank of England has detailed.
Broker FSCS levy plummets to £5m for 2022/23 from expected £68m
The Financial Services Compensation Scheme has cut brokers’ levy contribution to £5.3m for 2022/23 as it cancelled a planned retail pool contribution.
R&Q and Brickell deal collapses
R&Q has detailed plans to raise $108m (£85.8m) as the proposed takeover by Brickell fell through.
Cyber pricing hardens over 30%, says Aon
Market conditions for cyber insurance in the UK remain challenging with prices hardening by over 30% for the first quarter, according to an update by Aon.
GRP-owned DCJ buys SM Commercial
DCJ Group, part of Global Risk Partners, has acquired 100% of the share capital of SM Commercial Insurance Brokers.
Adrian Coupland joins Earnix
The former customer and marketing director at SSP, Adrian Coupland, has joined Earnix as head of sales for insurance in Europe, the Middle East and Africa.
Brickell seeks to cancel £482m R&Q takeover deal
Randall & Quilter has revealed that Brickell has cited a “material breach” and moved to scrap the proposed takeover.
Policy Expert signs six-year £2bn capacity deal with R&Q Accredited Europe
Home and motor insurtech Policy Expert has agreed a six-year capacity deal with A- rated R&Q subsidiary Accredited Insurance (Europe).
HDI restructures UK & Ireland operations
HDI Global and HDI Global Specialty’s UK and Ireland branches have been brought under a common leadership structure for the first time.
SEIB adds Lloyd & Whyte CEO to board
Matthew Pyke has become a non-executive director for SEIB, which is owned by Ecclesiastical's parent firm. Lloyd & Whyte is also 20% owned by the Benefact Group
MS Amlin teams up with Altelium on battery energy storage insurance
MS Amlin Underwriting has partnered with insurtech Altelium to launch a battery energy storage system construction all risk and operational all risk insurance solution.
Ataraxia increases its stake in Manchester-based JTS
Peter Cullum-backed Ataraxia broking group has increased its stake in Jones Taylor Steven, a commercial insurance broker based in Worsley, Manchester.
Ardonagh buys Alice Castle
Ardonagh Advisory has agreed to buy professional indemnity and cyber insurance specialists Alice Castle, Insurance Age can reveal.
Liiba launches campaign for D&I initiatives
The London & International Insurance Brokers’ Association has initiated a fresh campaign to increase awareness of diversity and inclusion initiatives in the London insurance market.
R&Q delays shareholder vote on takeover
R&Q has postponed the shareholder vote on being bought by Brickell until 25 May.
FCA confirms 33 broker investigations
A Freedom of Information request by Insurance Age has revealed the Financial Conduct Authority is currently investigating 33 brokers.
Blog: Commercial insurance fraud risk rises when data is taken at face value
As home and motor insurance providers employ ever more sophisticated tools to help identify application fraud and crack down on claims fraud, the risk is that the smaller end of the commercial insurance market could be next in line for a serious uptick…
Marsh McLennan responds to reports it is broking for oil pipeline project
Marsh McLennan has declined to confirm if it is arranging insurance for the East Africa crude oil pipeline but said it recognised the importance of a “secure energy supply” and flagged its commitment to helping businesses develop low-carbon models.
FCA warns on Broker Express clone
The Financial Conduct Authority has warned of a clone of Broker Express with fraudsters using or giving out details as part of their tactics to scam people in the UK.