Insight
Backpage: April 2022
Charity corner, our pet of the month and the light side of insurance
Brokers facing 3.2% FCA fee rise as regulator budget grows to £640.1m
The Financial Conduct Authority has proposed that the general insurance mediation pot where brokers sit will pay £31.4m towards its annual funding requirement in 2022/23.
FCA to add 80 jobs focused on shutting down problem firms
The Financial Conduct Authority will focus resources on preventing serious harm, setting higher standards and promoting competition the watchdog detailed as it revealed its three-year strategy to improve outcomes.
JM Glendinning buys Sphere Group
Newcastle-based insurance broker and risk management firm The Sphere Group has been acquired by JM Glendinning Group for an undisclosed sum.
Movo adds seven ARs
Movo has added seven appointed representatives bringing the number of AR members to 55 and gross written premium to £50m.
Partners& enters Scottish market
The MacDonald Group has been acquired by Partners& in a deal which is due to complete in June.
PIB snaps up international wholesale specialty broker Guest Krieger
The London Market broker writes specialty business mainly emanating from Israel but also from more than 30 other countries.
Analysis: The Yanks are coming
US-broker Brown & Brown has firmly stuck its flagpole into UK soil by buying GRP. David Worsfold considers what this means for the wider sector and asks if more US-firms will stake their claim on the consolidators.
FCA puts broker commission under the spotlight in multi-occupancy property insurance review
The regulator’s survey includes asking if brokers have a bribery and corruption policy and a request for a copy.
Financials Acquisition Corp to float on Stock Exchange
The special acquisitions company is looking to raise £150m to drive MGA and tech deals.
PIB buys Bailey Garner (Health & Safety)
The deal adds nearly 20 staff to the consolidator’s risk management business taking the total headcount to approaching 80.
People Moves: 4 - 8 April 2022
Keep up-to-date with the latest industry moves.
FCA bolsters authorisations team
The watchdog has added two senior directors, a finance director and filled a further 95 authorisation roles.
Lawyers reveal record levels of fines for companies let down by their directors and officers
SMEs racked up over £60m in D&O fines in 2021, compared to £120m between 2016-2020, according to law firm BLM.
Aviva and Allianz surveys flag inflation and climate impact issues for SMEs
Inflation has toppled business interruption as the number one concern for small businesses in a survey by Allianz Commercial while separate research by Aviva has found three-quarters of SMEs believe businesses should work on reducing their environmental…
AM Best rates MGA Castel
The organisation said it is the first UK MGA to receive a performance assessment from the rating agency.
AUB Group confirms Tyser deal talks
The Australia and New Zealand-based broking and underwriting group said no terms have been agreed.
Analysis: The inflation challenge
The ever-increasing rate of inflation in the UK and certainty of more to come has led to warnings of challenges for brokers and insurers alike with issues ranging from difficult conversations on premium rises to underinsurance and the prospect of turning…
Blog: Don’t be resigned to the Great Resignation
Allianz’s Julie Harrison explains why insurance employers must recognise why people are leaving firms in order to attract and retain talent
Tasker Insurance Brokers becomes Jensten as group streamlines brands
The Jensten Group has a revealed a transformation programme to simplify its corporate structure, systems, and brands.
Aviva takes Charlotte Jones from RSA as CFO
Aviva has been looking for a new CFO since Jason Windsor resigned in January.
Think Insurance makes first broker buy
The motor and niche specialist has added to its commercial offering led by Russell Bence.
People Moves: 28 March - 1 April 2022
Keep up-to-date with the top personnel stories on Insurance Age.
R&Q agrees £482m sale to Brickell
The deal would give shareholders a premium of around 20% on yesterday’s closing price.