Insight
CDL grows revenue but profit drops for second year in a row
CDL grew revenue by 6.9% to £59.54m in the year ended 30 September 2023, however profit after tax dropped for the second consecutive year to £10.01m.
Markerstudy and Atlanta merger completed
Ardonagh has confirmed the completion of the Atlanta Group and Markerstudy merger.
C-Quence seeks to “unleash” digital tools and target schemes after Sompo tie-up
C-Quence is looking to “unleash the breadth” of its digital capabilities and target more schemes business having switched capacity provider for its property and casualty and property owners propositions.
Optio takes Soni from Axa as CEO
Specialty managing general agent Optio Group has swooped for Axa UK commercial director Deepak Soni as its new CEO.
Avid targets £100m GWP by end of 2025
Managing director of Avid Insurance Services, Stephen Gibson, is targeting £100m of gross written premium by the end of 2025, growing from around £75m to £80m this year.
FCA encourages monitoring review ahead of first Consumer Duty annual report deadline
The Financial Conduct Authority has found many firms need to make improvements in their monitoring to enable them to determine whether they are delivering good outcomes for retail customers, as required by the Consumer Duty.
Cannabis MGU hires Midson to build network with UK brokers
CannGen Insurance Europe has recruited Alan Midson as development director for the UK and Europe with a remit of building out the company’s network of brokers in all legalised countries.
Application and ghost broking motor fraud up 64% at Aviva
Aviva spotted fraud on more than 51,000 motor policy applications last year, up 64% on its 2022 detection figures, the insurer has revealed.
The stats: Q1 2024 - Commercial combined slows to near halt
The year has started with almost no average premium growth in commercial combined while fleet and property owners have powered ahead, according to the latest statistics from Acturis.
SRG buys schemes broker Strategic Insurance Services
Specialist Risk Group has signed up to buy Strategic Insurance Services in the consolidator’s first deal since its new backers were revealed.
Sompo adds Axa XL broker boss Allan Murley with regional remit
Sompo has recruited Allan Murley as head of UK insurance distribution from Axa XL to join in the fourth quarter of the year.
Tyler appointed Academy CEO as Normand exits
Academy Insurance Services has named Martin Tyler CEO as Gilles Normand steps down to move into a non-executive career.
CII opens for applications to 13th year of New Generation Programme
The Chartered Insurance Institute is seeking the industry’s rising stars for its 2024 New Generation Programme.
Ex-Aviva CEO Winslow raids former employer again
Direct Line Group has named Maz Bown as group chief risk officer, subject to regulatory approval, joining from Aviva where she was chief risk officer, UK General Insurance and Health.
Meet the MGA: Kova Professions
Having worked in both the insurer and MGA sectors, as well as the FCA, Kate Albert has a well-rounded view of the market. The Kova Professions CEO and founder explains to Jonathan Swift why service has become a point of difference in setting apart her…
Atec Group appoints ex-BGL CEO and aims to accelerate M&A after PE swoop
European private equity investor Perwyn has acquired Atec Group, in an off-market transaction from Kester Capital.
Cowens MD aims for minimum 10% income growth this year
Mark Wilson, managing director of Cowens Group’s general insurance division, told Insurance Age he would be “disappointed” if income didn't grow by at least 10% by the end of the year.
Brokers urged to warn businesses as fire brigade ends automatic alarm response
Axa Commercial has advised London businesses to review their fire risk assessments and staff training after London Fire Brigade announced it would no longer respond to daytime activations of automatic fire alarms in most non-residential buildings from…
Seventeen adds to northern footprint with first Yorkshire buy
Seventeen Group has bought East Pennine Insurance Consultants which trades as Fletcher Smith in Sheffield and North East Insurance Brokers in the North East.
People Moves: 17 – 21 June 2024
Follow for the latest personnel moves in insurance.
Broking Success: Right opportunity
Matthew Collins, founder and managing director of Ascend Broking, targets growing from £14m to £50m gross written premiums in five years as the firm positions itself as a viable alternative to larger brokers.
Are new regional insurer offices the silver bullet to improve broker service?
The insurer retrenchment from the regions might have stopped and indeed been reversed in some cases, but as Ida Axling discovers, new branches, whilst welcome, are not the answer to all the issues over broker service.
Broker moves Accredited-backed MGA capacity to Aviva with extended facility
Norwich-based insurtech broker Pikl has replaced its MGA capacity after signing a deal with Prestige Underwriting, backed by Aviva.
Peach Pi launches bespoke surgery scheme with broker
Peach Pi has partnered with specialist broker Practice Cover to build a bespoke scheme to meet the specific protection requirements of its surgery clients.