Insight
Premium Credit offering non-recourse solution for partners – Mark Coffey
Premium Credit has a non-recourse borderaux solution that remains available for interested partners, says personal lines and e-trade director Mark Coffey.
Policy Expert focuses on customer retention as top priority
Policy Expert’s COO Adam Powell has stressed that customer retention is its top priority in 2023, as it continues to focus on its organic growth.
More than 70% of brokers have a vacancy amid intense recruitment challenges
Some 71% of brokers are looking to fill a role, with 23% of vacancies open for four months or more, according to the latest research by Aviva.
People Moves: 20 - 24 March 2023
Keep up-to-date with the latest personnel moves in the insurance industry.
Insurers respond to broker meeting challenge and criticism
To coincide with today’s third anniversary of the UK’s first Covid-19 pandemic lockdown, Insurance Age polled providers to find out how they have sought to re-engage face to face with brokers.
FCA appoints two directors to co-lead enforcement and market oversight
The Financial Conduct Authority has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight.
Lloyd’s confirms £2.6bn underwriting profit and targets £56bn GWP in 2023
Lloyd’s has delivered a £2.6bn underwriting profit for 2022, up from £1.7bn the year before.
London market broker completes management buyout
Ballantyne Brokers has completed a management buyout to become 100% owned by staff.
Ardonagh reports adjusted Ebidta growth of 22% to £389m
Ardonagh has increased its income by 30% to $1.5bn (£1.23bn), and adjusted Ebitda by 22% to $476m in its financial results for the 12 months ending 31 December 2022.
Brokers call for more face-to-face interaction as insurer service improves
Three years on from the UK’s first pandemic lockdown, brokers welcomed the uptick in insurer engagement, but urged providers to do more below C-suite level.
Castleacre buys private client insurance broker Merritt
Castleacre has bought Merritt Insurance Services for an undisclosed sum.
Hagerty launches private client service
Hagerty, a car insurance provider, has launched its private client service, which can be sold through brokers who have customers with a vehicle, or vehicles, worth £250,000 or more.
FCA approval times worsen for new firms as overall picture improves
The Financial Conduct Authority’s approval times for new firms is worsening in 2023, according to latest data, bucking a trend that has seen improvements in key broker areas, including for approved person status and appointed representatives.
UK insurance protection gap improved to 17% in 2022, Swiss Re says
The UK was hit by $900m (£732.6m) of economic losses from natural catastrophes such as storms and flooding in 2022, with insurance covering $800m of the total, according to Swiss Re.
M&A slips back from 2021 record to £4bn in 2022
Imas has calculated that the value of UK general insurance distribution M&A dropped to £4bn in 2022 from £5.6bn in 2021, Insurance Age can reveal.
Burns & Wilcox looks towards M&As, recruitment and online SMEs to bolster growth
The managing general agent and underwriting business has plans to expand its team, and is open to mergers and acquisitions as a tool for growth during 2023.
Crawford & Co launches automated livestock claims system
Crawford & Company has launched an automated claims settlement system for the UK livestock market, which is available to brokers, insurers and policyholders.
Ex-Applied Systems leader Joe Sultana joins digital schemes firm IS2
Joe Sultana, former chief operating officer at Applied Systems Europe, has joined digital trading and distribution platform for the schemes market IS2 as commercial director.
Insurers face £219m bill as heatwave drives surge in subsidence claims
The record-breaking heatwave in summer 2022 has led to an increase in subsidence claim payouts, according to figures from the Association of British Insurers.
FOS compensation limit hiked to £415,000
The Financial Conduct Authority has raised the limit on complaints awards that the Financial Ombudsman Service can dish out to £415,000.
First Underwriting exit a broker ‘blow’ in diminishing personal lines markets
First Underwriting’s exit from standard home and motor is a 'blow', say brokers seeking markets for personal lines.
FCA opens survey on SME thresholds for FOS insurance complaints
The Financial Conduct Authority has launched a review on shifting the thresholds for SMEs to be able to refer complaints to the Financial Ombudsman Service, as it revealed there have been 1,835 insurance complaints since the rules came into force on 1…
Hiscox UK launches underwriting academy
Hiscox UK has launched its underwriting academy following a successful pilot in the fourth quarter of 2022.
Chaucer warns on underinsurance with construction costs at record highs
With rebuild costs 10.4% higher than a year ago, an average property insurance policy set to cover £1m could now be short for the full rebuild value, Chaucer has warned.