Insurer
FSCS broker pot compensation costs drop to £2m
The Financial Services Compensation Scheme paid out £2m in general insurance distribution compensation costs in the year ended 31 March 2023 – a £5m drop on the previous 12 months.
Esure and PIB investor Bain Capital raises $1.15bn for new insurance M&A arm
Esure and PIB Group investor Bain Capital has announced the final close of its inaugural private equity fund, Bain Capital Insurance Fund, LP at $1.15bn (£890m), above its initial target of $750m.
Flood Re on Build Back Better broker education drive
Brokers have engaged with Build Back Better, and want to communicate the benefits to clients, Flood Re CEO Andy Bord has confirmed, as the mutual reinsurer outlined plans to help educate the sector.
Flood Re policy numbers grow to more than 265,000
Mutual reinsurer Flood Re covered 265,826 policies in the year to 31 March 2023 – a 3.6% rise on the previous 12 months.
Arag’s Andy Talbot confident Das deal will be positive for brokers
The UK head of sales and marketing at Arag, Andy Talbot, has promised brokers ‘best of breed products’ with a takeover of Das UK in the offing.
RSA expands PI portfolio with XOL launch
RSA Insurance has announced it is to expand its professional indemnity offering and launch an excess of loss product.
Accelerant-backed start-up MGA Kayzen targets regional financial lines
Kayzen Specialty, a new specialty managing general agent focused on the London and UK regional financial lines market has been launched.
Arag Group strikes deal for Das UK
Arag Group has signed up to buy Das UK, subject to regulatory approval, in a move that would create a near £200m gross written premium legal expenses insurance business.
People Moves: 10 – 14 July 2023
Stay in the loop with the latest personnel moves in insurance.
Opinion: SLAPP legislation changes and the insurance industry
Judges in the UK have been given powers to dismiss lawsuits, labelled by the UK government as intended to curtail the freedom of speech of journalists, at an early stage. Joe Wornham, senior technical underwriter – media liability at CNA Hardy, analyses…
Q&A: Nadia Côté, managing director UK, Allianz Commercial
In her first interview since being announced in April as managing director UK at Allianz Commercial Nadia Côté tackles simplifying trade with brokers. She also assesses how the new Allianz Commercial structure will improve knowledge sharing and…
New fronting firm to help flush capacity into UK commercial specialty MGAs
A new private-equity backed fronting firm has won approval from the Prudential Regulatory Authority to start business.
Sabre picks CDL for pricing and for retail platforms
Sabre Insurance has moved its pricing and direct insurance platforms to CDL, Insurance Age can reveal.
Jacqui Kelly steps up at Zurich as Michelle Taylor heads to Aviva
Zurich has confirmed that Jacqui Kelly, head of strategic accounts, will take on the role of head of sales and distribution on an interim basis succeeding Aviva-bound Michelle Taylor.
Aviva adds Michelle Taylor from Zurich amid commercial lines and distribution restructure
Aviva has recruited Michelle Taylor from Zurich as it unveiled new structures for its commercial lines business, consisting of SME, Global Corporate and Specialty and distribution.
Brokers warn insurers they risk losing more business to MGAs
Mainstream insurers need to heed the lessons of the post pandemic decline in service or face losing more market share to managing general agents.
People Moves: 3 – 7 July 2023
Keep up to date with the latest personnel moves in insurance.
Hector succeeds Callan to lead on commercial at Covéa
Keith Hector has been named as commercial team leader at Covéa, succeeding Carolyn Callan.
Capacity provider Accredited backs MGA home specialist
Accredited Insurance (Europe) has backed managing general agent Integra Insurance Solutions with fresh capacity.
Withers replaces Fletcher as Ecclesiastical schemes boss
Chris Withers is to head up Ecclesiastical Insurance’s schemes business following the retirement of Tony Fletcher, the insurer has announced.
ABI reveals soaring trade credit claims
The Association of British Insurers has revealed member trade credit insurers received 5,300 claims for businesses in the first quarter of 2023, up 81% on the same period last year.
CDL eyeing international expansion in next 12 months
CDL has looked at Australia, Canada, Latin America and Europe as it plans to grow with partners across the world, CEO Nigel Phillips told Insurance Age.
Zurich UK CEO Bailey takes over as ABI president
Tim Bailey, UK CEO at Zurich, is the new president of the Association of British Insurers.
FCA cracking down on home and motor insurers
The Financial Conduct Authority has warned insurers about the support provided to struggling customers.