Insurer
Insurers flag climate change concern following UK heatwave
Insurers have pledged to focus efforts on reducing climate change and called on the industry to be better prepared for weather events.
Amanda Blanc joins BP board
BP has announced the appointment to its board of Amanda Blanc as a non-executive director.
Pandemic Re – no meetings with Treasury since March
A Freedom of Information request by Insurance Age has revealed that HM Treasury has held just three meetings with the Pandemic Re steering group since the onset of the coronavirus crisis.
Aviva strikes Azur HNW deal after exclusive talks
Aviva has penned a deal to buy Azur Underwriting’s high net worth personal lines business in the UK and Ireland.
Seventeen Group snaps up Bryce Smith & Partners
Seventeen Group has completed the purchase of London-based Bryce Smith & Partners for an undisclosed sum.
Experts warn of ‘huge threat’ and no ‘get out of jail’ card in FCA letters
Compliance specialists have urged brokers to take heed of the Financial Conduct Authority’s latest pair of letters on fair value in general insurance.
Jensten buys MGA Origin
The Jensten Group has bought SME specialist managing general agent Origin UW for an undisclosed sum.
Clear buys GSI Commercial Services
Clear Group has bought GSI Commercial Services in its first deal to complete since Goldman Sachs invested in the broker last month.
FCA letter sets out scale of watchdog’s fair value assessment frustrations
The Financial Conduct Authority has revealed one-in-three insurance manufacturers are leaving fair value assessments to the last minute causing a risk of harm to consumers.
Property pricing up 6% in Q2
Insurance pricing in the UK increased by 11% in the second quarter of the year but this was down on the 20% rise in Q1 of 2022, according to the latest research by Marsh.
Brokers given three months ‘forbearance’ as FCA hits out at insurer fair value delay failures
The Financial Conduct Authority has criticised insurers’ timings on product governance and fair value assessments ahead of the 30 September deadline for them to be in place as it gave brokers a three-month extension under specific circumstances.
Blog: Why tripartite partnerships are key in the professional indemnity market
As the professional indemnity market continues to be beset by ever more challenges Nic Brown, of Markel UK, explains why the successful placement or renewal of cover now, more than ever, relies on strong partnerships between insurer, broker and insured.
People Moves: 25-29 July 2022
Stay informed of the top personnel changes in insurance.
Biba welcomes FCA’s decision on Consumer Duty timescale
The British Insurance Brokers’ Association has welcomed the decision to give firms a 12-month window to implement the requirements for the new Consumer Duty.
Spring launches SME cyber cover
Spring Insure has launched a commercial cyber offering tailored for small and medium sized enterprises.
Consumer Duty timeline ambitious but achievable, says FCA
The Financial Conduct Authority has explained its decision to switch from a proposed implementation period ending April 2023 to one ending July 2023 as it revealed the timetable for its new Consumer Duty regulations.
FCA confirms 12-month implementation for Consumer Duty
The Financial Conduct Authority has confirmed a 12-month implementation period for its new Consumer Duty which will come into force on 31 July 2023.
IFB flags 17% increase in number of people being added to Insurance Fraud Register
The Insurance Fraud Bureau has warned that more than 5,000 people were added to the Insurance Fraud Register in the past 12 months.
GRP achieves deal century with Woodward Markwell Insurance Brokers buy
Global Risk Partners has reached its 100th deal and purchased the GI book of Ipswich-based Woodward Markwell Insurance Brokers for an undisclosed sum.
UK General up for sale again
UK General’s latest filing at Companies House has revealed the personal lines specialist, which lost £9.13m in nine months up to 30 March 2021, is up for sale.
Concern raised over low rate of conduct reporting for GI staff
GI businesses in the UK reported just 662 staff, including three senior managers, to the regulator for conduct breaches in 2021 according to a Freedom of Information request by Sicsic Advisory.
Beazley delivers improved COR but profits down on investment returns
Beazley has reported an improved combined operating ratio of 87% for the first half of 2022, from 94% delivered in the same period last year.
People Moves: 18-22 July 2022
Stay informed of the top personnel changes in insurance.
Car insurance premiums up 6% in the last 12 months
The cost of comprehensive car insurance rose by £32 in the last 12 months, according to research by Confused and WTW.