News Analysis
Profits and turnover up at Reich in 2022
Reich Insurance Brokers increased revenue organically by 10.4% to £14.68m in the year to 31 March 2022.
Accredited Europe looks to partner with UK MGAs as premium nears £500m
Randall and Quilter’s European program arm, the capacity backer of Policy Expert and Inperio, is looking to partner with UK managing general agencies.
Covéa exits HNW motor line
Covéa is no longer writing business in the executive motor space for high net worth, Insurance Age can reveal.
Start-up broker targets £1m income in five years
Start-up broker Ash Tree Insurance, which specialises in the agriculture and the SME sector, is targeting £1m income in five years.
Are brokers bucking the trend of insurtech investment struggles?
According to a new Gallagher Re report, global insurtech investment fell in the fourth quarter of 2022 to its lowest level since the third quarter of 2020. Sophie Locke-Cooper details why some may be struggling even if there are signs of hope among…
Allianz reveals £32m December freeze hit and CEO Holmes predicts rate hikes to continue
Allianz Holding has revealed the impact of the winter weather on its bottom line, as CEO Colm Holmes forecast that the Q3 and Q4 rating hikes would continue into 2023.
‘Double standards’ – fed up brokers urge FCA to improve authorisation times
Brokers are urging the Financial Conduct Authority to improve its authorisation speeds, and stressing that the current performance is damaging the industry.
FOS hones in on high motor insurance complaints
The Financial Ombudsman Service has zoomed in on the high level of complaints about motor insurance as it released the latest set of data.
Light on the horizon for brokers squeezed by rising professional indemnity costs
Brokers have faced rising professional indemnity costs amid a perfect storm of factors driving rate increases. But now the market is beginning to settle, although some firms will still face significant headwinds
FCA details 16% staff turnover rate in response to Unite
The Financial Conduct Authority’s headcount grew to 4352 at the end of January, the regulator has confirmed in a letter to Unite.
Brokers to settle ‘very little’ of £19m financial adviser claims amid latest FCA blow, legal expert says
The FCA’s hopes of getting insurers and brokers to settle £19.2m in IFA claims is in doubt, with a fresh legal challenge the latest blow to hit the regulator’s compensation scheme.
Biba demands FCA turn up the heat on authorisations ‘burndown’
The Financial Conduct Authority is taking “far too long” to authorise firms seeking to trade general insurance business for the first time and also needs to up its game on key c-suite broker approvals, executive director of the British Insurance Brokers’…
Meet the MGA: Fusion Specialty UK
As Fusion Specialty UK begins trading, managing partner Josh Cowen and partner Sam Shirley discuss why technology is key to their plans for the SME-focused mergers and acquisitions MGA.
FCA broker c-suite volumes stable as decision delays tick down
The Financial Conduct Authority authorised 1129 general insurance intermediary CEOs in 2021 and a further 994 in the first 10 months of 2022, an Insurance Age Freedom of Information request to the regulator has revealed.
Barbon aims to double £21m earnings in five years
Barbon aims to double its current £21m Ebitda over the next five years, new managing director Wayne Tonge has revealed to Insurance Age.
FCA brings broker role approval turnaround time down to 92 days
The Financial Conduct Authority has begun to improve its turnaround times for approving key general insurance broking roles, bringing the average down to 92 days from 105 days in 2021.
Brokers hit as FCA authorisation sign-off lengthens to 237 days
The Financial Conduct Authority’s authorisation service for new brokers looking to trade general insurance business worsened up to the end of October 2022, a Freedom of Information request by Insurance Age has revealed.
News analysis: The 1/1 reinsurance renewals – What will 2023’s ‘challenging’ reinsurance market mean for UK brokers?
The annual 1/1 reinsurance renewal season might not have been on the list of major concerns of the average UK broker at the start of 2023. But as Rachel Gordon reports it could have a sting in the tail this year when it comes to capacity shrinkage and…
FCA urges bosses to make Consumer Duty top personal priority in Dear CEO letter
Financial Conduct Authority leader Matt Brewis has written to general insurance businesses reminding them to embed the interests of customers into their firms’ culture and purpose.
Brokers urge FCA to avoid property commission ban as decision looms
The Financial Conduct Authority has been urged not to impose a commission ban or cap on brokers as it faces political pressure for tough action.
Romero Insurance Brokers grows turnover and profit over 20% in 2022
Romero Insurance Brokers has posted a 29% rise in profit after tax to £3.84m as turnover soared 25% organically to £13.6m in the year to 30 April 2022.
Brokers key to new UK regulated insurer Lumun’s success, says CEO Bilney
The CEO and founder of the proposed new UK regulated motor insurer Lumun has outlined the importance of brokers to its success.
Aston Lark eyes widespread regional expansion in next phase of growth
Aston Lark will look at opening branch offices as it seeks to expand its regional footprint across the UK, according to UK retail managing director Warren Dickson.
Gove vows commission-chain ban as FCA buildings review on highest charging brokers imminent
A Financial Conduct Authority review into brokers charging the highest commissions for work on buildings insurance is due in just a few weeks as government minister Michael Gove vowed to ban commission-chains and bring in ‘transparent’ fees.