News Analysis
PIB swoops for personal lines specialist Jigsaw Insurance
PIB is poised to buy Harrogate-headquartered broker Jigsaw Insurance Services Plc for up to £24.12m in cash marking a significant step in personal lines for the consolidator.
CII denies exam costs are ‘far too high’ amid ‘recruitment crisis’
The Chartered Insurance Institute has been told its exam costs are ‘far too high’ and is being urged to cut prices to attract people into insurance amid a recruitment crisis.
Circle grows turnover and profit
Coventry-headquartered broker Circle boosted profit by a third with turnover up over 10% in its financial year ended 30 April 2022.
FCA to release crucial personal lines value data ‘imminently’
The Financial Conduct Authority is set to release value measures data ‘imminently’ that will play a crucial role in helping brokers benchmark whether their products offer value.
Bridge reports record operating profits
Manchester-headquartered Bridge Insurance Brokers has delivered a 34.2% rise in operating profit in the year to 31 March 2022 taking the total to a record £974,614.
Biba and ABI welcome IPT freeze
The British Insurance Brokers’ Association and the Association of British Insurers have both welcomed the decision by Chancellor Jeremy Hunt not to raise the level of insurance premium tax.
Broker Expo 2022: Insurers urged to ‘get rid’ of volume barriers on new broker agencies
Insurers have been urged to get rid of broker minimum premium commitment levels which ‘stymie consumer choice’.
Broker Expo 2022: £250,000 to set up a broker
It would cost around £250,00 to set up a broker from scratch these days, according to Brokerring CEO Stuart Randall.
Iprism buys Metier Underwriting
Managing general agent Iprism has struck its first deal buying specialist underwriting agency Metier Underwriting for an undisclosed sum, Insurance Age can reveal.
Headline makers: November 2022
The key stories from the past month all in one place.
News analysis: RSA's big challenge - turning around broker service
RSA is investing in its broker service as it aims to reverse years of decline. Having published its strategic roadmap for 2025, Saxon East discovers that although there is plenty of goodwill, it faces a battle to convince brokers it can achieve its goals
FCA ramps up intervention on rogue financial promotions
The Financial Conduct Authority has revealed that it intervened to amend or withdraw 4,151 financial promotions between July and September.
Biba issues series of commitments after FCA flat insurance report
The British Insurance Brokers’ Association has set out a series of commitments to the Financial Conduct Authority and the government to help achieve better outcomes for leaseholders, especially those living in high rise residential buildings that require…
Ardonagh confirms Lorega cost £28.8m
Ardonagh paid £28.8m in cash to buy loss recovery insurance managing general agent and assistance specialist Lorega, the consolidator has confirmed.
Atlanta reveals Be Wiser price tag
Ardonagh paid £6.3m in cash for the business and assets of motor broker Be Wiser Insurance last year.
‘Pull a finger out’ – Average time taken by FCA to approve acquisitions doubles
The Financial Conduct Authority's average time taken to approve acquisitions has more than doubled, leading to calls for the regulator to 'get things moving' to help brokers buy and sell businesses much faster.
News analysis: Would a merged FCA/PRA make brokers’ lives any easier?
Team Truss have financial regulation in their sights… but just how far could they go? It’s mooted there are plans to create a single super regulator by merging the Financial Conduct Authority, the Prudential Regulatory Authority and the Payment Systems…
Industry braces for "very active few weeks" following Axa vs Wolseley BI ruling
Market experts think the Axa and Corbin & King verdict could spark a chain reaction in the insurance industry, leading to a reopening of claims and renegotiated settlements.
Analysis: Balancing risk and opportunity in the metaverse
Insurance Age spoke to industry experts to find out how the metaverse is changing the risk landscape and what opportunities it offers brokers and insurers alike.
Experts warn of reinsurance market crunch
Smaller players without scale may struggle with reinsurance costs going forward as issue is highlighted by the collapse of motor trade specialist Tradewise.
Brokers hit out at "antiquated" attitude to cover for sex industry clients
Analysis: Insurance specialists say a change of mindset is needed as brokers struggle to find cover for legitimate businesses in the sex industry as a result of prudish insurers viewing them as a 'moral hazard'.
News analysis: Regulation and Gibraltar - is it The Rock of vanities?
David Worsfold investigates how insurer regulation in Gibraltar has changed following ten years of insurer failures.
News analysis: How climate change impacts risk development
Brokers tell Insurance Age about the way the risk landscape has morphed as a result of climate change and what advice they should be sharing with clients.
News Analysis - “Everybody’s service is rubbish” – insurer service uncovered
Edward Murray explores why brokers are being left out in the cold when it comes to insurer service and asks what has driven the collapse in quality