News
Folgate rating upgraded after Hadron deal
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating of Folgate Insurance following its acquisition by US hybrid carrier Hadron.
AM Best keeps Accredited ratings unchanged during sale turmoil
AM Best has confirmed that the A- (Excellent) ratings of R&Q-owned Accredited remain in place but are still under review.
Allianz and Aviva take top slots in Brokerbility’s insurer partner satisfaction survey
Allianz has been voted in first place by Brokerbility members in its latest poll on service satisfaction from key insurer partners as Aviva topped the rankings in the underwriting category.
People Moves: 10 – 14 June 2024
Keep up to date on the latest personnel changes in insurance.
Aviva’s Blanc: UK insurance industry needs to start planning for a post-Flood Re world
Amanda Blanc, group CEO at Aviva, claimed the UK must be cautious about what happens in a post-Flood Re world come 2039.
R&Q ponders liquidation route as Accredited sale to Onex drags on
Accredited owner R&Q Insurance Holdings has confirmed the possibility of filing for a provisional liquidation in Bermuda and then completing the sale of Accredited to Onex through that process.
Jensten buys Chris Knott Insurance Consultants to bolster South East presence
Jensten has bought Chris Knott Insurance Consultants adding 19 staff and an office in Hastings to the group.
FCA cancels Northern Ireland broker’s regulatory permission
The Financial Conduct Authority cancelled Down Insurances’ Part 4A permission on 7 June, confirming it “no longer has permission to carry on any regulated activity”.
Focus partners with Markel for construction binder
Wokingham-based managing general agent Focus Insurance has partnered with Markel for a construction binder.
Biba and Griffiths & Armour renew PI scheme
The British Insurance Brokers’ Association has renewed its professional indemnity accredited broker agreement with Griffiths & Armour for a further three years.
Clear buys credit insurance specialist
The Clear Group has bought the book and assets of Lichfield-based credit insurance specialist Rycroft Associates including Inspire Credit Management.
Allianz to boost engineering workforce to 800
Allianz Engineering Inspection Services is growing its workforce from 654 to over 800 in the next four years as it targets becoming the biggest engineer surveyor team in the UK.
Home insurance prices surge a record 41.6% in a year
The average quoted price of home insurance rose by 41.6% in the 12 months to April, surging again to another new record rate for an annual rise.
Brokers eyeing up expansion in non-standard
More than three quarters (79%) of brokers had an increase in non-standard insurance enquiries over the past year with an identical amount expecting continued growth in the year ahead, according to a survey by Prestige Underwriting.
CFC launches second carbon insurance solution
CFC has launched its second insurance solution for buyers of voluntary carbon credit, Carbon Cancellation Insurance.
AUB takes 40% stake in Momentum
Tysers owner AUB Group has signed up to buy a 40% equity stake in appointed representatives network Momentum Broker Solutions, subject to regulatory approval.
Welsh broker strikes another deal
Abergavenny-headquartered FR Ball Insurance has acquired Howells Insurance in Llantwit Major.
JMG in double swoop for motor and cleaning specialist brokers
JMG has bought Executive Insurance Services and Gleaming Insurance, in a move it said took the group to £300m in premium.
Brown & Brown expands further in Northern Ireland
Brown & Brown Europe has bought Rollins Insurance Brokers, based in Holywood, Northern Ireland.
Aviva warns on increase in summer floods
More floods are happening outside of traditional ‘flood season’, with more than a third (35%) of home insurance flood claims occurring between June and August, according to new analysis from Aviva.
People Moves: 3 – 7 June 2024
Stay in the loop with the latest insurance personnel moves.
Flood Re CEO Andy Bord steps down after seven years
Andy Bord, CEO of Flood Re, will be stepping down at its annual general meeting this July after seven years in the role.
London-based MGA incubator acquired by US insurance group
Ambac Financial Group, the US-based insurance holding company, has agreed to acquire a 60% controlling stake in Beat Capital Partners, the specialist insurance underwriting and managing general agent incubator, for $282m (£220.6m).
Ex-insurance broker jailed for pocketing £46k from bouncy castle hire companies and amusement parks
A former insurance broker has been jailed for two years, after he stole £46,125 by editing a wholesale broker’s contracts to increase the cost of premiums paid by his clients, the City of London Police have confirmed.