News
PIB spent £75.6m on deals in 2019
CFO Ryan Brown says the consolidator has a "very healthy pipeline" of future acquisitions, as PIB's GWP hits £986m.
FCA seeks views on SM&CR following deadline extension
The regulator has published a consultation paper on amending its rules in the wake of coronavirus.
Insurers haul brokers into FCA BI case again
A joint skeleton argument attacks the FCA’s stance that SME customers are not sophisticated insurance buyers because they used brokers and slams Contra Proferentem as “restrictive” and “out of step”.
Motor premiums fall but Covid-19 clouds analysis
Prices fell by 5% in the last quarter according to the Confused/Willis Towers Watson index.
People Moves Round-up: 13 - 17 July 2020
Keep up to date with the latest people moves.
Insurers argue FCA victory would lead to ‘injustice’
Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.
Biba reports conference cancellation coverage
The trade body said in its accounts that it was “indemnified against significant financial loss” and is now looking at how it can host future events.
Direct Line buys start-up broker Brolly
The Brolly team, including founder Phoebe Hugh, is set to move across to Direct Line once the deal is completed.
Blog: Covid-19 - the ultimate test for legacy systems
Ignite Insurance Systems' Toby MacLachlan on why brokers should upgrade their policy management systems to operate better in the 'new normal'.
Jensten Group buys PI broker in second lockdown deal
HTC Associates, based in Derbyshire, brings around £5m in GWP to Jensten.
Ardonagh completes £2bn debt raise and deals for Bravo Group and Arachas
The move, announced in June, brings Broker Network back into the fold as Ardonagh confirms £300m war chest to fund future deals.
Liquidators appointed for Gefion Insurance
The unrated provider recently went into solvent liquidation after the Danish regulator withdrew its insurance license.
Insurance Covid-Cast: Black Lives Matter focus - Q&A with the first minority-led tier-one insurance and reinsurance broker Protecdiv
For the 34th episode of Post and Insurance Age’s video series content director Jonathan Swift sat down with the founders of Protecdiv, a business that claims to be first minority-led tier-one insurance and reinsurance broker.
Blog: Taking the lead on professional indemnity
Tokio Marine HCC’s John Booth explores how brokers can get the best for their clients from their PI provider.
CDL adds Percayso Inform to platform
The software house has partnered with the insurance intelligence provider.
Insurer approaches to causation ‘legally flawed’ FCA argues in BI test case
The Financial Conduct Authority has alleged that insurers’ approach to causation in the business interruption test case is “legally flawed” and the defendants have “overlooked” contractual contexts.
PIB buys Stockton-based UKinsuranceNET
Deal is PIB's 30th as the consolidator confirms it has several more in the pipeline.
Flood Re incurs £160m in claims for 2019/20
The government-backed flood insurer paid out more than in its first three years combined, plus, it also welcomed changes to the scheme enabling discounted premiums.
Insurers failed to raise issues with government's restriction triggers, says FCA
If insurers disagreed with the government’s conclusions following a meeting with the industry that they would pay out based on March advice then they should have spoken out sooner and given politicians an earlier ‘opportunity’ to enforce mandatory bans,…
Brokers not responsible for BI test case insurance policies under contract law, argues FCA
The business interruption test case policies under scrutiny in the Financial Conduct Authority’s test case are presented ‘in the manner which most benefits insurers’ and therefore brokers should not take the blame for any contractual breaches, the…
Action groups hit out at “absurd” insurer defences in FCA BI case
Insurers have been accused of filibustering in relation to business interruption as firms suffer “devastating losses” following coronavirus lockdown.
Covid-19 to boost broker M&A
David Hopwood, of Marsh Networks, predicts the pace of M&A will increase as the UK moves out of lockdown.
FSCS reports surge in broker-related claims
Scheme says it has started paying out on new failures including to customers of Elite Insurance, Lamp Insurance, Quick-Sure Insurance and CBL Insurance.
Exploring new opportunities
Broker Extra 2020: With growing numbers of customers disillusioned with insurance and questioning its worth, along with changing needs, does the market need to innovate? This session looked at the issues from a wide perspective.