News
FCA’s Mills commits to using all regulatory tools in flats insurance update
Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority, has promised to use all regulatory tools at the watchdog’s disposal in an update on progress for multi-occupancy buildings insurance.
Motor insurance complaints to FOS climb again
Motor insurance has remained in the top five most-complained-about products with buildings insurance also joining the list, according to the Financial Ombudsman Service as it released data for October to December last year.
BSpoke completes ‘game changer’ of a deal
BSpoke Group has completed the acquisition of the personal lines business of the Police & Forces Mutual businesses, Police Mutual Healthcare and Police Mutual General Insurance, from Royal London.
People Moves: 26 February – 1 March 2024
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Biba adds Iprism for high value home scheme
The British Insurance Brokers’ Association has appointed Iprism Underwriting to provide members with access to a high value home insurance scheme, Insurance Age can reveal.
MCE administrator report reveals £35m HMRC claim as totals soar
The administrator of MCE Insurance has received £155.7m in unsecured claims from trade and expense creditors with the figure ballooning from £32.3m, the latest progress report has revealed.
ABI campaigning for IPT cut
There has never been a greater need for a cut in Insurance Premium Tax according to the Association of British Insurers as it campaigns for an immediate drop in the rate.
News analysis: What next for the motorbike market after Axa’s withdrawal?
Axa’s withdrawal from the motorbike market next month has again raised questions about a potential capacity crunch for those brokers insuring two-wheelers. Saxon East explores what effect this and other trends are having on the sector.
Experts tackle factors driving claims complaints to five-year high
The industry needs to make it clear to consumers why premiums are rising according to specialists at the Association of British Insurers’ annual conference.
Ageas weighs up £3.1bn Direct Line bid
Ageas has confirmed a possible offer for Direct Line Insurance Group valuing the business at £3.1bn.
FCA ‘still learning’ about Consumer Duty, claims GI boss Brewis
No single metric will decide whether the Consumer Duty has been a success. But if people are no longer talking about it, that will be a positive sign.
Ageas reveals 20% UK GWP growth in 2023
Ageas has reported a 20% hike in UK gross written premiums to €1.49bn (£1.27bn) for 2023, as profits in the European division rose.
Treasury on ‘mission’ to build ‘open and innovative regulatory environment’
The Treasury is looking to build an “open and innovative regulatory environment” in which UK insurers can thrive.
MGA launches product to cover EV charging point installation
Legal & Contingency has launched an insurance policy that covers the installation of electric vehicle charging points in England and Wales.
RSA’s Cath Frost moves to Hiscox as UK COO
Hiscox has appointed Cath Frost as UK chief operating officer from RSA where she was mid-market managing director for UK commercial lines.
RSA reveals revamped commercial lines leadership team
RSA Insurance has made a number of changes to its commercial lines leadership team ahead of the completion of the takeover of NIG and FarmWeb.
Rating factors ‘fundamentally discriminatory’, according to Stella’s Sam White
Experts at the Association of British Insurers’ annual conference have urged that everyone working together is what will improve the poverty gap.
ManyPets founder Mendel to step down
Many Group, parent of insurtech MGA ManyPets, has announced that longstanding group CEO and co-founder, Steven Mendel, has decided to leave his post and is to be replaced by Luisa Barile, formerly CFO and current ManyPets UK CEO.
FCA promises more speed and transparency on enforcement cases
The Financial Conduct Authority has committed to carrying out enforcement cases more quickly as it opened a consultation on a “step change” in being more transparent when opening an investigation into a firm.
Marine MGA Amphitrite gets full FCA approval
Amphitrite Underwriting London has confirmed receiving full authorisation from the Financial Conduct Authority on 31 January 2024.
Allianz Holdings tops £4bn for first time with profits surging in 2023
Allianz Holdings grew gross written premiums by 7.4% in 2023 as operating profits jumped 65% reversing the fall in 2022.
People Moves: 19-24 February 2024
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C-Quence enhances management liability with legal expenses
C-Quence has unveiled ML6, enhancing its management liability offering with a legal expenses module and the addition of a range of client support services.
Zurich UK grows in P&C but operating profit flat in 2023
Zurich UK has reported a 9% rise in property and casualty gross written premiums to £3.72bn for 2023.