News
Premium finance charges as high as 37% but dropping overall – report
Pearson Ham has found average premium finance costs for motor and home insurance fell over the last year but also revealed charges as high as 36.8%.
Home insurance stays in the red at 118% NCR with more losses to come – EY
The UK home insurance industry delivered a loss-making net combined ratio of 118% in 2023, worse than predicted with more red ink to follow in 2024, according to EY.
Beazley targets financial institutions with combined cover consortium
Specialist insurer Beazley has launched a new consortium providing combined civil liability, crime/fraud and cyber cover for financial institutions.
People Moves: 14 – 18 October 2024
Follow the latest insurance personnel moves.
Markerstudy confirms 750 job cuts after Atlanta buy
Markerstudy has confirmed that around 750 jobs will be cut following the £1.2bn acquisition of Ardonagh’s personal lines business.
Pen revamps cyber proposition for large corporate clients
Pen Underwriting has relaunched its cyber proposition for large corporate clients, doubling excess of loss limit (XOL) and introduce a broader risk appetite.
Mission notches up 25th MGA partner with Carrow launch
A new warranty, accident and health MGA Carrow is set to launch with the backing of Mission Underwriters.
Lebecq to join Miller after SRG exit
Miller has appointed Clare Lebecq as chief operating officer following her departure from Specialist Risk Group in September.
Industry reacts to government motor task force
The wider insurance market has given a mixed reaction to the UK government’s motor task force, with its industry-led approach questioned, but experts note it is a step forward.
FCA launches review into premium finance “fair value” and barriers to competition
The Financial Conduct Authority has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive deals.
Government announces motor insurance task force to tackle “spiralling costs”
The Government has announced a new cross-government motor insurance task force, supported by industry experts, to tackle what it claims is “the spiralling costs of car insurance”.
Ex-Simply Business boss Jason Stockwood named as NED at Ripe
Companies House has confirmed the appointment of former Simply Business group CEO Jason Stockwood as non-executive director of managing general agent Ripe.
SRG buys in Singapore as it starts Asia expansion
Specialist Risk Group has acquired HL Suntek Insurance Brokers based in Singapore, subject to customary closing conditions, to spearhead its expansion into Asia.
CII institute pushes back into the operating black
The institute arm of the Chartered Insurance Institute Group returned to operating profit in 2023 with a £745,000 surplus after three years of red ink.
Third quarter of car insurance price falls – WTW/Confused
Comprehensive car insurance premiums have now dropped year-on-year after a third consecutive quarterly fall in prices, according to the latest findings by WTW and Confused.
Chubb launches construction industry practice
Chubb has launched a construction industry practice in the UK and Ireland ready to trade locally with brokers across its branch network as it also unveiled a new product for the sector.
Energy MGA Volt powers up
Volt Underwriting, a London-based MGA formed to support clients active in the energy transition sector, has launched with initial capacity of $25m (£19.14m) for international and US onshore power and renewable energy risks.
Ardonagh completes PSC buy
Ardonagh has closed the deal for PSC Insurance Group in a move which includes bolstering its advisory business with a Top 100 UK broker.
People Moves: 7 – 11 October 2024
Keep up to date with the latest insurance industry personnel moves.
Ageas and Saga in £207.5m deal talks
Ageas has entered exclusive negotiations with Saga on a 20-year affinity partnership and buying Acromas in a package worth up to £207.5m.
Academy owner buys Airsports Insurance Bureau
Beyond Doubt Holdings, which operates as Academy and Premierline, has purchased Hampshire-based Airsports Insurance Bureau.
Broker stress levels hit six-year high
Two in five brokers have reported stress levels as high or very high, the record since Ecclesiastical’s annual Broker Wellbeing Survey was launched in 2019.
TBIG-backed Beam buys Julie Price & Co
JPM Group, trading as Beam Insurance Solutions, has bought Hinkley-based £2m gross written premium broker Julie Price & Co.
NBS launches unoccupied commercial property insurance
NBS Underwriting has launched an unoccupied commercial property insurance product, expanding its portfolio.