News
Markerstudy chief outlines challenges over salary expectations and broker telematics
Mike Wall, Markerstudy head of non-standard, described the challenges facing its telematics brand Smart Driver Club Insurance in a very competitive market.
PFS launches independent governance review amid “current challenges” with CII
The Personal Finance Society revealed an independent governance review just months after the Chartered Insurance Institute seized control of its board.
People Moves: 3 – 6 April 2023
Stay in the loop with the latest insurance personnel moves.
FCA proposes 10.4% hike to broker fees block
The Financial Conduct Authority is poised to raise fees for the general insurance mediation pot where brokers sit to £34.7m for 2023 to 2024, as its budget rises to £684.2m, including a £5.3m Consumer Duty cost.
The Needham Group buys PJ Insurance Brokers
The Needham Group has bought PJ Insurance Brokers, adding £2.5m gross written premium to the firm and taking its GWP total to more than £12m.
ABI names Mervyn Skeet director of general insurance policy
The Association of British Insurers has confirmed Mervyn Skeet as director of general insurance policy having held the post on an interim basis since December 2022.
Pen Underwriting CEO eyes more M&A to get closer to £1bn GWP target
Pen Underwriting CEO Tom Downey claims the business is on track to hit its £1bn GWP target within three years - and that it will reach it by both diversifying and building on what it has already got.
Saga reports stable broking results as it pushes on with Acromas sale
Saga is targeting the sale of its underwriting business, Acromas Insurance, in the second half of this year – but arranged a loan in case a deal does not go through.
Biba launches computer insurance scheme
The British Insurance Brokers’ Association has launched a new computer scheme, provided by specialist insurer HSB, to help protect computer hardware and portable equipment.
Spring Insure looks to court brokers in UK professional indemnity launch
Managing general agent Spring Insure has launched a commercial professional indemnity product in the UK and Ireland with backing from a new capacity provider.
GRP’s NE hub Castle buys M R Lonsdale
Castle Insurance Services has made its first acquisition since becoming the North-East hub of Global Risk Partners in May 2022 by swooping for fellow Durham-based broker M R Lonsdale.
Nadia Côté to lead Allianz Commercial in UK
Allianz Group named Nadia Côté as commercial managing director UK, effective 1 May.
FCA cracks down on MGA for unfair fees
The Financial Conduct Authority cracked down on an MGA with contract wordings that would have allowed it to charge a fee to customers for not renewing.
Bruce Stevenson reveals growth and plans for Hogg to succeed Bruce as CEO
Howden-owned Bruce Stevenson has reported a 30% increase in turnover to £11.7m with profits up 33% to £3.9m and revealed CEO succession plans.
Broker Diversity Push: Improved broking gender diversity across the leadership board in latest FOI data
New data from a Freedom of Information request to the Financial Conduct Authority has revealed an improvement in the shift to more gender diversity in broking leadership, although the figures remain stark.
Esure posts £29.1m loss as tough market conditions bite
Esure chief executive David McMillan explained the swing from a £7.7m post-tax profit in 2021 to a £29.1m loss in 2022 as being caused by significant claims inflation, increased weather-related home claims and a weak pricing environment.
Government launches SMCR review and calls for insurance feedback
The government has launched its review of the Senior Managers and Certification Regime, part of a wide-ranging shake-up to make UK financial services more competitive post-Brexit.
People Moves: 27 - 31 March 2023
Keep up to date with the latest personnel moves within the insurance industry.
Zurich UK detects 31% increase in fraudulent property claims
Zurich UK detected a 31% increase in fraudulent property claims and a 7% rise in fake casualty claims in 2022, the insurer calculated.
Analysis: The powerful surge in record-breaking tradesman premiums
Insurance Age unpacks the impact of inflation, changing customer needs and rising demand along with the shifting insurer appetite in tradesman insurance.
Insurance Age unveils first ever UK Broker Week
Insurance Age is pleased to launch the inaugural UK Broker Week – which is being held between October 9th to the 13th.
Vitale Digital becomes Biba associate
Vitale Digital has become the 42nd British Insurance Brokers’ Association associate.
Motor premiums accelerate again with 21.1% annual increase
The average cost of car insurance soared by a record 21.1% in the year to February, taking annual bills to £929, according to Consumer Intelligence.
RSA exits personal lines motor shifting renewals to Swinton
RSA has confirmed pulling out of the UK personal lines motor market, worth £120m in gross written premium, and signing up with Atlanta-owned Swinton on a renewals deal.