News
Brokers upbeat on growth but underinsurance concerns persist – Aviva research
Brokers are markedly more optimistic on growth, with 76% expecting their business to expand in 2023, up from 43% that had a positive outlook in 2022, according to Aviva.
Survey reveals pay concerns and potential further job-market churn
A survey by recruitment consultants Reed has revealed that a fifth of employees in insurance and financial services are actively seeking new job opportunities, and more than a third are considering looking for a new job.
CEO Peter Thompson leaving BGL
BGL Insurance CEO Peter Thompson is leaving the business on 28 February, Markerstudy Group has confirmed.
Tysers sells bloodstock broking team and MGA Galileo to Howden
Tysers has revealed the sale of its bloodstock broking team and bloodstock managing agent, Galileo, to the “perfect new home” of Howden.
CII confirms John Bissell’s retirement
John Bissell will be retiring from his role as the Chartered Insurance Institute’s chief operating officer, and board member, in early April 2023.
Travel insurance provider TIF Group re-enters broker market
Travel Insurance Facilities Group has re-entered the broker market with a new dedicated portal.
Covid and inflation costs bite as QBE International COR ticks up to 92.5%
QBE International has reported a combined operating ratio of 92.5% for 2022, which is up from 90.6% in 2021.
Premier Choice Healthcare buys Visibly Health and further PMI portfolio
Global Risk Partners-owned Premier Choice Healthcare has bought Visibly Health and, separately, a book of business controlled by self-employed consultant Gill Nicholson.
Moneysupermarket details decline in searches following FCA pricing change
Moneysupermarket has posted insurance revenue of £172m, in the year ended 31 December 2022, compared with £158.7m in 2021.
Operating profit falls almost 60% at Allianz Holdings in 2022
Allianz Holdings has posted a 58.3% drop in operating profit to £132.3m for 2022 as its combined operating ratio deteriorated year on year from 93.2% to 99.2%.
People Moves: 14 – 17 February 2023
Keep up-to-date with the latest personnel moves within the insurance industry.
Brit-owned Ki doubles GWP in second year of trading to almost £700m
The Brit-owned algorithmically driven Lloyd’s syndicate Ki has more than doubled its gross written premium to $834.1m (£698.6m) in 2022 – its second year of trading, reporting a combined operating ratio of 99.4%.
Two deals in a week as GRP buys Henshalls
Global Risk Partners has ramped up its acquisition spree again, buying Shropshire-headquartered Henshalls Insurance Brokers for an undisclosed sum.
AIG strikes MGA deal to drive expansion in high-net-worth markets
AIG has not ruled out UK and European markets following a deal with private equity-focused reinsurer Stone Point Capital to create a new managing general agency for HNW markets.
Colm Tully to head up Paymentshield
Colm Tully has been appointed to lead Ardonagh-owned Paymentshield, succeeding Rob Evans.
FCA signs off on PIB's £24m Jigsaw buy
The Financial Conduct Authority has approved PIB buying Jigsaw Insurance Services Plc, as the consolidator eyes a significant push into the personal lines market.
Ignite stresses the importance of a gender-balanced industry
Jess Burton, head of operations at Ignite, has urged the insurance sector to become more gender balanced in order for the industry to keep moving forward.
Ex-Brokerbility boss Julie Rayson-Flynn joins Towergate
Towergate Insurance Brokers has appointed former Brokerbility director Julie Rayson-Flynn to the newly created role of national broking director.
Home insurance prices fall again to new record low
The average cost of home insurance dropped to £300 in 2022, the cheapest since the Association of British Insurers started collecting data in 2012.
Broker praise leads to claims recognition for Allianz, Chubb and Ecclesiastical
Insurance consultancy, Gracechurch, has awarded its Service Quality Marque to Allianz, Chubb and Ecclesiastical.
Hamilton Fraser makes first buy under GRP ownership
Hamilton Fraser has bought London-based commercial lines broker Edmondsons.
FCA calls for firms to do more on ESG
The Financial Conduct Authority has stressed that businesses must continue to adapt their priorities to meet the changing environmental needs for a more sustainable world.
Movo sets £90m target after beating 2022 goal
Movo Partnership grew from 52 appointed representative broker members and £40m of gross written premium in 2021 to 66 members and £68m GWP by the end of 2022.
Marsh McLennan names Chris Lay as UK CEO
Chris Lay has been appointed UK CEO of Marsh McLennan in addition to his responsibilities as CEO of Marsh UK, effective 1 March 2023.