News
Hundreds of millions at stake as “wave of broker claims” predicted after Hastings tribunal win
Experts have predicted a “wave of broker claims” against HMRC potentially worth hundreds of millions of pounds following a recent decision at a First tier Tax Tribunal.
Experts respond to FCA shelving ‘flagship initiatives’ on enforcement, D&I and non-financial misconduct
The Association of British Insurers has welcomed the Financial Conduct Authority’s decision not to push ahead with enforcement investigation publicity plans, also known as ‘name and shame’.
FCA scraps D&I rules plan and delays non-financial misconduct update
Regulators have ended work on proposed rules and expectations aimed at improving diversity and inclusion in regulated firms.
FCA cancels broker’s permissions
The Financial Conduct Authority has cancelled the ability of George Baker (Insurance Brokers) to carry out any regulated activities, with immediate effect.
FCA u-turns on enforcement transparency proposals
The Financial Conduct Authority is not going ahead with changes to announcing enforcement investigations, proposals that were labelled ‘name and shame’ and led to a huge outcry across the financial services market.
Insurers launch dual Lloyd’s/company market stamp capacity for brokers
Lloyd’s insurer MS Amlin and its sister company Mitsui Sumitomo Insurance Company (Europe) (MSIG UK), have announced plans to expand their London Market footprint with the launch of a new dual-stamp underwriting capability.
Howden continues regional push with Milton Keynes hub
Howden has unveiled its new office in Milton Keynes, home to the relocated Bedford team and designed to be its base for expansion in the region.
MGA launches mid-market cyber product
Cyber manging general agent Onda has launched Onda X, a new product that supports mid-market companies in the UK and France.
Direct Line shareholders sign off on Aviva takeover
Shareholders of Direct Line Group have given overwhelming backing to the Aviva takeover by voting in favour of the proposal at its annual general meeting.
FUW launches account executive academy
Specialist agricultural insurance broker FUW Insurance Services has launched an internal account executive academy with six participants from its offices across Wales.
Lloyd’s sets scene for full-year results as COR ticks up to 86.9%
Lloyd’s has unveiled a combined operating ratio of 86.9% for 2024, with gross written premium rising to £55.5bn, in a trading update ahead of its full results later this month.
Pool Re consults on SME terrorism cover
Pool Re has launched a market consultation in an attempt to enhance terrorism cover for SMEs, as it warned only 4% currently have any.
PIB CEO hails ‘milestone’ as it buys MGA
PIB Group has acquired specialist litigation insurance managing general agent Litica.
Two fraudsters ordered to pay back £376,000 after ghost broking scam
A court has granted confiscation orders against two men who were convicted for their roles in a car insurance ghost broking scheme.
Gallagher deal for AssuredPartners delayed by request for more information
Broking giant Arthur J. Gallagher now expects to complete the acquisition of AssuredPartners in the second half of 2025, after it received a request from the US antitrust agency for additional information.
Brown & Brown buys Edinburgh-based MGA
Brown & Brown Europe has bought niche construction sector property and complex liability programmes specialist Premier Commercial.
FCA finds ineffective monitoring of outcomes for vulnerable customers
The Financial Conduct Authority has reported ineffective outcomes-monitoring for vulnerable customers by financial services firms, with some businesses lacking clarity on what good looks like, and failing to have clear measurements.
Martyn Beauchamp named FSCS CEO
Martyn Beauchamp has been appointed CEO of the Financial Services Compensation Scheme, having held the role on an interim basis since October 2023.
People Moves: 3 – 7 March 2025
Keep up to date with the latest insurance industry personnel moves.
Granite to roll out broker portals and enhanced trading platform
Acorn’s Granite Underwriting will launch broker portals in the next few months as one part of an ongoing group investment in technology with Acturis-owned ICE, Insurance Age can reveal.
Aviva launches enhanced CCI offering, creating dedicated team
Aviva has made enhancements to its digital commercial combined insurance (CCI) proposition, in response to broker feedback that it can be challenging to place more complex risks online.
Social media ghost broking frauds doubled in 2024
Action Fraud received 179 reports of social media car insurance scams in 2024, double as many as the year before.
Admiral CEO warns of ‘uncertain’ 2025 after Ogden boosted UK profit
Admiral saw its UK profit rise by 64% to £977m in its 2024 results, with the insurance group attributing 17% to the change in the Ogden personal injury discount which improved to 0.5% last year.
Open GI parent reports loss in run-up to Ares investment
OM Bidco, Open GI’s parent company, has reported a loss after tax of £30.13m for the year to 31 May 2024, the final full financial year before Ares Management’s takeover and an improvement on a loss of £38.48m in 2023.