Personal
Could regulators stymie the growth of the fronter market in the UK?
The failure of Vesttoo in the US has only increased scrutiny on fronters in the UK. But as Saxon East discovers the emergence of Bridgehaven and continued growth of the MGAs, mean that they still have a potentially bright future.
Complete Cover trims losses as turnover and headcount more than halve in 2022
Complete Cover Group has confirmed cutting its headcount to 91 last year, down from 281 in 2021.
A-Plan and Aston Lark names disappear with Howden rebrand
Howden has rebranded A-Plan and Aston Lark, introducing its own name to 215 locations across the UK and Ireland.
Moody’s stays negative on outlook for UK insurance
Ratings agency Moody’s has kept its negative outlook on the prospect for UK property and casualty insurance warning of higher reinsurance costs and pressure on personal lines margins as price growth lags inflationary cost increases.
Ecclesiastical UK & Ireland COR balloons to 106.6%
Ecclesiastical Insurance’s combined operating ratio in the UK and Ireland shot up to 106.6% in the first half of 2023 from 94.5% in the same period of 2022.
Saga pauses sale of insurance arm Acromas as broking profits slip
Saga has decided to “pause” the sale of its underwriting business Acromas Insurance, the over-50s specialist has confirmed.
Premium finance market warned of serious consequences amid latest FCA concerns
The premium finance market is being warned it faces serious regulatory consequences after the Financial Conduct Authority issued yet more concerns about industry practices.
Brokers “front and centre” for Hiscox, says Dye on one-year anniversary
Celebrating his first year as UK CEO of Hiscox, Jon Dye tells Insurance Age about the central role of brokers in the insurer’s growth strategy across its new operating model in high net worth, beefed up regional structure and schemes ambitions.
Arkel Underwriting targets landlord growth with Applied expansion
Arkel Underwriting has rolled out its landlord product, Premier Let, on Applied Systems in its second partnership with the software provider in a matter of months.
One Call boosts policy count and profits in 2022
Doncaster-headquartered One Call Insurance Services has posted double digit increases in profits and policy count for 2022.
R&Q in ‘advanced’ talks for sale of Policy Expert capacity backer Accredited
R&Q Insurance Holdings has admitted that it is in advanced discussions with Canadian investment business Onex for the sale of its fronting business Accredited.
MCE had £5.2m loss before collapse and HMRC now one of biggest creditors
Broker MCE was carrying a £5.2m Ebitda loss before its collapse, leaving HM Revenue & Customs with an estimated £828,844 claim, according to the administrator’s report.
Ripe Thinking notches up first buy with boat insurance specialist
Insurtech broker Ripe has completed its first acquisition by snapping up specialist boat insurance provider, Craftinsure.
FCA hammers GAP insurance as it issues general warning on high commission levels
The Financial Conduct Authority has written to insurers, calling on them to take action, as it released the latest set of fair value data and again brought the spotlight onto the issue of high commission levels.
Markerstudy deal will deliver steroid like boost to Atlanta, says Donaldson
Ian Donaldson, Ardonagh Retail CEO and inbound Markerstudy Retail CEO, has hailed the proposed merger as being able to boost growth, product footprint and acquisitions but declined to be drawn on any interest in RSA’s personal lines business.
With Atlanta sold, what will Ardonagh do with the funds it pockets?
Jonathan Swift looks at Ardonagh’s recent growth, and suspects that a larger percentage of the £820m windfall from the Atlanta sale is going to be spent overseas rather than at home.
Markerstudy CEO Spencer targeting Admiral’s crown as UK’s top PL player after Atlanta deal
Markerstudy is only £301m of gross written premium away from potentially overtaking Admiral as the UK’s largest personal lines player after the £1.2bn Atlanta deal last week, according to its CEO Kevin Spencer.
Markerstudy to merge with Atlanta Group in £1.2bn deal
Markerstudy has today confirmed plans to merge with Ardonagh’s personal lines broking business Atlanta Group, in a deal that creates a business that transacts £3bn of GWP annually and employs 7300 people.
Allianz appoints Henry Topham to retail MD role as Smith exits for Axa Health
Allianz has appointed Henry Topham as managing director of its UK retail business succeeding Heather Smith who is moving to Axa Health as CEO.
FOS slams insurer payout delays as motor and buildings complaints hit five-year high
The Financial Ombudsman Service has criticised insurers delaying claims payouts as complaints about buildings, car and motorcycle insurance hit a five-year high.
Lucida Group adds Jon Sutton as CFO succeeding Mark Mugge
Lucida Group, which includes Right Choice Insurance Brokers, Bennetts and Moorhouse, has appointed Jon Sutton as chief financial officer succeeding Mark Mugge.
Abacai transfers claims team to law firm
The owner of broker Complete Cover, Abacai, has entered into a strategic partnership with HF, which will see members of its volume claims teams transfer to the law firm.
Home insurance premium hikes hit new high, according to Consumer Intelligence
The average quoted price of home insurance rose by 25.7% in the past year – the highest annual increase on record, according to the latest Consumer Intelligence Home Insurance Price Index.
Turnover and profit drop at Ageas Retail in 2022
Turnover at broker Ageas Retail, which includes the Ageas Direct and Rias brands, fell in 2022 to £73.27m from £76.44m the year before.