United Kingdom (UK)
News analysis: Acquisitional independent brokers are on the rise, but are they any different to consolidators?
Whilst larger international and private equity backed-brokers might get the most headlines when it comes to mergers and acquisitions, they are not the only firms looking to buy. Martin Friel looks at the emergence of a host of smaller independent companies which are looking to supplement their organic growth with the odd dabble into M&A.
i-Wonder delivers on fast food
i-Wonder, provider of niche insurance comparison website solutions, has confirmed the adoption of its offering for the UK fast food delivery sector by “one of” the UK’s main aggregators, Insurance Age can reveal.
Aqueous secures capacity with pair as Allianz pulls back
Aqueous Underwriting has confirmed Allianz pulling back capacity on SME package, as it revealed a three-year deal with A+ rated insurers Allied World and Sompo.
Howden bolsters presence in the North West with Manchester headquarters
Howden Insurance as opened its first North West headquarters with a new office in Manchester, boosting the broker's presence in the region.
Aviva UK general insurance GWP soars by 18%
Aviva UK has reported an 18% rise in general insurance gross written premiums to £5.7bn over the first nine months of 2024.
FCA promises reframed and revised ‘name and shame’ plans but no decision until early next year
In a House of Lords Financial Services Regulation Committee evidence session earlier today, Financial Conduct Authority CEO Nikhil Rathi said no decision will be made on its investigation transparency proposals consultation until early next year.
Bridge launches wholesale division with new recruits
Bridge Insurance Brokers is launching a specialist wholesale division for real estate business to work with third-party brokers.
FCA closes in on authorisation targets as performance rises again
The Financial Conduct Authority has improved its delivery on the two broker-related authorisation metrics that remain in the ‘amber’ zone as it hones in on delivering a ‘green’ performance in all five relevant categories.
Howden opens in Canterbury
Howden Insurance has opened in Canterbury, adding to its network of over 200 branches.
Second quarter of motor premium falls in a row – ABI
The average motor insurance premium fell by 2% in July to September to £612, according to the latest data from the Association of British Insurers, the second consecutive quarterly drop.
EY revises insurer income growth forecasts but trend remains down
EY has released improved premium income forecasts for UK non-life insurers but maintained its view of slowing growth in 2024, 2025 and 2026.
Brown & Brown’s Bridge integrates wholesale broker brands for international launch
Bridge Specialty Group, Brown & Brown’s wholesale broker segment, is to bring its London-based businesses Lonmar Global Risks, Decus Insurance Brokers and BdB under Bridge Specialty International.
FCA bans broker and issues £1.1m fine for misusing insurer funds
Leigh Mackey, formerly sole director of closed broker Inspire Insurance Services, has been banned by the Financial Conduct Authority and fined £1.1m after using insurer funds to support the firm’s operating costs and pay for personal living expenses.
Hardie steps down as Jensten CEO and Organ promoted
Alistair Hardie has stepped down from Jensten Group CEO and Rob Organ promoted to the role with immediate effect.
Aviva lifts the lid on young person social media ghost broking epidemic
One in three young drivers have purchased car insurance from ghost brokers selling invalid or fake policies on social media platforms, according to an Aviva survey.
RBC warns of potential £250m premium finance hit to Close Brothers
If a recent court ruling on motor finance litigation is upheld and spreads to premium finance Close Brothers could suffer a £250m hit, equity analysts RBC Capital Markets have warned.
People Moves: 4 – 8 November 2024
Keep up to date with the latest insurance industry personnel moves.
Loss adjusters call on brokers to educate HNW clients on valuations
A panel of loss adjusters at Insurance Age’s High Net Worth Forum today noted brokers should educate clients about the frequency of valuations and be hand holders during tough conversations.
Alistair Brighton named Marsh UK corporate and commercial CEO
Marsh has appointed Alistair Brighton as corporate and commercial UK CEO, succeeding Alistair Fraser who is moving to the newly created role of international corporate and commercial leader.
Lloyd’s wholesale broker H.W. Wood sale confirmed
H.W. International has struck a deal to sell H.W. Wood to Steadfast Group, a general insurance broker network and underwriting agency group in Australasia and owner of one of the largest agency networks in the US.
Broker deals help push Hiscox to 4.5% UK growth
Hiscox has revealed 4.5% growth in written premiums to £504.2m for the first nine months of 2024 as it topped over half a million customers.