United Kingdom (UK)
FCA confirms 12-month implementation for Consumer Duty
The Financial Conduct Authority has confirmed a 12-month implementation period for its new Consumer Duty which will come into force on 31 July 2023.
IFB flags 17% increase in number of people being added to Insurance Fraud Register
The Insurance Fraud Bureau has warned that more than 5,000 people were added to the Insurance Fraud Register in the past 12 months.
Verlingue reports £121,807 costs after cyber attack
Verlingue UK’s Companies House filing for last year has shown that an attempted cyber attack in November 2021 cost the business £121,807.
UK General up for sale again
UK General’s latest filing at Companies House has revealed the personal lines specialist, which lost £9.13m in nine months up to 30 March 2021, is up for sale.
Romero sells Booking Protect to Cover Genius
Romero Group has sold its global refund protection specialist Booking Protect to Cover Genius, the insurtech for embedded insurance.
Movo buys into insurtech Durell
Movo Investment Group, the investment arm of Movo Group which includes appointed representative network Movo Partnership, has bought a 50% stake in insurtech Durell, Insurance Age can reveal.
Ripe Thinking ready to strike first buy
Ripe Thinking is gearing up to make its first acquisition having grown to more than 280,000 policyholders organically since being founded in 1997.
Beazley delivers improved COR but profits down on investment returns
Beazley has reported an improved combined operating ratio of 87% for the first half of 2022, from 94% delivered in the same period last year.
Software houses face regulatory oversight
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have set out plans to oversee “critical third parties” in the financial services sector.
Car insurance premiums up 6% in the last 12 months
The cost of comprehensive car insurance rose by £32 in the last 12 months, according to research by Confused and WTW.
FCA reveals D&I progress and strengthened targets
The Financial Conduct Authority has revealed progress towards its diversity and inclusion goals in its Annual Report & Accounts for 2021/22.
Chancellor hails planned repeal of EU financial laws
The current Chancellor of the Exchequer, Nadim Zahawi, has pledged that laws will be changed under the newly-published Financial Services and Markets Bill.
Broking Success: Targeting growth
Neal Lowe, managing director of Needham Insurance Services, tells Insurance Age about striking deals and serving local communities as the broker targets £20m of gross written premium by 2025.
FCA fails to hit target for over half of AR applications
The Financial Conduct Authority only met its processing speed target for 44.7% of appointed representative notifications in 2021/22, the watchdog has revealed.
Allianz names Ashish Patel as COO
Allianz Holdings has appointed Ashish Patel as chief operating officer after Stephanie Smith left at the end of 2021.
Consumers rank broker knowledge equal with price
There remains an untapped well of potential clients for brokers made up of consumers valuing knowledge on a par with product price, according to the findings of exclusive research for Insurance Age.
Drop in insurance pricing complaints at FOS
The Financial Ombudsman Service has highlighted a 33.4% fall in complaints about insurance pricing in 2021/22.
Endsleigh – returning to its roots
Alison Meckiffe, CEO of broker Endsleigh, has taken the business back to its roots focusing on education, students and not-for-profits.
GRP strikes first deal after Brown & Brown takeover
Global Risk Partners has bought Maidstone-based First Insurance Solutions in its first deal since the takeover by Brown & Brown completed earlier this month.
Consumers back compulsory qualifications for brokers
Exclusive research for Insurance Age has laid bare that consumers want brokers to have a professional qualification in order to do the job.
HSB creates new commercial division
HSB UK and Ireland, part of Munch Re, has bought together its business development, customer trading and claims areas under a newly created commercial division.
Jensten buys Ravenhall Risk Solutions
The Jensten Group has acquired Leeds-based broker Ravenhall Risk Solutions for an undisclosed sum.
Attis forecasts hitting £60m GWP in 2022 and £100m by 2024
Joe Henderson-backed Attis Insurance has grown its headcount to over 100 people from 75 at the start of the year with the commercial broker predicting revenue of over £6m for 2022.
RSA launches new domestic abuse policy for staff
RSA has delivered a new domestic abuse policy to support employees who may be suffering as victims of domestic abuse.