United Kingdom (UK)
Todd & Cue secures funding facility from Barclays
Todd & Cue has secured a funding facility from Barclays as part of a refinance supported by WilliamsAli Corporate Finance.
Interview: Hiscox UK COO Cath Frost on delivering operational excellence for brokers
Having joined Hiscox this April UK COO Cath Frost has already seen operational improvements but there is more to come from the insurer she promises brokers.
Markerstudy confirms motor specialist Collingwood buy
A spokesperson for Markerstudy Group has confirmed that backer Pollen Street Capital, in conjunction with Markerstudy, has agreed to buy Gibraltar-based Collingwood Insurance Services.
Konsileo continues to scale as revenue jumps 75% to £7m in 2023
Top 100 insurance broker Konsileo’s parent company has reported a loss of £3.06m (2022: £1.73m loss) for the financial year ending 31 December 2023 on higher turnover of £7.05m (2022: £4.02m).
Movo Accelerator launched for start-up brokers
Movo Partnership has launched a platform for entrepreneurs to develop their own broking business, Movo Accelerator, in a first push since Tysers’s owners AUB took an 80% stake.
Complete Cover lost £1.7m in run-up to run-off
Complete Cover Group lost £1.68m in 2023 with turnover tumbling to £2.7m ahead of the car and van specialist broker going into run-off.
Epoq launches landlords legal expenses insurance
Epoq has teamed up with Temple Legal Protection to launch legal expenses insurance for landlords, adding to its portfolio after last month’s product release.
Premium finance charges as high as 37% but dropping overall – report
Pearson Ham has found average premium finance costs for motor and home insurance fell over the last year but also revealed charges as high as 36.8%.
Home insurance stays in the red at 118% NCR with more losses to come – EY
The UK home insurance industry delivered a loss-making net combined ratio of 118% in 2023, worse than predicted with more red ink to follow in 2024, according to EY.
Across the board uplifts at Avantia
Avantia Insurance delivered double digit increases in turnover and post-tax profits in 2023, repeating the achievements of previous years.
DR&P deals costs revealed in run-up to BMS sale
DR&P spent more than £12m on five acquisitions in the financial year ahead of selling up to BMS, filings at Companies House have revealed.
Blog: Martyn’s Law – implications and opportunities for brokers
Legal experts Polly Sayers and Jonathan Edwards of HCR Law take an overview of Martyn’s Law sharing practical steps brokers can take as it progresses through Parliament.
People Moves: 14 – 18 October 2024
Follow the latest insurance personnel moves.
Premium finance review welcomed as EY warns of ‘heightened regulatory scrutiny’
Industry practitioners have broadly welcomed the Financial Conduct Authority launching a review into premium finance.
Ex-Simply Business boss Jason Stockwood named as NED at Ripe
Companies House has confirmed the appointment of former Simply Business group CEO Jason Stockwood as non-executive director of managing general agent Ripe.
Seventeen Group lifts turnover in 2023
Seventeen Group boosted turnover by 21.8% to £45.31m in 2023 on the back of acquisitions and organic growth, as it trimmed losses compared to the year before.
Broker Expo 2024: Sellers have to work harder in 12 months after acquisition
Richard Pitt, managing director at Critical Friend Partnership, observed at the Broker Expo 2024 that in the first 12 months after the acquisition, the seller is “probably going to have to work harder”.
CII institute pushes back into the operating black
The institute arm of the Chartered Insurance Institute Group returned to operating profit in 2023 with a £745,000 surplus after three years of red ink.
Third quarter of car insurance price falls – WTW/Confused
Comprehensive car insurance premiums have now dropped year-on-year after a third consecutive quarterly fall in prices, according to the latest findings by WTW and Confused.
Broker Expo 2024: Brokers urged to focus on claims to grow successfully
Brokers can easily get pulled into a ‘downward cycle’ which will thwart growth plans if they fail to manage their claims process.
Broker Expo 2024: Education part of solution to cyber cover confusion
Specialist insurers can provide cyber cover expertise and training to brokers to build confidence, according to experts at the Broker Expo 2024 in Birmingham.
Chubb launches construction industry practice
Chubb has launched a construction industry practice in the UK and Ireland ready to trade locally with brokers across its branch network as it also unveiled a new product for the sector.
Energy MGA Volt powers up
Volt Underwriting, a London-based MGA formed to support clients active in the energy transition sector, has launched with initial capacity of $25m (£19.14m) for international and US onshore power and renewable energy risks.
Broker Expo 2024: Biba encouraged by ‘step-change’ in FCA’s approachability
Head of regulation for the British Insurance Brokers’ Association David Sparkes told delegates at Insurance Age’s Broker Expo yesterday that he is encouraged by the fact that the Financial Conduct Authority is being more receptive to feedback.