United Kingdom (UK)
CII confirms John Bissell’s retirement
John Bissell will be retiring from his role as the Chartered Insurance Institute’s chief operating officer, and board member, in early April 2023.
Travel insurance provider TIF Group re-enters broker market
Travel Insurance Facilities Group has re-entered the broker market with a new dedicated portal.
Start-up broker targets £1m income in five years
Start-up broker Ash Tree Insurance, which specialises in the agriculture and the SME sector, is targeting £1m income in five years.
Covid and inflation costs bite as QBE International COR ticks up to 92.5%
QBE International has reported a combined operating ratio of 92.5% for 2022, which is up from 90.6% in 2021.
Premier Choice Healthcare buys Visibly Health and further PMI portfolio
Global Risk Partners-owned Premier Choice Healthcare has bought Visibly Health and, separately, a book of business controlled by self-employed consultant Gill Nicholson.
Are brokers bucking the trend of insurtech investment struggles?
According to a new Gallagher Re report, global insurtech investment fell in the fourth quarter of 2022 to its lowest level since the third quarter of 2020. Sophie Locke-Cooper details why some may be struggling even if there are signs of hope among…
Allianz reveals £32m December freeze hit and CEO Holmes predicts rate hikes to continue
Allianz Holding has revealed the impact of the winter weather on its bottom line, as CEO Colm Holmes forecast that the Q3 and Q4 rating hikes would continue into 2023.
Moneysupermarket details decline in searches following FCA pricing change
Moneysupermarket has posted insurance revenue of £172m, in the year ended 31 December 2022, compared with £158.7m in 2021.
Operating profit falls almost 60% at Allianz Holdings in 2022
Allianz Holdings has posted a 58.3% drop in operating profit to £132.3m for 2022 as its combined operating ratio deteriorated year on year from 93.2% to 99.2%.
People Moves: 14 – 17 February 2023
Keep up-to-date with the latest personnel moves within the insurance industry.
Two deals in a week as GRP buys Henshalls
Global Risk Partners has ramped up its acquisition spree again, buying Shropshire-headquartered Henshalls Insurance Brokers for an undisclosed sum.
AIG strikes MGA deal to drive expansion in high-net-worth markets
AIG has not ruled out UK and European markets following a deal with private equity-focused reinsurer Stone Point Capital to create a new managing general agency for HNW markets.
Colm Tully to head up Paymentshield
Colm Tully has been appointed to lead Ardonagh-owned Paymentshield, succeeding Rob Evans.
FCA signs off on PIB's £24m Jigsaw buy
The Financial Conduct Authority has approved PIB buying Jigsaw Insurance Services Plc, as the consolidator eyes a significant push into the personal lines market.
‘Double standards’ – fed up brokers urge FCA to improve authorisation times
Brokers are urging the Financial Conduct Authority to improve its authorisation speeds, and stressing that the current performance is damaging the industry.
Ignite stresses the importance of a gender-balanced industry
Jess Burton, head of operations at Ignite, has urged the insurance sector to become more gender balanced in order for the industry to keep moving forward.
Ex-Brokerbility boss Julie Rayson-Flynn joins Towergate
Towergate Insurance Brokers has appointed former Brokerbility director Julie Rayson-Flynn to the newly created role of national broking director.
FOS hones in on high motor insurance complaints
The Financial Ombudsman Service has zoomed in on the high level of complaints about motor insurance as it released the latest set of data.
Home insurance prices fall again to new record low
The average cost of home insurance dropped to £300 in 2022, the cheapest since the Association of British Insurers started collecting data in 2012.
Brokers must priortise staff engagement as the 'great resignation' continues to bite in 2023
Brokers have stressed the need to keep staff engaged as resignations and recruitment struggles don't look to be going away any time soon. Sophie Locke-Cooper details how the post-pandemic period of reflection is still being felt today.
Light on the horizon for brokers squeezed by rising professional indemnity costs
Brokers have faced rising professional indemnity costs amid a perfect storm of factors driving rate increases. But now the market is beginning to settle, although some firms will still face significant headwinds
FCA details 16% staff turnover rate in response to Unite
The Financial Conduct Authority’s headcount grew to 4352 at the end of January, the regulator has confirmed in a letter to Unite.
Broker praise leads to claims recognition for Allianz, Chubb and Ecclesiastical
Insurance consultancy, Gracechurch, has awarded its Service Quality Marque to Allianz, Chubb and Ecclesiastical.
Hamilton Fraser makes first buy under GRP ownership
Hamilton Fraser has bought London-based commercial lines broker Edmondsons.