United Kingdom (UK)
FCA sinking 'into a quicksand’ – brokers react to latest threat on fair value
The Financial Conduct Authority is sinking 'into a quicksand’ as it ups the ante over insurance firms failing to offer customers fair value.
Insurers face fresh broker scrutiny on fair value amid latest FCA data
Brokers have been told the Financial Conduct Authority’s latest release of fair value data raises searching questions over whether their insurer partners are offering fair value.
GRP hails ‘biggest deal’ since Brown & Brown investment
Global Risk Partners has bought Flint Insurance for an undisclosed sum, hailing it as the biggest deal since the Brown & Brown takeover.
‘We expect insurers to pay’ – FCA agrees compensation for steel workers to trigger IFA claims
The FCA today agreed compensation for British Steel workers, meaning brokers are now braced for professional indemnity claims from financial advisers who gave them poor pensions advice.
Ardonagh restructures UK commercial and retail MGA offerings
Ardonagh has reorganised its UK commercial and retail MGAs, with businesses and brands aligned by client type across its platforms, Insurance Age can reveal.
FCA takes aim at gap between industry statements and results of first value measures data
The Financial Conduct Authority has warned it will consider which tools it can use to protect consumers as it unveiled its first personal lines value measures data.
FSCS maintains broker levy at £5.3m and forecasts no increase for 2023/24
The Financial Services Compensation Scheme has kept the 2022/23 levy for brokers at £5.3m as it revealed the bill for 2023/24 is poised to be the same again.
Kitsune enters administration after reinsurance renewal declined
Specialist motor managing general agent Kitsune Associates has entered administration after its reinsurance renewal was declined.
People Moves: 21-25 November 2022
Keep up to date with the latest personnel moves in insurance.
EY: UK motor and home insurers to report largest losses in a decade
According to a report by EY, UK motor and home insurers are expected to make the biggest annual loss in over a decade this year, with further losses forecast for 2023.
Brokers await imminent FCA ruling which is expected to trigger claims from IFAs
A Financial Conduct Authority ruling which could trigger professional indemnity claims from independent financial advisers is expected at any moment.
Kingsbridge teams up with QBE and Zurich to launch wholesale product
Kingsbridge has launched a wholesale product which includes indemnity and liabilities packages for SMEs and contractors.
JMG Group exceeds £200m GWP with latest broker buy
JMG Group has purchased Wokingham-based BJP Insurance Brokers, a deal which will see the group exceed £200m in gross written premiums.
Sheldon Mills insists that ‘we must not lose sight’ on diversity and inclusion
The Financial Conduct Authority’s Sheldon Mills has urged the industry to do more on ensuring diverse representation and inclusive cultures.
Broker insurance fraud cheat given suspended prison sentence
Lois Cartridge from Bournemouth, an insurance account handler at a broker, has been given given a custodial sentence of 16 weeks, suspended for 12 months, and ordered to pay costs of over £20,000 after exaggerating the severity of her whiplash claim.
Airmic CEO warns industry of challenging times ahead
Julia Graham, CEO at Airmic, has stressed the harsh market has given insurers and brokers new challenges and that difficult times are ahead.
Marsh blasts off with insurance for first space rocket launch from UK soil
Marsh has revealed that it has placed insurance for the first space rocket launch from UK soil, arranging it on behalf of Space Forge and placing it with Beazley to cover risk of loss to the Forgestar payload.
Romero boss urges brokers to donate as Kevin Sinfield raises £2m for MND charities
Romero managing director Simon Mabb has called on brokers and the insurance sector to dig deep and support rugby league legend Kevin Sinfield’s efforts to raise money for MND charities.
Ardonagh free cashflow declines to £7.8m as debt payments rise
Ardonagh’s free cashflow has deteriorated to £7.8m for the first nine months of this year as it pays off interest from its £2.68bn net debts.
The Needham Group buys Corporate Insurance Solutions
The Needham Group has bought Lutterworth-based Corporate Insurance Solutions boosting gross written premium to £9m.
PIB swoops for personal lines specialist Jigsaw Insurance
PIB is poised to buy Harrogate-headquartered broker Jigsaw Insurance Services Plc for up to £24.12m in cash marking a significant step in personal lines for the consolidator.
Brokers should harness IT to ‘keep doors open’ for new capacity providers
CEO of Insly, Risto Rossar, has insisted that schemes brokers and managing general agents should not rely too heavily on their capacity provider's IT systems and keep their doors open to new partners.
CII denies exam costs are ‘far too high’ amid ‘recruitment crisis’
The Chartered Insurance Institute has been told its exam costs are ‘far too high’ and is being urged to cut prices to attract people into insurance amid a recruitment crisis.
Circle grows turnover and profit
Coventry-headquartered broker Circle boosted profit by a third with turnover up over 10% in its financial year ended 30 April 2022.