United Kingdom (UK)
Blog: Why tripartite partnerships are key in the professional indemnity market
As the professional indemnity market continues to be beset by ever more challenges Nic Brown, of Markel UK, explains why the successful placement or renewal of cover now, more than ever, relies on strong partnerships between insurer, broker and insured.
People Moves: 25-29 July 2022
Stay informed of the top personnel changes in insurance.
Clear CEO sets out organic growth and acquisitions route to £675m GWP in 2025
Clear Group is targeting doubling its gross written premium by the end of 2025 through maintaining its acquisition programme and double-digit organic growth, according to CEO Mike Edgeley.
Clear posts 8% organic growth as 2021 deal spend revealed
Clear Group spent £17.25m on acquisitions during its 2021 financial year as the broker grew revenue to £45m from £28m in 2020.
Spring launches SME cyber cover
Spring Insure has launched a commercial cyber offering tailored for small and medium sized enterprises.
Brokers urged to do more on carbon neutrality
Vista Insurance Brokers CEO Gavin Ruben has encouraged the industry to up its game as the firm continues along the path to carbon neutrality.
Consumer Duty timeline ambitious but achievable, says FCA
The Financial Conduct Authority has explained its decision to switch from a proposed implementation period ending April 2023 to one ending July 2023 as it revealed the timetable for its new Consumer Duty regulations.
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.