Motor
Direct Commercial launches broker portal for commercial motor market
Direct Commercial has launched its portal giving brokers more functionality and accessibility to the MGA’s services.
Ex-broker among 10 arrested in police crackdown on commercial insurance fraud
Ten people have been arrested across the country, and 18 vehicles seized during a two-week police operation to tackle commercial insurance fraud.
MCE has £9.1m surplus to pay creditors, according to former CEO
One of the two shareholders and former CEO of failed specialist motorcycle broker MCE, Julian Edwards, has informed the administrators that he understands there to be a surplus of £9.1m that could be used to pay creditors.
Primary sells Policy Expert to Abu Dhabi Investment Authority
The Abu Dhabi Investment Authority has acquired a majority stake in insurtech Policy Expert from Primary Group, Insurance Age can reveal.
Markerstudy prioritising certain business lines but denies capacity squeeze
Markerstudy has admitted prioritising certain business lines over others in the present hard market, as it denied experiencing a “capacity squeeze”.
ABI calls for IPT cut as motor insurance prices hit record high
The average price of motor insurance increased by 29% in the third quarter of 2023, compared to the same time in 2022, reaching a record level £561, according to the Association of British Insurers’ Motor Premium Tracker.
EY forecasts 8.5% premium income growth for UK insurers in 2023
UK insurers are expected to end this year reporting strong overall premium income growth ahead of further, but slowing, expansion in 2024 and 2025, according to EY.
NBJ rebrands as Verlingue London Markets and adds senior quartet to team
Verlingue has relaunched its Lloyd’s and London market arm after rebranding NBJ London Markets and announcing several senior hires.
My Insurance Downtime: ThingCo CIO and co-founder Jonathon Valentine
ThingCo CIO Jonathon Valentine gives a glimpse into his life outside insurance. Everyone deserves a bit of downtime, which is where this new Insurance Age feature comes in as we focus on what you do in your spare time.
Howden Scotland adds Glasgow-based broker
Howden Scotland, formerly known as Bruce Stevenson, has acquired Glasgow-based Neilson Laurence & Neil.
Ex-Hastings boss Utley on Percayso investment and the state of UK motor market
Neil Utley’s investment in data intelligence provider Percayso Inform was spurred on by an understanding that the insurtech would have made his job a lot easier had it existed when he was chair of Hastings Direct.
First fall in years as UK commercial pricing slips 1% in Q3
Pricing in the UK commercial insurance market fell by 1% in the third quarter of 2023, ending years of market hardening, research by Marsh has revealed.
EY: 2022 was worst year on record for UK home insurer profitability
The UK home insurance market faced the worst performing year on record in 2022 with a loss-making net combined ratio of 122%, according to EY’s annual UK Home Results Analysis.
Broking success: SEP Insurance founder and managing director, Phil Stafford
SEP Insurance founder and managing director, Phil Stafford, has eyes for growth as he plans to expand the firm's office footprint organically in the next 12 months.
Telematic providers becoming less competitive as capacity drops
A new report has found telematic insurance providers are becoming less competitive, accounting for just 17% of the top five motor quotes between May and August 2023. This compares with 21% the previous quarter, which particularly effects young drivers.
Allianz rolls out new A&H product and fleet features on QuoteSME
Allianz Commercial has today launched an accident and health product on its e-trading platform QuoteSME, and announced additional features for its complete mini fleet offering.
Motor premiums surge to record high
Motorists are paying 58% more than a year ago for comprehensive car insurance, according to the latest research by Confused and WTW.
Provenance continues growth drive with second partnership this year
Provenance Insurance Brokers has partnered with John Clark Motor Group to create John Clark Motor Insurance Services.
Direct Commercial launches first product on Open Gi
Direct Commercial has launched its Haul In One commercial motor solution, via Open GI’s cloud-based platform, IHP Plus, today.
Complete Cover trims losses as turnover and headcount more than halve in 2022
Complete Cover Group has confirmed cutting its headcount to 91 last year, down from 281 in 2021.
Moody’s stays negative on outlook for UK insurance
Ratings agency Moody’s has kept its negative outlook on the prospect for UK property and casualty insurance warning of higher reinsurance costs and pressure on personal lines margins as price growth lags inflationary cost increases.
Saga pauses sale of insurance arm Acromas as broking profits slip
Saga has decided to “pause” the sale of its underwriting business Acromas Insurance, the over-50s specialist has confirmed.
Premium finance market warned of serious consequences amid latest FCA concerns
The premium finance market is being warned it faces serious regulatory consequences after the Financial Conduct Authority issued yet more concerns about industry practices.
Brokers confident in commercial motor growth but have capacity concerns: survey
A survey has revealed that 83% of brokers do not believe there are enough specialists or insurers offering capacity for the haulage, waste disposal and courier markets.