Property
Blog: Commercial insurance fraud risk rises when data is taken at face value
As home and motor insurance providers employ ever more sophisticated tools to help identify application fraud and crack down on claims fraud, the risk is that the smaller end of the commercial insurance market could be next in line for a serious uptick…
Hug Hub to launch broker extranet service
Insurtech Hug Hub is to rollout an extranet service this summer in a move it said would save commercial brokers up to 75% of the processing cost in placing e-traded SME risks.
FCA does not want to be a price regulator, says Sheldon Mills
Sheldon Mills, executive director – consumers and competition at the Financial Conduct Authority, has stressed to brokers that the watchdog does not want to be a price regulator.
Commission cut threat remains as FCA continues residential leaseholder insurance study
The Financial Conduct Authority has written to Michael Gove stating that limiting broker commissions is still under consideration as a method to reduce insurance costs for property leaseholders as it attempts to create a fairer market for consumers.
DR&P buys Channing Lucas & Partners
DR&P Group bought a 90% stake in Lloyd’s broker Channing Lucas & Partners late last year, according to a filing at Companies House.
ABI puts February storm payouts at £500m
The Association of British Insurers has updated that insurers are facing a £497m bill from storms Dudley, Eunice and Franklin which battered the UK in February.
Property pricing up 9% in Q1
Insurance pricing in the UK increased by 20% in the first quarter of the year but this was down on the 22% rise in Q4 2021, according to the latest research by Marsh.
Lloyd’s wholesale broker Corrie Bauckham Batts goes into liquidation
The Financial Conduct Authority has confirmed that Corrie Bauckham Batts went into liquidation on 20 April with John Dean Cullen and Rachel Helen Lai of Menzies appointed as joint liquidators.
Lloyd & Whyte grows revenue in 2021
The holding company of Lloyd & Whyte has reported a 22.2% increase in turnover in 2021 as acquisitions boosted the total to £23.4m.
Mason Owen Financial Services completes MBO from parent company
Commercial property agency Mason Owen & Partners has sold its majority shareholding in broking arm Mason Owen Financial Services and its subsidiary companies to the current management team led by managing director Andrew Gibbons.
Howden buys SPF Private Clients
Howden has signed-up to buy SPF Private Clients for an undisclosed sum, subject to regulatory approval.
Broking Success: Driving ahead with service
Mark Wilkinson, managing director of Norton Insurance Brokers, explains the history of the firm with its specialist classic car and motor trade brands setting out the road ahead with an expanded offering focused on personalised service
FCA to add 80 jobs focused on shutting down problem firms
The Financial Conduct Authority will focus resources on preventing serious harm, setting higher standards and promoting competition the watchdog detailed as it revealed its three-year strategy to improve outcomes.
FCA puts broker commission under the spotlight in multi-occupancy property insurance review
The regulator’s survey includes asking if brokers have a bribery and corruption policy and a request for a copy.
New RSA CEO Ken Norgrove promises to fix current “average” broker service
The insurer is keen to grow in SME in partnership with brokers but will not be targeting micro business.
Beazley revamps underwriting team structure
Cyber risks to become a standalone division as part of the changes.
FOS insurance backlog stretched to over 9000 cases
Across financial services the ombudsman had nearly 5000 cases open for more than two years.
Q&A: Mike Keating – MGAA CEO
Ahead of the Meet the MGA event which takes place on 30 March in Birmingham, Mike Keating explains the value of MGAs to the broker space.
Broking Success: Gearing for growth
Richard Amphlett, Cox Mahon managing director, who is also the High Sheriff of Worcestershire for 2021-2022, spoke to Insurance Age about the company’s history, the challenges surrounding professional indemnity, and his plans to triple the business in…
Analysis: FCA bares its teeth on residential property insurance
Martin Friel explores the likelihood of intervention by the watchdog as premiums go up in a market that has “not worked well” for more than a decade.
Axa UK & Ireland P&C revenue rises as COR improves in 2021
The provider’s revenue in the region increased overall in the past 12 months as commercial grew but personal lines shrank.
MGA Lares launches unoccupied property product
The product is available to brokers via the Go-Insur digital insurance platform.
GRP to buy majority stake in Hamilton Fraser
Consolidator set to make third purchase of the year.
Allianz posts improved operating profit for 2021 but GWP slips
The provider reported a 3.2% decrease in GWP to £3.8bn.