News
Re/insurance broker McGill and Partners has appointed Andre du Preez as head of emerging technology. He will have responsibility for furthering the firm’s digital first approach and harnessing technology to enhance its client proposition. He joins from Miller where he was head of innovation.
Posted: 2024-12-20
Re/insurer Canopius Group has appointed Olivia Brindle as head of sustainability with immediate effect. She will have responsibility for establishing and maintaining guidelines for sustainable underwriting and promoting new products. She joins from The Fidelis Partnership where she built up its sustainability function.
Posted: 2024-12-20
Pen Underwriting has appointed Hannah Fry (pictured) as its chief operating officer. She will join the business on 6th January 2025, subject to regulatory approval. She was previously operations director for the SME and personal lines division of Gallagher and joined the group as part of its 2019 Stackhouse Poland acquisition.
Posted: 2024-12-19
MoneySuperMarket has appointed intermediary Ceta Insurance to its home insurance panel. It will offer a non-standard product under its InsureMy brand aimed at the 20% of homes that fall outside of standard underwriting criteria.
Posted: 2024-12-19
Compare the Market has teamed up with price comparison technology partner i-Wonder to deliver the aggregator’s first bicycle insurance comparison service. The products available provide cover for a variety of bikes including road, mountain, BMXs, folding, gravel bikes and E-bikes.
Posted: 2024-12-19
Allianz UK has announced a significant investment in personnel and capabilities within its commercial digital trading team to accelerate growth in this area of its business. The carrier has recruited Raj Variyar as head of digital distribution and Emmanuel Peltant as head of digital pricing.
Posted: 2024-12-18
The Ardonagh Group has secured an equity investment from US-based private equity firm Stone Point Capital LLC. The deal is forecast to complete in mid-2025 and will make Stone Point a significant investor in the business.
Posted: 2024-12-18
Agile Insurance Group has recruited David Hughes as head of marine and as deputy active underwriter of its Lloyd’s syndicate – Agile Underwriting Services Syndicate AUS2427. He was formerly Axa XL’s head of marine hull and war for the UK and Lloyd’s.
Posted: 2024-12-18
Axa UK has struck a deal with Lloyds Banking Group and will become the sole provider of car and van insurance products for the group’s Lloyds, Bank of Scotland and Halifax brands. The five-year agreement will begin in May 2025. The deal will move Lloyds Banking Group away from its current panel arrangement.
Posted: 2024-12-17
ConnectUW Holdings, which comprises Connect Underwriting, will take over Lloyd’s box number 356 from 23rd December. ConnectUW will initially offer facultative reinsurance cover for worldwide property, energy, and war and terrorism risks on an excess-of-loss basis.
Posted: 2024-12-17
Re/insurance broker Consilium, which is part of Aventum Group, has reported gross written premium of almost £700m for the year ending June 2024. In the last year, the broker said its headcount had grown by more than 150% and it now employed more than 100 people.
Posted: 2024-12-17
Lifetime pet insurance premiums fell by 4% in November according to the latest Pet Insurance Pricing Index from Pearson Ham Group. This was the biggest monthly fall since 2022 and countered the steady rises recorded during the year. Prices are now 2% lower than at the same time last year.
Posted: 2024-12-16
Specialty re/insurance broker Consilium, which is part of Aventum Group, has appointed Daniel Leveridge as partner and head of technical within its newly launched cargo team. He joins from Alesco Risk Management Services.
Posted: 2024-12-16
Subsidence specialist Mainmark UK has warned that it expects the wet weather experienced this year to lead to a spike in subsistence losses in the coming months. It highlighted the record rainfall in Q1, which set the tone for the rest of the year.
Posted: 2024-12-16
Commercial broker Anchor Insurance Services has been acquired by JMG Group company, Butterworth Spengler Insurance Brokers, securing the group’s first base in North Wales. Anchor will continue to operate under its existing brand.
Posted: 2024-12-13
Insurance distribution and growth platform Atec Group, which comprises personal lines broker Ceta and managing general agent Arkel, has named Steve Woodford as its chief technology officer. He was previously chief information officer for BGL Group and CompareTheMarket.com. He replaces Andy Brown who is retiring.
Posted: 2024-12-12
Credit technology provider Abound has launched a new premium finance platform. Using continuous payment authority Defray is designed to ensures real-time transaction data, simpler onboarding journeys and enhanced fraud protection – making it particularly well-suited to the motor insurance sector.
Posted: 2024-12-12
FWD Research has developed a survey to understand the vulnerabilities of SME customers and is working with a collaboration of insurers and brokers to understand how these vulnerabilities affect the outcomes they get from the insurance market. The commercial lines insurers are Allianz, Aviva, Axa UK, RSA and Zurich. The brokers are Brown & Brown, Gallagher, Howden, Jensten and PIB.
Posted: 2024-12-11
The Environmental Audit Committee has launched an inquiry to examine the increased incidence and severity of flooding and to assess England’s flood resilience and explore ways to improve it for the future.
Posted: 2024-12-11
Arthur J Gallagher has signed a definitive agreement to acquire AssuredPartners for a gross consideration of approximately £10.5bn. The deal is scheduled to close in the first quarter of 2025 and is subject to regulatory approval. AssuredPartners employs 10,900 staff and has 400 offices located across the US, the UK and Ireland.
Posted: 2024-12-10
Insurer Beazley has urged firms to ensure AI-implementation projects are properly planned and do not prioritise the potential benefits that AI might bring to their business over the fundamentals of maintaining a robust and resilient technology stack within their operations.
Posted: 2024-12-10
Professional services and technology business Davies is set to acquire US firm Premier Claims Management, which specialises in handling a broad range of professional and general liability claims. Davies said the move would help offer a streamlined proposition for Lloyd’s and London Market clients.
Posted: 2024-12-10
In a joint statement, Aviva Plc and Direct Line Insurance Group have said they have reached preliminary agreement in relation to Aviva’s potential acquisition of Direct Line. Aviva has upped its initial offer of £2.50 per Direct Line share to £2.75, amounting to approximately £3.6bn. Aviva now has until 25th December to confirm its intention to make good on the offer.
Posted: 2024-12-09
HDI Global has appointed Hannah Brooke (pictured) as head of marine cargo underwriting for the UK and Ireland. She joins the firm’s UK and Ireland team from HDI’s Belgium business with responsibility to implement its growth and strategic direction plans.
Posted: 2024-12-09
Oak Reinsurance has named James Irvine as its chief underwriting officer, property. Based in London, he will join the business in the spring of 2025. He joins from Lancashire where he was group chief underwriting officer, reinsurance.
Posted: 2024-12-09
Pearson Ham Group’s latest General Insurance Pricing Index reported a 0.4% rise in home insurance premiums for November, pushing the annual increase to 17%. In contrast, it found motor insurance prices had fallen by 2.2% in the month and were now 15% down compared to the same time last year.
Posted: 2024-12-06
Re/insurance broker BMS has appointed Charlotte Marsh (divisional director), Jack Palmer (divisional director, upstream), and Toby Hanington (divisional director, upstream) to its London-based energy team. The firm said the enlarged team would enable it to deliver for increasing demand and to expand the services it offered.
Posted: 2024-12-06
Managing general agent Alps has moved its landlord legal expense book of business to AmTrust International, a division of AmTrust Financial Services Inc. Alps said the new delegated authority agreement would enable it to improve the scope of cover offered.
Posted: 2024-12-06
Pen Underwriting has committed to Flood Re’s Build Back Better scheme. It allows flood-affected homeowners to install flood resilience measures up to the value of £10,000 when repairing their properties following a flood claim. Pen said the scheme would become an added benefit to policies from 1st January 2025.
Posted: 2024-12-05
Northern Irish broker AbbeyAutoline has acquired Coleraine-based Wallace Insurance Brokers' customer book of business, which was established in 1960 and has a focus on construction and commercial clients. Peter Wallace (pictured right), principal of Wallace Insurance Brokers will join AbbeyAutoline along with the rest of his team.
Posted: 2024-12-05
Law firm HF and Admiral Insurance have combined to uncover a web a fraudulent activity committed by Michelle Scully, while working at Bond Turner solicitors and representing clients who had been involved in road traffic accidents. Scully was found to have made three dishonest insurance claims for herself, totalling £65,000, following involvement as a passenger in three road traffic accidents.
Posted: 2024-12-05
CFC has launched an excess insurance solution for secondary transactions. The insurance provider said the new solution provided up to approximately £115m in excess limit and meant it now had capacity of up to £155m for limited partner led and general partner led transactions in territories including the UK, Europe and North America.
Posted: 2024-12-04
Allie Chadwick (pictured) has become Allianz Commercial’s head of multinational in the UK. She will now have responsibility for servicing all of the insurer’s global multinational accounts in the UK. Chadwick takes over the post from Kevin Hegel, who has been appointed global head of network management and governance.
Posted: 2024-12-04
Managing general agent Rokstone has acquired a second box at Lloyd’s, just six months after taking its first. Rokstone’s second box is numbered 398a, and its first is 398. The two boxes will offer cover across a range of lines including D&O, PI, surety and credit, property, marine, aviation, contingency, construction, and energy.
Posted: 2024-12-03
Managing general agent Integra has opened its new headquarters (pictured) in Leeds, located in Bruntwood Sci Tech’s West Village. The firm specialises in providing home insurance through intermediaries and offers church and commercial covers via its Congregational brand. The move relocates its 70-string team from Bradford.
Posted: 2024-12-03
The Ministry of Justice has announced that from 11th January 2025, the personal injury discount rate in England and Wales will increase from -0.25% to 0.5%. Legislation dictates that the rate must be reviewed again within the next five years.
Posted: 2024-12-03
CFC has launched a new insurance solution for multi-national technology companies with revenues of more than approximately £200m. CFC said tech companies hold vast amount of data and their intangible assets were increasing exponentially in value. This meant they carried significant exposures.
Posted: 2024-12-02
The Financial Conduct Authority has set out the terms of a second consultation on its proposals to increase transparency about enforcement investigations. The regulator is seeking views on giving additional notice to firms at the centre of investigations before they are made public and the need to take into account the impact of the announcement on the firm and the wider market.
Posted: 2024-12-02
Managing general agent Rokstone has launched a new contingency product. It offers cover to brands against financial loss and reputational damage in the event disgraced celebratory ambassadors can no longer represent the brand or be used in marketing and/or promotional campaigns. The product offers cover up to £5m for each individual death, disgrace or disablement risk.
Posted: 2024-12-02
Direct Line Group has rejected Aviva’s offer for the business which it said was opportunistic and undervalued the company. The board voted unanimously against the proposal which comprised 112.5 pence in cash and 0.282 new Aviva shares for every Direct Line Group share. This equates to a total offer value of around £3.3bn.
Posted: 2024-11-29
Intermediary PIB Group Ltd has acquired Thoma Exploitatie BV and its subsidiaries in the Netherlands. The firm dates back to 1959 and is a commercial broker and managing general agent platform. The deal is subject to regulatory approval.
Posted: 2024-11-29
Re/insurance group Aventum has relocated its headquarters to the Monument Building, Monument Street, London. The move will afford extra space (pictured) for the firm’s team, which has grown by 135% in the past four years. It trades gross written premium of almost £1.5bn annually.
Posted: 2024-11-29
NFU Mutual has agreed a strategic partnership with Synectics, which manages a UK syndicated risk intelligence network. The data this network provides will enhance NFU’s ability to identify genuine customers and flag those that are potentially fraudulent. The carrier will initially use the data across its home and motor businesses.
Posted: 2024-11-28
Vessel Protect, which is a trading name of Pen Underwriting Limited, has recruited Paul Wood to launch and lead the division’s expansion into speciality yacht covers. Established in 2020, Vessel Protect underwrites marine war risks and kidnap and ransom cover.
Posted: 2024-11-28
Law firm DAC Beachcroft says social issues will come to prominence next year across both UK and international insurance markets. The forecast came as DAC Beachroft launched its predictions for the year, which include more than 150 ideas across the following six sectors: geopolitics, environment, social, technology, economics and regulation.
Posted: 2024-11-28
A parliamentary report has criticised the leadership, culture and effectiveness of the Financial Conduct Authority after gathering evidence from 175 individuals. The all-party parliamentary group on Investment Fraud and Fairer Financial Services (formerly known as the APPG on Personal Banking and Fairer Financial Services) said the report was the biggest qualitative survey of stakeholder experiences and perceptions into the FCA ever conducted.
Posted: 2024-11-27
Allianz has said the average cost of lithium battery fire claims has hit £50,000. The insurer said leaking and damaged batteries and overcharged e-vehicles combusting at home were the cause of these blazes. It urged homeowners to be mindful of the number and age of batteries they have in their property, including those in unused devices such as old mobile phones.
Posted: 2024-11-27
Cycling insurance provider Pedalsure, which is an appointed representative and incubation partner of Pro MGA Solutions, has launched a crowdfunding campaign to raise capital for Coverbase, its new multi-product insurance brand. Coverbase plans to offer premium watch insurance as its first product, followed by jewellery, cameras, and musical instruments.
Posted: 2024-11-27
Personal lines broker Ceta has struck a deal for members of Open GI’s Mobius panel to be made available on Ceta’s platform, which will enhance the choice of products Ceta can offer. Ceta specialises in standard and non-standard specialist home and leisure insurance to both retail and wholesale customers.
Posted: 2024-11-26
Embedded insurance platform Embri has added bike and high-end technology insurance cover to its portfolio. This adds to its embedded insurance solutions for luxury watches and high-value jewellery. Embri said the move would help retailers provide point-of-purchase insurance for more goods.
Posted: 2024-11-26
Academy Insurance Services has appointed Nick Mountfield (pictured) as interim managing director, adding to his existing role as group chief operating officer. He has taken on the post due to the retirement of Richard Beavan, who stepped down for health reasons. Academy said it would appoint a new managing director in due course.
Posted: 2024-11-26
The Financial Services Compensation Scheme has forecast its total levy for 2025/26 at £394m, up from the £265m for the current year. The FSCS said it expected to pay compensation claims totalling £367m in 2025/26. Although this was largely flat with the current year it said surplus balances, which had previously been used to offset costs, were down by £171m in total.
Posted: 2024-11-25
Midlands-based JM Glendinning Real Estate is expanding its physical presence with a new office in London at 1 Bedford Row. Somerset Akerman and Jon-Paul Matyus-Flynn, who both join from Estates Insurance Group, will lead the team. JM Glendinning Real Estate is a division JMG Group, that was established in 2017.
Posted: 2024-11-25
Matthew Pennycook, Minister of State for Housing and Planning, has said the Government is set to launch a commission in the near future on the commission ban on buildings insurance that was set out in The Leasehold and Freehold Reform Act 2024.
Posted: 2024-11-25
Insurers and the Credit Hire Organisation have negotiated changes to the GTA – general terms of agreement – that they claim will reduce costs to motorists. The changes include an annual independent vehicle hire rate review, compulsory arbitration where cases are not agreed and settled quickly, a new set of late payment penalties, and clearer rules on the areas of argument/dispute in the arbitration process.
Posted: 2024-11-22
Speciality managing general agent Optio has secured the requisite regulatory permissions to complete its acquisition of Netherlands and Brussels based MGA Den Hartigh Beheer & Exploitatie B.V. It specialises in B2B insurance solutions, providing a range of property and casualty insurance products, distributed by brokers through its proprietary platform.
Posted: 2024-11-22
Data from HMRC shows that insurance premium tax receipts totalled £956m in October and bring the seven-month total since the start of the current tax year to £5.5bn. The cumulative total is 14% higher than for the same period last year.
Posted: 2024-11-22
Consumer watchdog Which? has analysed data from the Financial Conduct Authority and highlighted six insurers with claims acceptance rates of less than 55% for some of their home insurance products. It said this flew in the face of the regulator’s requirement that carriers delivered good outcomes for customers.
Posted: 2024-11-21
The Association of British Insurers has said the industry paid out £1.3bn in property claims in Q3 2024. It said this took the total for the first nine months of the year to £4.1bn. It said this was up by more than 15% on the same period last year. The ABI urged the government to increase its commitment to flood prevention.
Posted: 2024-11-21
Specialty re/insurance managing general agent Rokstone has launched a parametric product to provide cover for policyholders against losses from earthquake, hurricane, tropical cyclone and typhoon. The product has been developed in conjunction with NormanMax Lloyd’s Syndicate 3939. Available worldwide, the product is expected to cover additional perils such as flood in 2025.
Posted: 2024-11-21
Managing general agent Arkel’s landlords let property insurance product is now available via the Open GI trading platform. It provides landlords’ building insurance, loss of income, contents, and property owners’ liability up to £2m. Arkel’s non-standard household product is already available to Open GI brokers.
Posted: 2024-11-20
Managing general agent Aqueous Underwriting has agreed a three-year capacity deal with A+ rated insurers Allied World and Sompo for SME package business. The agreement will see the MGA transition away from its existing capacity provider Allianz, although Allianz will continue to provide capacity for other lines of business.
Posted: 2024-11-20
Tom Quy (pictured) will become managing director of Acrisure London Wholesale, a division of Acrisure, on 1st January 2025. He takes over the post from John Sutton who will continue his association with the business in a consultancy capacity.
Posted: 2024-11-20
RSA Insurance has developed a professional indemnity product for climate professionals advising clients on sustainability, net zero and climate related activities and strategies. RSA Insurance cited research from Verdantix that said the net zero consulting market was worth £2.8bn in 2022 and was forecast to exceed £11.8bn by 2028.
Posted: 2024-11-19
Insurance software specialist Open GI has appointed Peter Thompson (pictured) as its chair. He is a prominent industry leader and was chief executive officer of BGL Insurance which he led through a sale to Markerstudy Group in 2022. Open GI is used by around 500 organisations to place £10bn in gross written premium annually.
Posted: 2024-11-19
Commercial re/insurance software provider AdvantageGo has struck a deal with cyber risk analytics provider CyberCube. The agreement integrates CyberCube analytics into AdvantageGo’s Underwriting Workbench. The move provides cyber underwriters with risk signals, data on cyber events and peer risk comparisons.
Posted: 2024-11-19
The UK Government has launched a consultation to understand how the UK could be made more competitive for captives and how the market could provide greater economic benefits to the UK, while maintaining the requisite safeguards for captive owners and insureds.
Posted: 2024-11-18
Financial services consultancy Hymans Robertson has recruited Rohan Murdeshwar and Harsh Jaitak to its general insurance team, which sits within the business’s insurance and financial services practice, as it seeks to develop its insurance market business.
Posted: 2024-11-18
In the nine months to 30 September 2024, Aviva recorded general insurance premiums of £9.1bn, up by 15% on the same period last year. The carrier said premiums from its UK and Ireland business rose 18% to £5.7bn with personal lines up by 25% and commercial lines growing by 11%.
Posted: 2024-11-15
Allianz Commercial has named Rob Carslake as its head of London region for mid-market. He joins from Hiscox where he was head of event insurance, responsible for account strategy, underwriting and trading performance.
Posted: 2024-11-15
Travel insurance specialist World Nomads has announced a strategic partnership with medical network Air Doctor to connect travellers with local doctors around the world. The arrangement means policyholders can now find and book appointments with doctors in over 75 countries for non-emergency medical care.
Posted: 2024-11-14
Managing general agent Moonrock Drone Insurance has launched a new product that covers hobbyists and recreational drone operators. It covers drone equipment up to £15,000 and also offers public liability insurance up to £1m. Capacity for the product comes from insurer Hiscox.
Posted: 2024-11-14
Bridge Insurance Brokers Ltd is to establish a wholesale division that will operate across its London and Manchester offices. The broker has recruited Ryan Sturges and Max Orrin to manage the team. In addition, existing employees Tiffaney Pollard and Alexander McDonald will provide the underwriting required by wholesale broker clients.
Posted: 2024-11-14
Specialist Risk Group has bolstered its claims handling capability through the acquisition of One Claim Limited, which is based in Essex and provides broker partners and their clients with claims management support from initial notification through to settlement. It has a specific focus on motor fleet claims.
Posted: 2024-11-13
Reinsurance and analytics specialist Envelop Risk has launched Envelop Underwriting and appointed Dom Peters (pictured) as its chief executive officer. The new entity will house all of Envelop Risk’s existing underwriting activities – Envelop Risk Bermuda and Envelop at Lloyd’s, including the Envelop Risk SPA 1925. Peters joins from Dale Underwriting Partners (Syndicate 1729) where he was active underwriter.
Posted: 2024-11-13
Managing general agent Optio Group has appointed Insi Davenport to the newly created role of group chief risk officer. She will be based in London and joins from Lucida Group where she served as group chief risk officer. She has also held senior risk and compliance roles at HSBC Insurance Brokers, Barbon, HWF Partners and Ardonagh Group.
Posted: 2024-11-13
Broker Swinton Insurance, which is part of Atlanta Group, has signed an agreement with software specialist Aurum Solutions to automate its reconciliations. Swinton said the move would simplify the process of handling its complex ecosystem of daily payments to customers, insurers and third parties using various methods.
Posted: 2024-11-12
Legal firm Keoghs and insurer Aviva have secured custodial sentences for four fraudsters who targeted an elderly driver in a staged accident. Bolton Crown Court handed down sentences totalling 56 weeks to the four individuals - Mohammed Altaf (24 weeks), Muhammed Pervaiz (18 weeks), Muhammad Zaheer (8 weeks) and Mohammed Yaqub (6 weeks).
Posted: 2024-11-12
Independent re/insurance broker BMS Group has launched BMS Bachus, which is a stock throughput solution to cover wine at all stages of production, storage and transit. The product provides cover from harvest to finished product and includes a wildfire risk prevention offering in partnership with Green Shield Risk Solutions and FireBreak Risk.
Posted: 2024-11-12
Open GI has added managing general agent Commercial Express to its commercial panel. The MGA specialises in property insurance providing cover for unoccupied properties. It also has an appetite for DSS, and professional or retired tenanted properties. Its capacity is provided by Ascot Group Syndicate 1414 at Lloyd’s.
Posted: 2024-11-11
Data from Pearson Ham Group’s latest Pet Insurance Pricing Index shows that the average premium for lifetime pet cover rose by 1.8% during Q3. On an annual basis, average premiums are up by 7.7%. Since the start of the year, average premiums for time limited and max benefit policies have risen by 12% and 13% respectively.
Posted: 2024-11-11
Steadfast Group has agreed to acquire HW Wood Limited and HWI France from HW International BV. HW Wood dates back to 1982 and has been a Lloyd’s broker since 2003. It provides wholesale, retail and reinsurance solutions to clients across lines including international marine and cargo, property, and fine art and specie.
Posted: 2024-11-11
Clear Group has acquired Hampshire-based niche schemes broker CoverMarque Ltd. The intermediary was founded in 2003 and specialises in insurance for temporary marquee structures. Following the deal, founder Nick Drew and his team will join forces with Clear’s retail business.
Posted: 2024-11-08
Pool Re, the UK’s public-private terrorism reinsurer, has appointed Andrew Stark (pictured) as its head of underwriting. He takes up the newly created position ahead of the carrier’s April 2025 change from its current facultative obligatory treaty to an annual aggregate excess of loss treaty scheme.
Posted: 2024-11-08
Hood Group, which specialises in providing insurance and white labelling solutions in the home and travel market, has completed a management buy-out with the support of private equity firm Connection Capital LLP.
Posted: 2024-11-08
Beazley plc has reported net insurance written premiums of approximately £2.9bn for the nine months to 30 September 2024. This is up by 7% on the same period last year. It said that premium rates on renewal business had been flat, compared to the 5% rise that was recorded in 2023. The carrier said it expected to achieve a combined ratio for the year of around 80%.
Posted: 2024-11-07
Home insurance platform Avantia Group has teamed up with technology company 360Globalnet to launch a new inhouse claims operating model, supported by artificial intelligence and advanced data capture. The platform said it now had a personalised claims submission and policy checker process for customers.
Posted: 2024-11-07
Insurance add-on specialist Alps has enhanced its replacement vehicle cover in response to broker feedback and after Alps moved its motor legal book to AmTrust International, which is part of AmTrust Financial Services Inc. The new replacement cover provides for additional vehicle types such as large van, saloon and prestige cars.
Posted: 2024-11-07
Specialist Risk Group gas acquired reinsurance firm NW Re, which was founded in 2020 by Neil Wallis, Neil Walker, and Tallis Kemp. It provides property facultative reinsurance and excess of loss insurance across a range of sectors including retail, manufacturing, offices, real estate and leisure. The NW Re team will join SRG’s underwriting pillar, MX.
Posted: 2024-11-06
Seventeen Group has announced that it acquired four UK brokers in October. They are UK & Global, Brian Thompson Insurance Consultants, Nelsons and Nairn. The brokerages are located throughout the UK from the Highlands in Scotland to Kent in the South East.
Posted: 2024-11-06
Brace Underwriting Limited is looking to expand its international property portfolio and has recruited Richard Wheeler as senior underwriter. He has significant experience in this line of business and in handling multi-line property placements. He will be based in London.
Posted: 2024-11-06
Addept Insurance Services has agreed a capacity deal with The Salvation Army General Insurance Corporation Limited for its tenant pet damage protection insurance for landlords, called Not for Lions. The deal was arranged through independent underwriting agency, Strategic Insurance Services.
Posted: 2024-11-05
Markerstudy Group has completed the acquisition of Northen Irish broker Hughes Insurance. Ther deal was first announced in July this year. Hughes supports around 85,000 customers and has a focus on the motor, home, van, travel and commercial insurance sectors.
Posted: 2024-11-05
Managing general agent Kova Professions, which has a focus on professional indemnity, has announced that it has secured capacity from specialty insurance carrier Hadron, which expanded its UK operations through the acquisition of Folgate earlier this year. The agreement is enabled by the Accelerant Risk Exchange.
Posted: 2024-11-05
Aon UK Limited has agreed to acquire Griffiths & Armour which will retain its name following the deal. The broker is headquartered in Liverpool and has a history that dates back 90 years. It has a team of 175 employees.
Posted: 2024-11-04
Howden has launched Howden Safe+, which is a cyber insurance solution for corporate firms with revenues ranging from approximately £190m to £1.5bn. The proposition has been developed in partnership with Safe Security and is backed by Mosaic Insurance, Chubb and Liberty Specialty Markets.
Posted: 2024-11-04
Data from Consumer Intelligence shows that quotes van insurance premiums dipped by 0.8% over the past three months but are still up 9.5% in the year to the end of September. The price fall was more marked for drivers under 25 who saw rates fall by 2.2%. However, quoted premiums for those aged 25 to 49 increased by 11.5%, and by 10.2% for the over-50s.
Posted: 2024-11-04
Clear Group has acquired A-One Insurance, which was established in 1993 and has an established focus on clients in the South of England. It controls gross written premium of more than £50m across both commercial and personal lines.
Posted: 2024-11-01
Ardonagh Advisory has agreed to acquire Rowett Insurance Broking Limited, which has offices in St Austell and Plymouth. The deal also includes Rowett’s wholesale agricultural specialist AGRi Insurance Facilities Ltd. Founder Glynn Rowett and the rest of the team will remain with the business following the deal.
Posted: 2024-11-01
Riverstone International has closed its agreement with QBE to provide loss portfolio transfer reinsurance for various subsidiaries, including QBE’s Lloyd’s syndicates. The LPT is effective from 1st July 2024 and RiverStone International subsidiaries have assumed subject reserves of approximately £775m as of that date.
Posted: 2024-11-01
Loss adjuster QuestGates has expanded the scope of its in-house capabilities with the acquisition of Toppings Forensic Accountants, which has an established focus on the insurance sector. Manchester-based Toppings will continue to operate under its own brand.
Posted: 2024-10-31
Specialist Risk Group has acquired specialist bloodstock and livestock broker Stonehatch. Established by Chris Williamson in 2014, it provides insurance solutions to clients and partner brokers internationally. Williamson will continue to lead the business.
Posted: 2024-10-31
Insurance Premium Tax avoided the attention of Chancellor Rachel Reeves in yesterday’s Budget, but associated documents highlighted that the Office for Budget Responsibility has increased its forecasted IPT receipts by £3.5bn for the period between 2024/25 and 2028/29. It estimates total receipts at £45.9bn, up from £42.4bn.
Posted: 2024-10-31
Clear Group has entered the wholesale Lloyd’s broker space with the acquisition of marine and property specialist Lilley Plummer Risks Ltd. This is the second deal it has announced this week and will add around £150m of gross written premium to the group.
Posted: 2024-10-30
Ancillary product specialist Addept Insurance has struck an exclusive broker distribution deal with Title Guardian, which is a digital anti-fraud property and identity monitoring tool. Addept will offer Title Guardian as part of its landlord insurance proposition.
Posted: 2024-10-30
Managing general agent Optio Group has appointed Joanna Eilts to the newly created role of head of legal. She will be based in London and the company said her expertise would support its long-term global expansion strategy for growth through acquisitions across Europe. She joins from Goodwin Procter where she served as a senior private-equity lawyer.
Posted: 2024-10-30
In 2023, Aviva experienced a 34% jump in claims for theft via forcible and violent entry between September and October, with another 10% increase between October and November. The carrier said that it had recorded an autumn spike in forcible break-ins during each of the past three years.
Posted: 2024-10-29
Platform provider Concirrus has developed an aviation exposure aggregation module to help insurers better manage their portfolio of risks in real time. It provides insights into on-cover risk aggregations, details of airport and country exposure and marginal impact analysis.
Posted: 2024-10-29
Independent broker Alan Boswell Group has teamed with carrier Peach to grow its teachers’ liability scheme. The scheme dates back 20 years and was first established to cover self-employed teachers and lecturers as well as those offering tuition, lecturing, or coaching outside of their main employment.
Posted: 2024-10-29
The Financial Conduct Authority has published the findings from its culture and non-financial misconduct survey, which details incidents of non-financial misconduct in 2021, 2022 and 2023. Incidents at both London Market intermediaries and London Market insurers more than doubled during these three years.
Posted: 2024-10-28
Clear Group has snapped up Surrey-based intermediary Vision Insurance Services, which was established in 2010 and controls gross written premium of around £10m. It serves clients across the South East. David and Claire MacKinnon launched Vision, which now has 17 employees.
Posted: 2024-10-28
The Government has announced a new insurance fraud charter in a bid to create a more unified industry approach to combating crime in the market. It has the backing of the Association of British Insurers, British Insurance Brokers’ Association, London & International Insurance Brokers’ Association, Lloyd’s of London, Lloyd’s Market Association and the International Underwriting Association.
Posted: 2024-10-28
Marsh has reported that global commercial insurance rates fell by 1% in the third quarter of 2024. This is the first time its Global Insurance Market Index has recorded a fall since Q3 2017. The research showed that rates fell by 5% in the UK.
Posted: 2024-10-25
The Financial Ombudsman Service received 22,489 new general insurance/protection claims in the first half of 2024. This was down on the 24,496 received in the same period the previous year. The insurers with the most claims registered against them were Admiral Group (1,657), Direct Line Group (1,555), Aviva Insurance Limited (1,427), Esure Insurance Limited (1,193) and Axa Insurance UK Plc (916).
Posted: 2024-10-25
The Lloyd’s Market Association in partnership with KPMG has published a report entitled, ‘Underwriting the Transition’ which highlights the insurance market’s role in providing cover for evolving risks as we transition to a low-carbon economy.
Posted: 2024-10-25
Digital commercial insurance platform Aurora has secured seed funding from QBE Ventures, which is the investment arm of QBE Insurance Group. The funding will enable Aurora to widen its product offering and enhance its commercial distribution partnerships.
Posted: 2024-10-24
Watkin Davies Insurance Consultants Limited has rebranded to Howden. The move follows its acquisition by Howden parent company A-Plan Group in 2021 and represents the completion of the merger. Watkin Davies was established in 1978.
Posted: 2024-10-24
The London Market Group’s Data Council is seeking market views in a new consultation on proposed changes to the structure and fields of the core data record to cover treaty. The consultation will run for eight weeks. The move is part of the push towards increased market digitalisation.
Posted: 2024-10-24
More than half (51%) of SMEs say their total insurance costs have increased in the past 12 months with 12% registering a dramatic increase, according to the latest Insurance Index from premium credit provider Premium Finance. In contrast, the index found that only 2% had reported a drop in their insurance costs.
Posted: 2024-10-23
Interbrand has placed Allianz in 29th position in its 2024 Best Global Brands ranking. This is the first time the carrier has made it into the top thirty and makes it the highest placed insurer. Axa also made the list and came in at 48th.
Posted: 2024-10-23
UK home insurers posted a net combined ratio of 118% in 2023, according to consultancy EY’s latest UK Home Results Analysis report. This was a slight improvement on the 122% achieved the previous year. EY forecast the market would also be in the red for 2024 and return a net combined ratio of 108%.
Posted: 2024-10-22
Legal services provider Epoq has launched a legal expenses insurance product for landlords. The product is underwritten by RSA and administered by Temple Legal Protection. It enables insureds to use Epoq’s LegalAde service, which provides access to legal advice and a library of contracts, notices, and letters tailored for use in England, Wales, Scotland, and Northern Ireland.
Posted: 2024-10-22
Analysis from Aviva shows that 19% of the carrier’s UK home insurance claims between 2020 and 2024 were related to storm damage. It said this aligned with independent research conducted by Censuswide that found 22% of UK homes had suffered storm damage in the past five years. It also found that 12% had experienced flooding and that some form of extreme weather had affected two-fifths of all homes.
Posted: 2024-10-22
Research published by technology platform provider Adyen and conducted by consultancy EY has found that ease of payment is a top three factor in the decision to buy insurance for Gen Z and millennials. More than a third (35%) of Gen Z respondents said the convenience of purchasing the cover influenced their decision to buy.
Posted: 2024-10-21
Pricing consultancy Pearson Ham has said average premium finance costs for motor and home insurance have fallen during the past year although there was significant variance between the highest and lowest providers in the market. Pearson Ham said the dip reflected increased scrutiny from the Financial Conduct Authority.
Posted: 2024-10-21
Folgate is looking to accelerate the expansion of its liability-led portfolio and has named Craig Miller as its new liability chief underwriting officer. In addition to spearheading growth, he will be tasked with developing new products to launch to the market.
Posted: 2024-10-21
Mission Underwriters has launched Carrow Insurance which will focus on providing warranty, accident and health, and income protection products in the UK and Europe. Ronan Conboy, former CEO of AmTrust International, will lead Carrow, which becomes the 25th managing general agent in the Mission stable.
Posted: 2024-10-18
Pen Underwriting has revamped its cyber proposition for large corporates, doubling its excess of loss limit and re-entering the primary market with a broader risk appetite. It now offers large corporates £10m of primary cover, a £15m excess of loss limit and worldwide coverage.
Posted: 2024-10-18
Transport Secretary, Louise Haigh and Economic Secretary to the Treasury, Tulip Siddiq have announced that they will form an industry taskforce comprising market experts, regulators and consumer champions in a bid to contain the rising cost of cover for motorists.
Posted: 2024-10-17
MS Amlin Insurance has expanded its agreement with data specialist Synectics to enable the insurer to use enhanced customer risk data across its agricultural and commercial property lines. The move comes after Synectics helped MS Amlin improve fraud detection in its motor market business.
Posted: 2024-10-17
RSA Insurance has teamed up with AI-powered risk assessment technology specialist Clearspeed to use its voice analytics solution to improve fraud detection and drive efficiency in the claims process. The insurer said the partnership would enable it to distinguish between genuine and fraudulent claims more quickly and more accurately.
Posted: 2024-10-17
Managing general agent accelerator DA Strategy has announced the launch of Volt Underwriting, which is supported by capacity from Dale Underwriting Partners’ Lloyd’s Syndicate 1729. Volt will provide cover for US and international onshore conventional power and renewable energy risks.
Posted: 2024-10-16
According to this year’s tenth iteration of the KPMG CEO Outlook, three quarters (74%) of insurance leaders are confident they will grow their business over the next three years. In addition, 93% said they expected their company’s headcount to increase during the same period.
Posted: 2024-10-16
London-based payment processing insurtech firm Diesta has secured seed funding of approximately £2.9m. The round was led by FinTech Collective, a New York-based venture capital firm, with participation from Commerce Ventures and existing investors Restive Ventures and SixThirty.
Posted: 2024-10-16
The latest Confused.com Car Insurance Price Index in association with WTW found that comprehensive motor insurance premiums fell by 2% in the three months to the end of September 2024. On an annual basis, premiums are now 7% lower than at the same time last year. This is the first yearly drop since 2021.
Posted: 2024-10-15
Commercial insurer Peach Pi has simplified its name and will now trade as Peach. The insurer is a trading style of NPA Insurance and launched in 2020. NPA Insurance said it was aiming to grow gross written premium to around £28m by the end of next year, much of which will be delivered through Peach. This will include doubling the number of its niche schemes.
Posted: 2024-10-15
Chubb is launching a new construction practice in the UK and Ireland that will bring together specialist underwriters, risk engineers and claims executives across multiple risk areas to create a consolidated offering for brokers and customers. The team will be located across Chubb’s branch network.
Posted: 2024-10-15
Insurer Allianz has warned of the potential risk facing more than 7,000 new homes with full or conditional approval planning permission on previously undeveloped floodplain land. The findings are published in a report commissioned by the insurer and conducted by think tank Localis, entitled Plain dealing revisited: Planning for flood resilience.
Posted: 2024-10-14
Subject to regulatory approval, MIC Global is to become a Lloyd’s coverholder of Greenlight Re’s Syndicate 3456. MIC focuses on embedding micro insurance solutions for platform businesses while Syndicate 3456 specialises in designing products in partnership with insurtechs.
Posted: 2024-10-14
The deadline for entries for the 2025 National Insurance Awards is now four weeks away. Celebrating excellence in the field, the National Insurance Awards highlight the very best in general insurance provision and management in the UK.
Posted: 2024-10-14
Despite September playing host to just seven merger and acquisition deals in the insurance sector, consultancy MarshBerry forecasts an increase in that number as companies push to complete deals ahead of expected increases in capital gains tax it believes will be announced in the forthcoming autumn Budget.
Posted: 2024-10-11
Placing Platform Limited has signed a multi-year agreement that will enable it to integrate Microsoft’s data and AI capabilities, as well as its productivity tools, into its speciality insurance trading platform. PPL is a not-for-profit business established in 2016 to cater for the London Market.
Posted: 2024-10-11
Pearson Ham Group’s general insurance price index for Q3 has found that motor premiums fell by 4.4% during the quarter and were down by 9.6% over the past six months. It found that prices in September 2024 were 8.5% lower than those recorded 12 months previously.
Posted: 2024-10-10
Insurance process automation specialist Concirrus has launched an AI-powered product that uses real-time data and advanced analytics to enable underwriters to process construction risk submissions at speed and to make more informed decisions on pricing and policy acceptance.
Posted: 2024-10-10
Managing general agent Optio Group has acquired a strategic investment in Italian MGA Heca Srl for an undisclosed sum. Founded in 2010, Heca has a multi-product offering supported by a fully digital experience. The deal adds to others in The Netherlands, Belgium and Luxembourg over recent months.
Posted: 2024-10-10
Managing general agent NBS Underwriting has launched a new product to cover commercial premises that become vacant due to a variety of reasons including, probate, awaiting tenants, undergoing refurbishment or construction works. The product, backed by Tokio Marine HCC, adds to the range of products available for landlords, non-standard residential properties and holiday lets.
Posted: 2024-10-09
Auto Logistic Solutions, which operates in the accident management sector, has launched a white label legal expenses insurance product for UK brokers. The policy is designed to let brokers outsource the accident management process to ALS, while its inhouse legal team can process personal injury claims.
Posted: 2024-10-09
Travel and specialty insurance provider Cover-More Group has appointed Alp Eldem (pictured) as its chief operating officer for Europe. The provider offers travel, pet, car hire, gadget and wedding insurance through a range of direct-to-consumer brands and partnerships. Eldem will be based in London.
Posted: 2024-10-09
Addept Insurance Services has completed a capacity agreement with managing general agent Ortus Underwriting and Great American International Insurance (UK) Limited. The capacity will support Addept’s new accident and sickness ancillary insurance product called Bill Ninja, and Recovery First, its ‘at fault’ motor accident product.
Posted: 2024-10-08
Re/insurance broker BMS Group has begun the second edition of its early careers apprenticeship programme in London. Nine people have started this year’s programme, which teaches them the necessary account handling skills. The programme runs in association with partners including: Davies Group, Equity, East London Business Alliance, and the London Market Group’s ‘London Insurance Life’ campaign.
Posted: 2024-10-08
Managing general agent Optio Group has acquired Luxembourg-based Circles Group. It is also an MGA and specialises in contingency and special risks insurance. It controls more than £40m in gross written premium. Following the deal, which is subject to regulatory approval, the Circles office will become Optio’s European headquarters.
Posted: 2024-10-07
Gallagher has appointed Simon Collins (pictured) as chief broking officer. He will report to Michael Rea, chief executive officer of Gallagher in the UK and join his executive team. He was previously managing director of Gallagher’s national broking and placement team within its UK and Ireland retail division. The appointment is subject to regulatory approval.
Posted: 2024-10-07
Digital risk processing platform Cytora has teamed up with PriceHubble, which develops data solutions for the property and finance sectors. The partnership will give underwriters access to data such as valuations, market analyses, value forecasts, building simulations and energy performance insights.
Posted: 2024-10-07
Northern Irish broker Hughes Insurance has teamed up with Percayso Inform to implement its data enrichment solutions and enhance its digital pricing capabilities. The technology is designed to reduce fraud and improve conversion rates. Hughes Insurance was established almost 50 years ago and serves over 85,000 customers across the motor, home, van, travel and commercial insurance sectors.
Posted: 2024-10-03
Essex-based insurtech Surewise has acquired Lockton Mobility’s book of business. The acquisition brings over 161 retailers and brokers into the Surewise network, with direct access to mobility scooter insurance, powerchair insurance, wheelchair insurance, stand-alone 2, 3 and 4-year extended warranty insurance products, breakdown cover and a repair network and business insurance for retailers under Surewise’s retail trading brand, Just Mobility.
Posted: 2024-10-03
Independent broker Prosura has purchased Yorkshire-based Donald Schofield (Pontefract) Limited. The deal is Prosura’s second in the past 12 months and puts it on course to hit £6m of gross written premium by the end of the year. Prosura was founded by Jon Newall, following his sale and exit from Lockyer Insurance.
Posted: 2024-10-02
The Insurance Institute of London has announced that Lucy Clarke has been elected as its president for 2024/25. She is president, risk and broking at WTW and has more than 25 years of experience in the insurance sector. Previous roles include being chief executive officer of JLT Global Specialty. She becomes the first woman president of the IIL in its 117-year history.
Posted: 2024-10-02
Open GI has teamed up with artificial intelligence specialist OpenDialog to enable its broker customers to implement generative AI chatbot solutions for their customers. Under the deal, Open GI will offer its brokers access to OpenDialog’s generative AI chatbots via its policy administration platforms.
Posted: 2024-10-01
PIB Group Ltd has acquired Nottingham-based RS Insurance Brokers Ltd, which has a particular specialism in fleet and professional indemnity risks and was formed 45 years ago. As part of the deal, eight employees will move across from RS Insurance Brokers to PIB.
Posted: 2024-10-01
Managing general agent NBS Underwriting has secured additional AM Best A-rated
(Excellent) capacity from Hadron UK Insurance Company Limited. The capacity, introduced via Accelerant’s Risk Exchange platform, will be available across all SME, professional indemnity, property owners, and commercial products.
(Excellent) capacity from Hadron UK Insurance Company Limited. The capacity, introduced via Accelerant’s Risk Exchange platform, will be available across all SME, professional indemnity, property owners, and commercial products.
Posted: 2024-10-01
Figures released by the Association of British Insurers show the market detected £1.1bn worth of fraudulent claims in 2023, up by 4% on the previous year. In total, insurers detected 84,400 fraudulent claims with an average value of £13,000. Exaggerated loss was the most common type of fraud detected.
Posted: 2024-09-30
Insurance provider Berkeley Alexander has teamed up with speciality re/insurer Canopius to launch SafeGuard Protect, which is a modular product providing personal accident, income protection or mortgage or rent protection in the case of an accident, sickness or job loss. The move returns Berkeley Alexander to the ASU market for the first time since the COVID-19 pandemic.
Posted: 2024-09-30
Ratings and analytics technology specialist Hyperexponential has found an overwhelming 96% of the market see room for improvement in the pricing technology they currently use. The consultancy’s “2024 State of Pricing” report also found that almost half of respondents (47%) had bought pricing platforms that hadn’t delivered what they promised.
Posted: 2024-09-30
PwC has forecast a 10% drop in motor insurance premiums for drivers in Scotland and a 15% drop for those in Northern Ireland. This follows the change in the personal injury discount rate in these two countries. Following statutory reviews, the rate will change from -0.75% to +0.5% in Scotland, and from -1.5% to +0.5% in Northern Ireland.
Posted: 2024-09-27
A new report from the Lloyd’s Market Association and Aon makes a strong case for investing in Lloyd’s but highlights opportunities to make the process easier and ways in which terminology could be simplified to improve the predictability of set-up and running costs.
Posted: 2024-09-27
Prestige Underwriting has launched a short-term unoccupied property product to protect properties left empty following the death of the owner. The provider said that more than three-quarters of its brokers had seen an increase in the number of families seeking unoccupied property cover. It said probate-related delays were an increasing driver of properties being unoccupied for extended periods.
Posted: 2024-09-26
London-based Verve Risk Services has launched a new captive insurance product and its broker portal, Verve Aura. The micro-captive defender product was developed in collaboration with Michael Maglares & Company. Verve is supported by managing general agent services platform OneAdvent and recently recured investment from BP Marsh.
Posted: 2024-09-26
WTW has appointed Parveen Kaur (pictured) to the newly created position of global leader of operations, strategy execution and data for its digital trading business Neuron. She joins from Leeds Building Society where she was chief customer officer and prior to that she was head of operations at Lloyd’s of London.
Posted: 2024-09-26
Financial lines managing general agent Kayzen Specialty is offering add-in excess layer directors’ and officers’ liability policies that will drop down to offer cover where the primary cover is refusing to pay either due to an exclusion or because of a limitation elsewhere in the policy.
Posted: 2024-09-25
Speciality re/insurance broker McGill and Partners is set to open a new office in Sweden from which it will expand its operations in the Nordic region. The firm has recruited Jon Petursson and Wilhelm Westerstad from WTW as initial hires for the office.
Posted: 2024-09-25
Flood risk specialist JBA Risk Management has joined an international community of around 9,000 firms by achieving B Corporation certification. The accreditation demands firms pursue purpose as well as profit and appraises operations across five areas - governance, workers, community, environment and customers.
Posted: 2024-09-25
PPL has launched an express contract functionality to make it quicker and easier for brokers to bind risks, significantly shortening the time taken to create single contract placements. PPL is a technology company owned by the London & International Insurance Brokers’ Association, the Lloyd's Market Association, the International Underwriting Association of London and Lloyd's.
Posted: 2024-09-24
Specialist marine managing general agent Amphitrite Underwriting London has expanded its cargo team with the appointment of Fadi Faysal as cargo underwriter. He brings experience in both broking and underwriting to the team and has particular knowledge of the Middle East region.
Posted: 2024-09-24
Research from insurance software specialist RDT has found that 61% of insurer and managing general agent technology professionals say their firm is using generative AI, but that human oversight remains central to its successful adoption.
Posted: 2024-09-24
On 1st October, Tom Wilson will become CEO of Lloyd’s broker Tysers and Bob Pybus (pictured) will become CEO of AUB UK Retail. AUB purchased Tysers in 2022. The appointments are subject to regulatory approval. At the same time, Mike Emmett, CEO and MD of AUB Group, will stop acting as interim CEO of Tysers.
Posted: 2024-09-23
London-based incubator specialist Beat Capital Partners, a subsidiary of Ambac Financial Group, will launch proRISE Insurance Services on 1st October. It will offer management and professional liability insurance with a focus on small and medium-sized enterprises. Doug Karpp, former executive at Hiscox and AIG will head up the new managing general agent.
Posted: 2024-09-23
Insurance software provider RDT has become a member of ACORD Solutions Group’s Licensed Integrator Partner programme. As an LIP member, RDT can use ACORD Standards in its solutions, such as ACORD Transcriber, an intelligent document processing solution that automates data extraction and population from any structured or unstructured insurance document.
Posted: 2024-09-23
Research from financial services review site Smart Money People has found that one in six (17%) of Gen Z have no insurance products at all and that they cite cost and complexity as significant barriers. This is despite more than two in five (43%) having lost or had high value items stolen.
Posted: 2024-09-20
Lloyd’s has announced that Sir Charles Roxburgh KCB will take up the post of chair on 1st May 2025 and succeed Bruce Carnegie-Brown after an eight-year term. The appointment is subject to approval and consent from the Prudential Regulation Authority and the Financial Conduct Authority.
Posted: 2024-09-20
Epoq Legal has launched a new legal expenses insurance product featuring LegalAde for businesses, in partnership with Temple Legal Protection. It offers a range of legal contracts and policies suitable for England, Wales, Scotland and Northern Ireland, and access to lawyers who are on hand to check and tailor documents for policyholders.
Posted: 2024-09-20
Independent French broker SAS Verlingue has launched registered Lloyd’s broker Verlingue London Markets Europe to provide placement and capacity solutions for property, casualty, motor fleet and specialist lines risks for its broker partners within the European Union. The new operation will complement the existing Verlingue London Markets operations, which will continue to service business from its UK and International broking partners.
Posted: 2024-09-19
Financial and professional lines managing general agent Spring Insure has secured enhanced A-rated capacity across all its product lines as part of a deal with hybrid fronting insurer, Bridgehaven Specialty UK. Spring Insure is targeting growth of 50% in its gross written premium in the coming 12 months.
Posted: 2024-09-19
Mohamed Choudhary has received a two-year suspended sentence from Inner London Crown Court for selling invalid insurance policies and covering up his own driving offences while applying for cover. The prosecution came after Aviva referred the case to the City of London Police’s Insurance Fraud Enforcement Department.
Posted: 2024-09-19
UK Export Finance has gone live with an online portal that UK firms can use to apply for government-backed export insurance. The export credit agency said the new portal would make it quicker and easier for firms to apply for cover.
Posted: 2024-09-18
Price Forbes Re has appointed Fred Few Brown and Jonathan Gerken as it grows its facultative team across all product lines. They will both be based in London. Few Brown will be responsible for property fac while Gerken will have a focus on terrorism and political violence.
Posted: 2024-09-18
Digital distribution platform solutions provider IS2 has launched an API enabled hosted pricing solution for commercial insurers and managing general agents. The technology makes it easier and faster for providers to sell their cover across multiple distribution channels.
Posted: 2024-09-18
Axa UK has improved its online capabilities and made it possible for customers to notify claims digitally for losses on their motor and home policies. The insurer said the move would create convenience for customers as well as making the claims process more efficient.
Posted: 2024-09-17
CFC has teamed up with Standard Chartered to create an insurance product that provides cover for the risks associated with providing debt financing to carbon credit projects. CFC said it was now focusing on bringing the lender insurance product to more banking institutions to enable them to provide commercial loans to carbon credit projects.
Posted: 2024-09-17
The Lloyd’s Market Association has set up a market-wide consultation on the Computable Binding Authority Agreement model wording that is being developed with the support of Lloyd’s, the London & International Insurance Brokers’ Association, the Managing General Agents’ Association and the International Underwriting Association.
Posted: 2024-09-17
Consumer watchdog Which? wants the Financial Conduct Authority to prevent insurers charging excessively high interest rates to customers who pay monthly. Which? said that new research in this area had found one provider was charging an annual percentage rate of more than 45%. The research covered 49 car and 48 home insurers.
Posted: 2024-09-16
Lloyd’s has announced the 10 insurtechs that will make up the 13th cohort of its Lloyd’s Lab Accelerator programme, which is the first to focus on building resilience in the Middle East and Africa. It also encompasses the themes of ‘data, models and processes’ and ‘new products.’
Posted: 2024-09-16
Carrick UK Holdings Company Limited, which is a subsidiary of non-life legacy insurance business Carrick Group Limited has acquired two Irish captives. They are BMS International Insurance DAC and Seamair Insurance DAC, which are both regulated by the Central Bank of Ireland.
Posted: 2024-09-16
Moody's Ratings has changed its outlook for the UK property and casualty insurance sector to stable from negative. The move reflects the impact if rising premiums to absorb claims inflation in personal lines and Moody’s said premium rates in the commercial market were sufficient to support strong insurer performance.
Posted: 2024-09-13
Professional services and technology company Davies has appointed Paul O’Brien (pictured) as the firm’s first group chief AI officer. In this newly created role he will be responsible for advancing the use of AI technology across the organisation and for developing a core strategy for the ethical use of the technology. He was previously chief technology officer of Davies’ Global Solutions division.
Posted: 2024-09-13
Digital distributor Starpeak has teamed up with commercial insurer Peach Pi to create specialist products for the micro/SME sector. The aim is to provide flexible covers that reflect the individual and diverse needs of smaller businesses.
Posted: 2024-09-13
Consultancy MarshBerry has reported 12 merger and acquisition deals in the insurance sector during August and believes there will be an uptick in activity in the coming weeks due to the widely predicted changes to capital gains tax that are expected to be announced at the end of October.
Posted: 2024-09-12
According to the latest Pet Insurance Price Index from Pearson Ham Group, the average price of pet insurance dipped by 0.2% in August, but were still 10% higher than a year ago. August saw cover for dogs fall by 0.3% while it went it by 0.3% for cats.
Posted: 2024-09-12
Compass Insurance has agreed to consider providing full flood insurance cover to customers who fit Flood Technology Group’s flood adaptive platforms to their caravan, lodge or holiday home. The platforms rest on a mechanical jack system that’s designed to detect and react to flood conditions by automatically elevating above the rising water.
Posted: 2024-09-12
The British Insurance Brokers’ Association and the Managing General Agents’ Association have become affiliates, in a move that both organisations said would support a closer working relationship and deliver benefits for their respective members. BIBA’s affiliate membership is offered to organisations where representation with regulators, Government and other industry stakeholders would be of mutual benefit.
Posted: 2024-09-11
WTW has forged a partnership with insurance infrastructure platform Kayna. The agreement will support WTW’s ability to provide insurance solutions to SME clients in the UK and the US through vertical software-as-a-service platforms, which are created for specific industries. It will enable WTW to distribute property, general liability, workers’ compensation, commercial motor and umbrella liability insurance solutions to industry-specific vSaaS platforms.
Posted: 2024-09-11
Independent re/insurance broker BMS Group has named Richard Dudley as group chief broking officer. He will be based in London and joins from Aon where he was global head of climate strategy. Prior to that he headed up Aon’s commercial risk wholesale and specialty operations in London.
Posted: 2024-09-11
Insurance services provider Thomas Miller has launched a managing general agent called Navata. It has been formed out of Thomas Miller Specialty Offshore and will provide cover for renewable energy, power, onshore and offshore oil and gas risks, as well as providing marine insurance products. It is backed by S&P A+ and AA- rated capacity.
Posted: 2024-09-10
Specialist reinsurance managing general agent Connect Underwriting Limited has launched reinsurance MGA BRICS UW, subject to regulatory approval, which will provide capacity to emerging markets. It will seek to attract international markets, enabling reinsurers without a presence in London to access London distribution and business they would not typically see in their local territories.
Posted: 2024-09-10
Insurance provider CFC has named Kathryn Herrington as chief people officer. Most recently, she held the same position at SUSE, a private equity backed B2B software company. She has also worked for a number of investment banks in both London and New York.
Posted: 2024-09-10
Axa UK has appointed Rahul Gumber (pictured) as chief risk officer. He joins from Aviva Canada where he was chief risk officer, having also held the same position at Aviva Ireland. He will take up his post in the new year.
Posted: 2024-09-09
WTW’s latest global construction rate trend report details growing levels of capacity in the construction market which it forecasts will continue during the second half of the year and into 2025. It said growth in energy, utilities and infrastructure projects was underpinning expansion in the construction sector and fuelling insurer appetite for this business.
Posted: 2024-09-09
Oak Reinsurance and Polo Managing Agency Limited have announced that Oak Re Syndicate 2483 has secured Lloyd’s ‘in principle’ approval to begin underwriting from 1st January 2025. PMA is an independent turnkey Lloyd’s managing agency and is a PoloWorks company.
Posted: 2024-09-09
Lloyd’s has reported a profit before tax of £4.9bn for H1 2024. This is up from the £3.9bn reported in the same period last year. The market said its combined ratio had improved to 83.7% (85.2% for H1 2023) and that its gross written premium was £30.6bn, up from £29.3bn.
Posted: 2024-09-06
Allianz UK says its fraud teams have seen a marked increase in fraudulent noise induced hearing loss and fake or cloned businesses claims coming through in the first half of 2024. The insurer said it had saved £37.1m by detecting fraud during this six-month period.
Posted: 2024-09-06
Managing general agent Commercial Express has launched a new product for tattoo and body piercing practitioners. The packaged product offers public, professional, product and treatment liability cover, as well as material damage covers for property and business interruption losses. It is underwritten by BRIT Syndicate 2987 at Lloyd’s and Axis Managing Agency Ltd.
Posted: 2024-09-06
Flood Re has raised concerns that the evidence used to inform planning decisions on flood risk for new developments is often out of date and difficult to access. It also said there was little transparency around how decisions were made and little control in how compliance was ensured. The findings came from research from the Town and Country Planning Authority, commissioned by Flood Re.
Posted: 2024-09-05
Findings from Pearson Ham’s latest price index show that home insurance prices were up by 0.4% in August after their brief decline in July. The research found that the average home insurance premium was just less that £418, which is 26% higher than at the same time last year.
Posted: 2024-09-05
The Clear Group has acquired managing general agent Accelerate Underwriting, which was established in 2015 and controls £19m in gross written premium. The MGA has a focus on non-standard, specialist and niche commercial products, including care homes, guest houses, unoccupied properties, boats and pleasure craft.
Posted: 2024-09-05
Dale Underwriting Partners, which is the trading name of Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has appointed Ryan Barnes as head of professional lines. He joins from Westfield and will take up the post in January 2025. He will lead Dale’s entry into the international professional indemnity market.
Posted: 2024-09-04
Digital managing general agent Ripe has announced that Alan Thomas will succeed Paul Williams as chief executive officer. Williams is moving to a non-executive role and Thomas joins from Simply Business, where he was CEO. Founder and managing director John Woosey will also move to a NED role.
Posted: 2024-09-04
Specialist Risk Group has acquired Capulus, a managing general agent with a particular focus on motor fleet. The MGA is based in Wales and has a team of 21 people. The deal will enhance the capabilities of SRG's MGA pillar, MX.
Posted: 2024-09-04
Dual UK has acquired International Passenger Protection which was founded in 1990 and is a London-based managing general agent offering cover against insolvency of travel operators or other related suppliers. The deal boosts Dual’s position in the travel financial failure insurance market and is subject to regulatory approval in both the UK and Malta.
Posted: 2024-09-03
DAS UK, which is part of the ARAG Group has inked a deal with Preferred Management Solutions to join its home emergency services panel of suppliers for DAS partners and customers. DAS said Preferred’s digital proposition was a large factor in the appointment.
Posted: 2024-09-03
Paymentshield has improved the quote journey for intermediaries searching out cover for landlord clients. Property data from LexisNexis Risk Solutions now populates the quote application form to provide answers for property type, build year, number of bedrooms and bathrooms, wall type and brick type.
Posted: 2024-09-03
The Financial Services Consumer Panel has released research that shows significant price hikes for consumers at renewal, with average increases of 27% for car, 22% for home, and 13% for travel insurance. The FSCP said the fact that 85% of consumers who negotiated with their provider received a reduction raised questions on the value offered initially.
Posted: 2024-09-02
The Financial Ombudsman Service has said that between April and June 2024 it received more than 2,000 complaints about buildings insurance. It said this was 13% higher than the same quarterly period last year and added that 41% of complaints were upheld.
Posted: 2024-09-02
Digital broker Simply Business, which was established in 2005, has announced that its customer base has surpassed the one million milestone. The firm has more than doubled its customer base in the last five-and-a-half years and offers cover to customers in the UK and the US.
Posted: 2024-09-02
Claims management and loss adjusting firm Sedgwick has calculated that an average of 1kg of CO²e is produced for every £7.80 spent on domestic building repairs. It said the average insurance claim for domestic building repairs is £8,000, equating to a carbon cost of 1,496.6 kg CO2e.
Posted: 2024-08-30
JM Glendinning North Yorkshire, which is part of the JMG Group, has announced the acquisition of Bridlington-based insurance broker C P Bennet Ltd, which was founded in 1929. Its managing director Simon Benson joined the business in 1986 to work for his father who had been with the firm since 1970.
Posted: 2024-08-30
WTW has appointed Gavin Hamilton as a director within its London-based international property team. He joins from Miller Insurance Services LLP, where he headed up the European wholesale and South African property market.
Posted: 2024-08-30
Specialist Risk Group has acquired the ongoing renewal rights of Morton Insurance Brokers, which focuses on the UK private hire and taxi insurance sector. It is based in London and dates back to 1987. The move will bolster SRG’s existing specialist taxi business, Cabsurance.
Posted: 2024-08-29
Ageas has reported total net inflows of approximately £8.6bn for the first six months of 2024, as increase of 14% on the same period last year. This included £3.1bn of non-life inflows, an increase of 23%. Within the group, Ageas UK posted growth of 49%, driven by customer and premium growth primarily in its motor business.
Posted: 2024-08-29
Insurtech Uinsure has added Integra Insurance Solutions to its panel of home insurance providers. Uinsure was established in 2007 and, in addition to home, offers cover for landlords and a range of non-standard property risks as well as providing trades and professions policies.
Posted: 2024-08-29
Cycle insurance specialist Bikmo has penned an agreement with the Association of Cycle Traders to offer a range of covers designed to meet the needs of its members. Available products offer insurance to retailers, manufacturers and suppliers, and hire centres.
Posted: 2024-08-28
Ecclesiastical Insurance has announced that Dave Carey will become the managing director of its intermediary business in February 2025. He joins from Allianz, where he has been managing director of mid corporate UK, for the past 18 months. He replaces Adrian Saunders, who retired earlier this year.
Posted: 2024-08-28
The British Insurance Brokers’ Association has said Tom Downey, chief executive officer of Pen Underwriting, will join the trade body’s network and managing general agents advisory board. He replaces Charles Manchester, who is retiring.
Posted: 2024-08-28
Clear Group has acquired R T Waters Ltd, which was established in 1960. It is led my managing director Trevor Hayter and has a team of seven staff, based in the South East, with a focus on commercial, motor and liability risks.
Posted: 2024-08-27
Northern Irish broker AbbeyAutoline has launched a recruitment drive for school leavers and young professionals to join its apprenticeship programme. It is run in conjunction with Belfast Met and supports people towards Level 2 and 3 NVQ qualifications in Financial Services while working full-time in AbbeyAuotline’s personal lines sales team.
Posted: 2024-08-27
Hiscox Group has paid tribute to its chair Jonathan Bloomer and his wife Judy, who died earlier this week when the 56-metre British flagged yacht Bayesian sank near the port of Porticello, Sicily. There were 10 crew and 12 passengers on board. At the time of writing, five people had died in the tragedy and one remained missing.
Posted: 2024-08-23
Research from Ecclesiastical has found that more than a third (35%) of high net worth clients cannot remember the last time they instructed a valuation for their art and/or collections of jewellery, watches, wines or books. The insurer urged brokers to remind clients about the importance of accurate sums insured.
Posted: 2024-08-23
Swiss Re has reported net income of £1.6bn for the first six months of 2024. This was up on the £1.4bn posted for the same period last year. Its P&C reinsurance net income for the period was £754m, up from £742m. Its combined ratio for its P&C business deteriorated from 81.8% to 84.6%. Its Corporate Solutions business posted a net income of £332m, up from £242m and a combined ratio of 88.7%, which had improved from 89.2%.
Posted: 2024-08-23
The Financial Regulation Authority has said that if insurers cannot demonstrate that their products meet FCA rules and provide fair value, it will take appropriate regulatory action. This comes after the regulator intervened earlier this year in the guaranteed asset protection market.
Posted: 2024-08-22
Specialist Risk Group has acquired Anthony James Insurance Brokers, which was founded in 2009 and supports clients across commercial, corporate, and high-net worth personal lines. Its team of 50 will remain with the business, which will continue to be led by chairman and founder, Steve Boorman, and managing director, Jacob Duckworth.
Posted: 2024-08-22
In a bid to improve market understanding of address-mapping and peril-scoring technologies, AddressCloud has launched a training programme which has been accredited by the Chartered Insurance Institute. The programme will be delivered in conjunction with JBA Risk Management and subsidence specialists Maplesky.
Posted: 2024-08-22
Claims management system provider Synergy Cloud has teamed up with no-code claims automation and customer experience platform Claim Technology to develop a joint solution for the insurer and MGA claims market. The first joint initiative will see Synergy Cloud’s livestream video capability integrated into Claim Technology’s customer self-serve chatbot.
Posted: 2024-08-21
Caravan and leisure insurance provider Compass has launched a new product for beach huts and beach chalets. The policy provides cover for damage incurred as a result of storms, floods, fire, theft, vandalism or malicious damage. It also offers public liability cover. Compass said the average price of a beach hut was currently £49,290.
Posted: 2024-08-21
Cover-More Blue Insurance Services Limited (formerly Blue Insurance Limited), has named Jason Wheelan as managing director. The firm provides travel, car hire excess, pet, and gadget insurance through a number of brands and distribution partners. Cover-More Group is part of Zurich Group.
Posted: 2024-08-21
Brokers want insurers to broaden their risk appetite and make it easier for them to place small fleet risks, according to the latest Broker Barometer survey from Direct Commercial Limited. It found that 60% of brokers reported difficulties in securing small fleet cover and that 92% wanted insurers to adopt a broader risk appetite.
Posted: 2024-08-20
Ardonagh Advisory is to acquire RK Henshall & Co, which specialises in commercial insurance and has a number of schemes in its air underwriting division. The family business was established in 1976 and is based in Sandbach, Cheshire. Directors John Henshall and Allen Simpson will remain in the business.
Posted: 2024-08-20
Travel insurance provider Gigasure has teamed up with Blink Parametric to enable its policyholders to access Blink Parametric’s real-time flight and baggage delay products through an app. Gigasure policies are underwritten by SiriusPoint.
Posted: 2024-08-20
The Broker Investment Group has upped its investment in JPM Group, which is the holding group for BEAM Insurance Solutions. The move builds on the 49% stake BIG acquired in JPM in March 2023. BEAM controls gross written premium of £14m. BIG said it wanted to grow this to £20m in the next three years.
Posted: 2024-08-19
Esure Group has said in-force policy numbers for H1 2024 were just under 2 million. This is a drop of 12.4% on the same period last year. In contrast, the group said turnover was up by 16.8% to £540m. During H1 it migrated its business to a cloud native platform and decommissioned its legacy technology.
Posted: 2024-08-19
Financial service firm MarshBerry reported 11 insurance sector M&A deals in July bringing the total for the year-to-date to 85. This is 9% lower than the previous year, although MarshBerry said it expected to see an acceleration in H2 and forecast that total numbers for the year would get close to 2023’s figure of 151.
Posted: 2024-08-19
Admiral Group has reported profit before tax of £309.8m for the six months ended 30 June 2024. This is an increase of 32% on the same period last year. Insurance revenue was up by 38% to £2.21bn and the number of UK insurance customers increased by 17% to 8.23 million.
Posted: 2024-08-16
The Financial Conduct Authority has fined Martin Sarl £5,021 and banned him from working in the financial services industry for acting without honesty and integrity. He was the only director at Perry Prowse (Insurance Consultants) Ltd, and did not pass on clients’ premiums to insurers , leaving some of them uninsured.
Posted: 2024-08-16
Aviva plc has reported a group operating profit of £875m for H1 2024, up 14% on the same period last year. The carrier said general insurance premiums were up by 15% and now topped £6bn while its undiscounted combined operating ratio was 95.4%, a slight deterioration on the 94.8% recorded last year.
Posted: 2024-08-15
Fintech multinational Acrisure has revamped the leadership team at its UK-based retail broking operation, Eleven Network. The appointments include a new chair, CEO, deputy CEO, and CFO. The appointments are subject to regulatory approval.
Posted: 2024-08-15
QBE has appointed Simon Lascelles (pictured) as its director of underwriting for marine and British marine. He has been with the carrier for a decade and is tasked with expanding the firm’s book of business in the marine market.
Posted: 2024-08-15
Hanover Re announced that H1 group income for 2024 increased by 21% in comparison to the same period last year to reach approximately £1.02bn . It said reinsurance revenue grew by 5.2% to stand at £11.05bn. The carrier said expenditures for large losses amounted to around £485m in the first half-year, a figure within the allocated and booked budget of £686m.
Posted: 2024-08-14
AM Best has removed from under review with developing implications and affirmed the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Accredited Specialty Insurance Company (Gilbert, AZ), Accredited Surety and Casualty Company, Inc. (Orlando, FL) and Accredited Insurance (Europe) Limited (Malta), collectively known as Accredited.
Posted: 2024-08-14
Average home insurance premiums moved -0.2% in July according to Pearson Ham Group’s Premium Price Index for the month. They now sit at £416, which is still 29% higher than at the same time last year. Pearson Ham said the dip may be the start of a more sustained softening in the market.
Posted: 2024-08-13
Partners& has acquired Bickley Chartered Loss Adjusters Ltd, which deals with both domestic and commercial claims, as it continues to expand its proposition and develop its loss adjusting and claims management capabilities. The move follows the acquisition of Kudos Loss Adjusters in 2021.
Posted: 2024-08-13
The Financial Conduct Authority is to add 100 people to its existing team in Leeds and increase the floorspace at its 6 Queen Street office by 5,000 square feet, an additional 35%. The regulator said the enlarged office would be operational later in the autumn. The FCA originally opened its Leeds office in 2022.
Posted: 2024-08-12
Managing general agent Gigasure, which offers travel, backpackers, car and van hire excess insurance has gone live. The business was set up by Ernesto Suarez who previously founded Halo Insurance Services. Gigasure is a member of government trade association Insurtech UK.
Posted: 2024-08-12
Legacy specialist DARAG Group has agreed to sell its North American and Bermuda business entities to the RiverStone Group. The deal is subject to regulatory approval and is expected to complete by the end of the year. DARAG said the move would allow it to focus on its European operations.
Posted: 2024-08-12
Allianz UK has reported gross written premium of £2.21bn for the first half of 2024. This is a 5.5% increase on the same period last year. The carrier said its combined operating ration had improved by 1.9 percentage points to reach 94.6%. Its operating profit for H1 was £174.8m, which was up by 55% on last year.
Posted: 2024-08-09
Beazley has announced that insurance written premiums in the six months to 30th June 2024 were approximately £2.4bn, up from the £2.3bn announced in the first half of 2023. The carrier said profit before tax increased to £572m, almost double the £287m recorded for the same period the previous year. Its undiscounted combined ratio improved to 81% from 88%.
Posted: 2024-08-09
According to the latest Pet Insurance Price Index from Pearson Ham Group, pet insurance premiums for lifetime cover rose by 1.4% in Q2, making them 12% higher than the same time last year. The rise followed a dip in Q1, which some market commentators attributed to the Competition and Markets Authority’s investigation into the market.
Posted: 2024-08-09
The Building Cost Information Service has partnered with Intelligent AI to launch the BCIS Intelligent Rebuild Cost Platform, which collates data from multiple sources to create rebuild cost reports for residential and commercial properties.
Posted: 2024-08-08
London market wholesale broker Evolin has launched a new casualty division supported by three senior hires. Kalani Settle-Rhodes has been appointed head of casualty, Shelley Leake becomes senior broker and Oliver Hitchins takes on the role of account executive. Earlier this year, Evolin rebranded from GAWS of London.
Posted: 2024-08-08
AA Underwriting Ltd has extended its partnership with data specialist Percayso Inform to enhance its capabilities across its private motor business. The move will allow AA Underwriting to access vehicle specific data to inform pricing and underwriting decisions. It builds on last year’s move to implement Percayso’s claims tool for motor.
Posted: 2024-08-08
From September, the home of England Rugby will become Allianz Stadium as part of a sponsorship deal struck by the Rugby Football Union and Allianz. The agreement will support elite men’s and women’s teams as well as providing for community clubs across England.
Posted: 2024-08-07
RSA Insurance has launched its new cloud-based broker and customer claims portal, which is powered by Guidewire. Commercial property is the first line of business to be handled via the portal with other lines scheduled for the remainder of 2024 and 2025.
Posted: 2024-08-07
Brown & Brown (Europe) Ltd has added trade credit insurance specialist CI Group Holdings Ltd to its stable in a deal that sees it acquire 100% of the firm’s share capital for an undisclosed consideration. CI Group provides credit insurance solutions for banks and other commercial lenders and offers access to debtor insurance for UK SMEs.
Posted: 2024-08-07
Paragon International Insurance Brokers, which is a subsidiary of PSC Insurance Group and focuses on professional and financial lines, has acquired UK independent broker Cox Mahon. Magon specialises in professional indemnity for solicitors and property professionals and operates from its Shrewsbury and London locations.
Posted: 2024-08-06
Loss adjusting and claims specialist QuestGates has attracted a minority stake investment from mid-market private equity firm Equistone Partners Europe. Chris Hall, QuestGates’ CEO will remain in place along with the rest of the firm’s management team and its 500-strong workforce.
Posted: 2024-08-06
Insurance technology specialist VIPR Solutions has named Chantal Dawson as its new global head of customer success. She joins from Charles Taylor, where she was strategic client relations director. Based in London she will report to CEO Paul Templar.
Posted: 2024-08-06
Gen Z newcomers to the insurance industry have identified social media, specifically TikTok, as one of the key influential media for joining the industry. Communicating climate commitments was also identified as a key way for the industry to appeal to potential new Gen Z recruits.
Posted: 2024-08-06
Insurance holding company Ambac Financial Group has announced the completion of its deal to acquire Beat Capital Partners, which is a London-based insurance underwriting and managing general agent incubation platform. The deal sees Ambac take a 60% stake in Beat.
Posted: 2024-08-05
Independent Lloyd’s intermediary Lonsdale Insurance Brokers Ltd has entered creditors’ voluntary liquidation. Neil Bennett and Alex Cadwallader, both directors of Leonard Curtis, have been appointed as joint liquidators. The firm had been trading since 1996. It was authorised by the Financial Conduct Authority.
Posted: 2024-08-05
London-based marine risk specialist Insurwave has announced a partnership with Ambrey, which focuses on maritime security risk management. The firms said the deal would give users access to enhanced threat alerts, security and risk data, and exposure management insights.
Posted: 2024-08-05
Geo Underwriting, which is part of Ardonagh Advisory, is to acquire marine insurance specialist Navigators & General which is owned by Zurich UK. Navigators & General’s Brighton-based team will join Geo Underwriting and continue to use the brand that dates back to 1921.
Posted: 2024-08-02
Alan Boswell Group has acquired Priory Insurance Brokers, which is based in Wymondham, Norfolk and operates across personal and commercial lines. The firm was established in 1973 and will continue to trade under its brand for the foreseeable future following its acquisition. It will also keep its staff and premises.
Posted: 2024-08-02
According to findings from Paymentshield’s annual Adviser Survey, less than half (49%) of financial advisers are sometimes missing opportunities to sell general insurance. This figure has fallen each year from the 61% reported in 2020 – the first year of the survey. Paymentshield said the ongoing drop reflected the growing importance of general insurance for financial advisers.
Posted: 2024-08-02
Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority hopes for a positive outcome from the Consumer Duty some 12 months since it was implemented.
Posted: 2024-08-01
Figures from the Financial Services Compensation Scheme show that it paid out a total of £423m in compensation to customers during 2023/24. This included £160m for customers of failed insurers. Publishing its annual statement, the industry body highlighted its ongoing drive to increase its internal capabilities.
Posted: 2024-08-01
Provisional insurance premium tax receipts for the first three months of the 2024/25 financial year were £2,116m, which is £236m (13%) higher than in the same period last year. This comes on top of the record IPT receipts of £8,146m generated by HMRC in 2023/24, which was £805m (11%) up on the previous year.
Posted: 2024-08-01
Sabre Insurance Group has reported gross written premium of £125.7m for the six months to 30th June 2024. This is up from the £99.5m achieved in the same period in the previous year. The motor carrier said its combined operating ratio had improved to 83.6% from 93.8%.
Posted: 2024-07-31
Data specialist Percayso Inform has signed a deal with Seopa Ltd and will provide vehicle data insights to the firm’s UK aggregators, Quotezone.co.uk and CompareNI.com. The move will give the sites access to car and van valuations at the point of sale for their personal and commercial lines products.
Posted: 2024-07-31
Howden Re has appointed Andy Foot as managing director of marine, energy and terror treaty. He joins from Aon, where he spent 22 years. He will have a particular focus on the London and US markets including the placement of consortia and blinders.
Posted: 2024-07-31
Insurtech Cover Genius, which specialises in embedded protection, has partnered with end-to-end ticketing company Future Ticketing to provide booking refund protection solutions embedded directly in their users’ websites, supporting sports fans, festival goers and live entertainment attendees across the UK and Ireland.
Posted: 2024-07-30
Markerstudy Group aims to acquire Hughes Insurance, subject to regulatory approvals. Hughes was established in 1977 and has more than 250 employees serving around 85,000 customers in the Northern Irish market. It focuses on lines including motor, home, van, travel and commercial.
Posted: 2024-07-30
Aon has reported total revenue of around £2.95bn for Q2, an 18% increase on the same period in the previous year, which includes the impact of acquisitions and organic revenue growth of 6%. It also announced that it has appointed Edmund Reese to serve as chief financial officer.
Posted: 2024-07-30
Allianz has reviewed and refreshed the wordings and limits on its motor trade products. Extended cover now provides comprehensive electric vehicle cover, greener replacements, optional pollution clean-up costs and legal expenses. Enhanced limits are now available for material damage and road risks.
Posted: 2024-07-29
BMS Group has acquired specialist re/insurance broker David Roberts & Partners after agreeing to buy the investment stake held in the intermediary by private equity form Inflexion. Established in 1977, DR&P places more than £620m worth of gross written premium and has a team of almost 400 people based in 25 UK and European offices.
Posted: 2024-07-29
Zurich Insurance Group has invested around £45m in cyber insurance provider Cowbell via Series C Funding. Cowbell said it would use the funding to scale up its operations, develop new products, enhance its cyber resilience services and strengthen its commercial partnerships.
Posted: 2024-07-29
Keoghs has launched Lauri Sonic AI technology, which enables insurers to automate the processing required for credit hire packs. Keoghs said that in-house testing during the past year had shown its technology was 24% cheaper than the Association of British Insurers’ general terms of agreement and 41% cheaper than the commercial rate.
Posted: 2024-07-26
Allianz UK has announced that Bethany Thomas will take up the newly created role of head of sustainability. The centralised position will give her control across the insurer’s commercial, personal, specialty, and central corporate functions and all its brands including Petplan and LV=.
Posted: 2024-07-26
Cowbell has teamed up with technology provider Acturis and is now offering its adaptive cyber product, Cowbell Prime One via the technology platform. The standalone cyber product is aimed at and the SME and mid-corporate market and caters for firms with a turnover of up to £1bn.
Posted: 2024-07-26
Covéa Insurance’s home IHP product is now available to brokers via technology provider Acturis’ personal lines panel. The product has an enhanced pricing model to provide brokers with the most up to date rates.
Posted: 2024-07-25
The Lloyd’s Market Association and the International Underwriting Association have come together to assist underwriters to standardise the way they ask clients for sustainability data. The new sustainability data standard is a set of 22 questions that can be incorporated into existing underwriting processes.
Posted: 2024-07-25
Independent managing general underwriter Carbon Underwriting Limited has secured principal approval from Lloyd’s for the launch of syndicate 5757, effective 1st January 2025. The new syndicate is based on a technology-first model and supports Carbon’s existing syndicate, 4747. Third party managing agent Asta will manage the new syndicate.
Posted: 2024-07-25
A large majority of consumers (84%) perceive “no improvement” in how financial providers treat them following the implementation of the FCA’s Consumer Duty one year ago. Health insurers and pension providers receive the poorest reviews from customers, with over-reliance on live chat functions (30%) and poor customer communications (28%) being the top drivers for consumer dissatisfaction, according to a survey carried out by Smart Money People.
Posted: 2024-07-24
The Connect Group has announced the launch of specialty reinsurer, Stability Re. Stability Re will provide binder capacity to Stability Risk and underwrite specialty and casualty lines including directors’ and officers’ liability, public and product liability, professional indemnity, contingency and cyber.
Posted: 2024-07-24
Travel insurer, Tifgroup, has teamed up with travel app, Air Doctor, to connect travellers to a global network of over 20,000 multi-lingual doctors and specialists worldwide.
Posted: 2024-07-23
Markel has joined forces with mea to improve underwriting processes across its international wholesale operations. mea is a GenAI-powered platform that aims to simplify insurance processes by automating activities using advanced natural language processing and machine learning techniques to extract unstructured data from submission-related documents and turn it into structured data that can be analysed and interpreted.
Posted: 2024-07-23
The Chartered Insurance Institute has announced the appointment of three new group board members, each with a responsibility to provide a membership perspective in discussions and decision making. Known as engagement board members, the three are Ben Rose, engagement board member: London Markets; Roger Jackson, engagement board member: financial planning; and Suzy Middleton, engagement board member: personal finance.
Posted: 2024-07-22
Specialist MGA and broker services platform, OneAdvent, has partnered with risk management and security services company, Solace Global Risk to develop an holistic insurance and risk management offering to clients of its A&H MGA.
Posted: 2024-07-22
For the year ending 31st March 2024, Flood Re reported a profit before tax of £23.8m and saw a 9% increase in the number of policies (288,567) ceded to the scheme. Around a third of claims submitted to Flood Re for storms Babet, Ciaran and Henk included Build Back Better provisions, although usage amongst individual insurers ranged from 4% to 56%.
Posted: 2024-07-18
Findings from the latest Confused.com Car Insurance Price Index in association with WTW show that average comprehensive car insurance premiums fell by 6% in the three months to June 2024 and now stand at £882. This follows the 5% drop registered in the previous quarter. Despite the quarterly falls, premiums still recorded an annual rise of 14% (£106).
Posted: 2024-07-18
Axa Commercial has named Gurinder Aulakh (pictured) as pricing director and Jean-Sébastien Lagacé as reinsurance director. Gurinder joins from Allianz and replaced Jo Scott, who is retiring. Jean-Sébastien, who is a qualified actuary, moves across from Axa Group.
Posted: 2024-07-18
This week, automotive servicing and repair specialist Kwik Fit began offering motor insurance from its website. The brand had re-entered the motor market last year and had been offering policies via comparison sites. The company said a positive response to its return had prompted it to offer cover on a quote and buy basis from its site.
Posted: 2024-07-17
Peter James Insurance will provide a new scheme – Ariel Owners Motorcycle Club Insurance – on an exclusive basis to members of the Ariel Owners Motorcycle Club. The club was formed in 1951 at the Ace Café. The cover includes features such as being able to ride another club member’s classic Ariel.
Posted: 2024-07-17
During the last financial year (2023/24), disgruntled travel insurance policyholders took 4,466 complaints to the Financial Ombudsman Service. This was up from the 3,745 complaints made the previous year. The only time the figure had been higher in the past 10 years was in 2020/21, when disruption caused by COVID-19 caused a spike in disputes.
Posted: 2024-07-16
The Association of Consumer Support Organisations is pushing the new Labour Government to make good on its pre-election rhetoric and investigate the private motor insurance market. ACSO said the latest figures from the Compensation Recovery Unit demonstrated the need for a fresh look at the market.
Posted: 2024-07-16
The government has begun its review into the Personal Injury Discount Rate, which is used to help calculate the amount of compensation people suffering life-changing injuries should receive. The PIDR was last set on 15th July 2019 at -0.25% in England and Wales. Scotland and Northern Ireland have their own rate.
Posted: 2024-07-16
The Motor Insurers’ Bureau has partnered with police officers from Greater Manchester, Merseyside, West Yorkshire, Cheshire, and Humberside Police to crack down on uninsured vehicles along more than 100 miles of the M62. This followed a successful multi-force collaboration on the M4 in April.
Posted: 2024-07-15
Pool Re has selected to work with Clearwater Analytics to support its investment accounting and reporting processes. Pool Re, which is the UK’s government-backed terrorism reinsurer, has around £7bn in funds.
Posted: 2024-07-15
DUAL Europe has signed a strategic partnership with VHV Allgemeine Versicherung AG, part of the VHV Group. It has also made seven senior appointments, including naming Christian W Müller as head of engineering and construction for Europe. He brings 25 years of experience to the business.
Posted: 2024-07-15
Data from the CII demonstrates that professional brokers help to minimise the gap between how consumers expect to be treated by insurers and their actual experience. It found that brokers are doing more to build consumer loyalty and confidence than price comparison sites, banks and building societies, and even insurers themselves.
Posted: 2024-07-12
Co-op insurance has launched a new product for tenants to provide cover for personal belongings. It includes accidental damage tenants’ liability cover. Market research from Co-op Insurance found that 30% of UK renters had no insurance for their belongings, even though a fifth said their value exceeded £5,000 and a third expected to be in rental accommodation for at least five years.
Posted: 2024-07-12
Commercial re/insurance software provider AdvantageGo has forged a strategic alliance with FortifyData, which specialises in providing cyber risk management solutions. The deal will see users of AdvantageGo’s Underwriting Workbench get access to cyber vulnerability and security-rating data from FortifyData.
Posted: 2024-07-12
Managing general agent Commercial Express has launched its Leisure & Park Home Product which offers cover via three schemes underwritten by SCOR, Canopius, and Ascot Group's Syndicate 1414 at Lloyd's. The product covers properties such as static caravans, log cabins and chalets.
Posted: 2024-07-11
According to research from MarshBerry, the first half of 2024 saw 71 announced insurance distribution M&A transaction deals in the UK, involving 37 unique buyers. This was slightly down on the previous year in which there were 75 deals during the same period. The deals involving personal lines businesses in H1 jumped to almost a quarter, up on a longer-term average of less than 15%.
Posted: 2024-07-11
Aviva plc has secured the necessary approvals and completed its acquisition of Probitas Holdings (Bermuda) Limited for consideration of £249m. The deal was first announced in early March and includes Probitas Managing Agency, which is the managing agent of Lloyd’s Syndicate 1492, the corporate member Probitas Corporate Capital Limited and all other subsidiaries.
Posted: 2024-07-11
Sedgwick has this week launched a sustainable damage management solution for the UK market. Following a scientific assessment of damage extent, recovery options prioritise sustainability, including a greater emphasis on restoration, more energy-efficient drying, the use of resilient repair materials and the repurposing and recycling of waste streams.
Posted: 2024-07-10
Ardonagh Advisory has acquired Rollinson Smith Insurance Brokers, a community broker servicing Shropshire, Staffordshire, West Midlands and North Wales, with additional reach throughout London and other areas of the UK.
Posted: 2024-07-10
Pet insurance pricing has returned to moderate growth, halting the reductions seen in the first quarter of the year, according to Pearson Ham Group’s latest pet insurance price index.
Posted: 2024-07-09
Seventeen Group has acquired Midlands-based Gen2 Broking, led by Jon Nottingham, Paul Masters and Paul Dudley. Gen2 controls £5M GWP and has focused on corporate clients in the Midlands region and beyond.
Posted: 2024-07-09
The National Insurance Awards are open for entries. Celebrating excellence in the field, the National Insurance Awards highlight the very best in general insurance provision and management in the UK.
Posted: 2024-07-09
AbbeyAutoline has acquired Down Insurances as part of its expansion plan to strengthen its position as Northern Ireland’s largest insurance broker. It is the second acquisition by the firm within a week, following the purchase of Lisnaskea-based Martin Carey Insurance’s customer book of business.
Posted: 2024-07-08
The insurance and financial services sector has responded to last week’s landslide general election win for Labour and the start of a new government led by Sir Keir Starmer.
Posted: 2024-07-08
Partners& has added SEP Insurance, specialists in commercial vehicle, courier, and taxi risks, to its portfolio of services for commercial clients. With locations in Bootle, Chester and Southport, the move extends the presence of Partners& across the North of England where it already operates in Bolton and Leeds.
Posted: 2024-07-05
Global broking company Brokerslink has launched a dedicated trade credit insurance practice in response to increasing demand from its network of independent brokers.
Posted: 2024-07-05
Pearson Ham Group’s latest Premium Price Index for June reveals that home insurance prices have risen on average by 34% compared to 12 months ago, following a 0.7% rise in June, as the average home insurance premium now nears £425. It means that over the past two years, competitive home insurance premiums have now increased by almost 63%.
Posted: 2024-07-04
Law firm Keoghs and insurer Hastings Direct have won the UK’s largest ever fundamental dishonesty case, putting a stop to a potential claim of £6.6m.
Posted: 2024-07-04
AbbeyAutoline has acquired Martin Carey Insurance as part of the company’s aims of strengthening its position in Northern Ireland and expanding its commercial insurance portfolio.
Posted: 2024-07-03
Digital risk processing platform Cytora has announced plans to integrate Autoaddress’ Address Capture into its underwriting productivity tool. The integration aims to enhance the firm’s address capture capabilities and improve data quality for over 250 countries, streamlining the underwriting process for insurers.
Posted: 2024-07-03
Insurance professionals believe there should be greater transparency and automation in claims processes according to a recent RDT tech poll. The research highlights a call for change within the industry, driven by rising claims costs and inefficiencies in current systems.
Posted: 2024-07-02
The Bspoke Group has announced the appointment of Adrian Ewington as managing director of the mid and high net worth specialist MGA Bspoke Private Clients.
Posted: 2024-07-02
Healthcare, security and travel risk management specialist Healix has announced the renewal of its contract with RSA Insurance for a further three years. The renewal marks the latest stage in the partnership between the two firms, in which Healix provides services for RSA’s enhanced Accident and Health (A&H) product, launched in March.
Posted: 2024-07-01
The International Underwriting Association has published details of a dedicated company market support programme for the adoption of new digital processing services in the London Market.
Posted: 2024-07-01
Atlanta Group, which is the personal lines broking business of The Ardonagh Group, has completed its merger with Markerstudy. The deal was announced in September 2023 and now serves a combined customer base of more than 8 million people.
Posted: 2024-06-28
Non-standard motor specialist Quote Detective has formed a partnership with intelligence provider Percayso Inform, which will give the provider access to credit bureau and CUE information. Quote Detective said the tie-up would enable it to better understand and cater for its specialist market.
Posted: 2024-06-28
Specialty managing general agent Optio Group has named Deepak Soni as its chief executive officer. He joins from Axa Insurance Co where he spent 9 years in a number of different roles overseeing its SME, direct-to-consumer, delegated authority, and specialty lines businesses.
Posted: 2024-06-28
American International Group, Inc has agreed to sell its global individual personal travel insurance and assistance business to Zurich Insurance Group for approximately £475m in cash and an additional earn-out consideration. The deal includes the Travel Guard business and its servicing capabilities, but excludes Japan and AIG’s joint venture arrangement in India. It also excludes travel coverages offered through AIG’s accident and health business.
Posted: 2024-06-27
Marsh McLennan has urged the re/insurance industry to increase its efforts to expand, develop and diversify its talent base. The call comes ahead of Marsh McLennan’s Rising Professionals’ Global Forum in London, which brings together more than 800 of the industry’s next generation of leading talent.
Posted: 2024-06-27
The Chartered Insurance Institute and the Association of British Insurers have both said they support the broad and non-prescriptive approach taken by the Financial Conduct Authority in relation to developing and implementing regulation to support equality, diversity and inclusion.
Posted: 2024-06-26
Commercial and consumer property and casualty re/insurer Sompo has appointed Allan Mirley as head of distribution, insurance for the UK. Based in London, he will oversee Sompo’s distribution across both the regions and the London Market. He joins from Axa XL where he was head of UK broker management.
Posted: 2024-06-26
BMS Group has named Ali Trauttmansdorff as its chief people officer with immediate effect. The firm said her appointment would support future M&A activity. She joins BMS’s executive committee and has responsibility for ensuring there are sound onboarding, integration and talent management processes in place as BMS brings new colleagues into the business.
Posted: 2024-06-26
Commercial fleet insurtech Flock has partnered Admiral Pioneer, which is part of Admiral Group and helps to seed, launch and/or scale businesses. Under the deal, Admiral Pioneer will provide Flock with support to expand its offering and support a wider range of fleet customers.
Posted: 2024-06-25
WINT Water Intelligence, which specialises in water management and leak prevention solutions has teamed up with speciality insurer HSB. Under the deal, HSB will distribute WINT’s water management solutions to customers. WINT will provide a performance warranty, backed by HSB, that pays in the event damage occurs from pipe’s monitored by WINT.
Posted: 2024-06-25
Specialty re/insurer Chaucer has appointed Hayley Spink (pictured) as group chief operating officer. She will join Chaucer in Q4 and will replace David Bendle who is retiring at the end of the year. She is currently chief operating officer at Apollo Syndicate 1969.
Posted: 2024-06-25
Private equity investor Perwyn has acquired Atec Group, which comprises digital personal lines broker Ceta and managing general agent Arkel, from Kester Capital. The group focuses on specialist home and leisure products in the UK wholesale and retail personal lines market and supports more than 340,000 policyholders.
Posted: 2024-06-24
Results from Prestige Underwriting’s Non-Standard Survey show that, across the market, 79% of brokers believe there are insufficient insurers offering capacity for non-standard business. This rises to 85% for personal lines brokers.
Posted: 2024-06-24
Seventeen Group has acquired East Pennine Insurance Consultants, which was founded in 1985 and controls gross written premium of £6.1m. The company has a team of nine and trades as Fletcher Smith in Sheffield and North East Insurance Brokers in the North East.
Posted: 2024-06-24
Managing general agent Rockstone has recruited Graham Amato, an experienced Lloyd’s and company market practitioner, to spearhead the growth of its new sports personal accident insurance product, which covers both amateurs and professionals.
Posted: 2024-06-21
Digital risk processing platform Cytora has teamed up with market intelligence and commodity pricing forecaster ChAI. The partnership will give Cytora access to price forecasts across a range of commodities – metals, energies, plastics and agricultural.
Posted: 2024-06-21
Insurtech Pikl has formed a new partnership with Prestige Underwriting, backed by Aviva, that will see it move its UK MGA capacity for vacation and short-term rentals to this new facility.
Posted: 2024-06-20
Niche commercial insurer Peach Pi has teamed up with specialist broker Practice Cover to create a bespoke scheme for healthcare and veterinary surgeries. Peach Pi is a trading style of NPA Insurance, which is owned by The National Pharmacy Association.
Posted: 2024-06-20
Premium Credit’s latest Insurance Index has found that 20% of SMEs are experiencing a growing problem with late payment of invoices. This is down on the 28% recorded last year and the 24% noted in 2022, but highlights the perennial issue late payment has on cashflow for SMEs.
Posted: 2024-06-20
Technology is making it easier to create counterfeit documents and not-for-profit fraud prevention service Cifas said that in 2023, insurers saw a 20% rise in false application cases when compared to the previous years.
Posted: 2024-06-19
Insurance provider World Nomads has launched its annual multi-trip travel insurance product in the UK and Ireland as part of an underwriting partnership with UK provider Collinson. The policy offers two levels of cover and targets independent travellers who want insurance for a wide range of sports and activities.
Posted: 2024-06-19
Matthew Hill, who took up the reins as CEO of the Chartered Insurance Institute earlier this year, has stressed the importance of value for the insurance industry – both in the products it offers and the proposition it presents to potential recruits.
Posted: 2024-06-19
Market intelligence provider Defaqto has launched Matrix 360, which seeks to provide a comprehensive view of the insurance product landscape. It will include information on product, functionality, price, service, claims, consumer feedback, marketing, and sales as well as providing users with macro data.
Posted: 2024-06-18
Howden has announced that Paul Hipson (pictured) will take up the newly create role of head of London broking, within the corporate and commercial pillar of Howden UK and Ireland. He will lead the firm’s existing London broking team, which has a focus on property, casualty and motor business.
Posted: 2024-06-18
Insurance focused Send Technology Solutions Ltd has named Chris Newton (pictured) as its new chief technology officer. He joins from Immersive Labs, where he was the vice president of engineering. Prior to that he was head of engineering at Just Eat.
Posted: 2024-06-18
AM Specialty Insurance Group has acquired US-based managing general agent Pinpoint Insurance Services, which specialises in providing excess and surplus insurance solutions. In addition, AM Speciality has established Pinpoint UK in London. Darren Powell will lead the UK operation as chief underwriting officer from September 2024.
Posted: 2024-06-17
The Financial Conduct Authority has cancelled Down Insurances Limited’s Part 4A permission. The company was initially authorised by the FCA in 2012. The regulator said it had cancelled the company’s authorisation because it had not supplied a number of obligatory returns.
Posted: 2024-06-17
Prestige Underwriting has increased the non-standard product portfolio it has on the Applied Systems platform. Brokers using the technology will now be able to access Prestige’s non-standard motor product via the platform.
Posted: 2024-06-17
Jaguar Land Rover has announced that it is investing £1m to support policing against the wave of organised criminals targeting the company’s vehicles. The move follows last year’s creation of Jaguar Insurance and Land Rover Insurance to support owners who were struggling to get affordable premiums. It has provided more than 46,000 quotes with average premiums of £183 per month.
Posted: 2024-06-14
Jensten has snapped up Hastings-based Chris Knott Insurance Consultants, which has a team of 19 and controls gross written premium of £6.1m. The firm has a focus on its niche motor scheme, which caters for classic cars and owners club vehicles.
Posted: 2024-06-14
Allianz Trade has supported an integration between musePay, the buy-now-pay-later offering from Muse Finance and Xero, which is a business platform. Businesses using the platform can now offer musePay’s buy-now-pay-later option to customers. Allianz Trade will provide credit insurance for receivables.
Posted: 2024-06-14
Pearson Ham Group’s Pet Insurance Price Index has reported that lifetime cover for the top 5 priced pet policies fell by 1% in May. On an annual basis, it means that although premiums are still 11% higher than last year, the year-on-year rate of increase is down from the peak of 21% reached in February.
Posted: 2024-06-13
Insurance technology specialist Acturis has partnered with Digital Mailing Solutions. The deal sees Acturis integrate the DMS IntriMail software solution into its platform, enabling users to send personalised mail directly from their system.
Posted: 2024-06-13
Digital risk exchange InsureX has announced that Michael Watson has joined the business as non-executive chairman. Watson is the founder and outgoing chairman of Canopius and a former member of the Council of Lloyd’s.
Posted: 2024-06-13
Allianz has announced plans to grow the engineering workforce at Allianz Engineering Inspection Services to more than 800 and to make it the biggest engineer surveyor team in the UK. It aims to do this over the coming four years.
Posted: 2024-06-12
Managing general agent HB Underwriting has launched a new product called employer protect. It is for people using local authority direct payments or NHS personal health budgets to employ a personal assistant, which means they need to provide employers’ liability insurance. The product is available via the bluescape web portal designed by Total Systems.
Posted: 2024-06-12
The Chartered Insurance Institute has teamed up with insurance innovation training provider EDII in a move to help members identify and access new education and development programmes. EDII’s Digital Mind programme has been benchmarked to align with the CII’s Professional Map, a competency framework detailing the knowledge and behaviours professionals need to succeed in their roles.
Posted: 2024-06-11
UK appointed representative network Momentum Broker Solutions has agreed to sell a 40% stake in the business to Australian broking business AUB Group Ltd. Momentum has 100 AR partners and controls around £90m in premium.
Posted: 2024-06-11
Managing general agent Devonshire UW Ltd and its affiliate Devonshire UW Europe GmbH have secured Lloyd’s approval to write business in Europe. Devonshire specialises in underwriting transactional risk solutions and it can now serve client throughout the Nordics, Germany, France, Spain, Benelux, Poland, Italy and CEE countries.
Posted: 2024-06-11
Aviva analysis has found that more than a third (35%) of its flood claims happen in June, July and August. The insurer said that July and August each accounted for 12% of total flood claims, only exceeded by December (17%).
Posted: 2024-06-10
Andy Bord (pictured) will relinquish his role as chief executive officer of Flood Re at its annual general meeting next month. Stuart Logue, the current chief financial officer will become interim CEO, effective from 18th July, while a search is conducted for a permanent successor.
Posted: 2024-06-10
Gary Whipps has been jailed for two years after pleading guilty to 39 counts of fraud by false representation at Chelmsford Crown Court. Having sourced insurance for amusement park and equipment operators, he changed premium details on the original documents of 26 clients and then kept the difference for himself - £46,125.
Posted: 2024-06-10
Allianz has launched a new three-tier home insurance product for UK customers, which is available through its website or via price comparison websites. The product offers bronze, silver and gold levels of cover.
Posted: 2024-06-07
Seventeen Group has acquired Wisemans Insurance Services Limited based in Ashford, Surrey and North West Risk Solutions based in Manchester. Wisemans is a general brokerage and Seventeen said it weas going to maintain and grow its Ashford office. North West Risk Solutions has a focus on real estate and construction.
Posted: 2024-06-07
US-based insurance holding company Ambac Financial Group has acquired a 60% controlling stake in Beat Capital Partners Limited, a London-based insurance underwriting and managing general agency incubation platform. The deal is valued at approximately £220m of which around £31m is shares of Ambac common stock.
Posted: 2024-06-07
Aviva has announced a 39% increase in the number of claims it declined for fraud in 2023. The insurer said it had identified 11,000 suspect claims with a combined worth of £116m during the year. Fraudulent motor claims for injury and vehicle damage accounted for 66% of the total.
Posted: 2024-06-07
Ardonagh Advisory has snapped up BP Insurance Brokers, which is a Blackpool-based personal lines specialist that was established in 1958. Following the deal, managing director Barry Pimlott will continue to lead the 44-strong team.
Posted: 2024-06-06
Lloyd’s has approved Crux Risk Services as a coverholder. The managing general agent specialises in delegated authority terrorism underwriting. Initial capacity is led by Chaucer and the binder broker is BMS. Crux is a client of MGA accelerator DA Strategy, which provides it with appointed representative licensing.
Posted: 2024-06-06
Polo Insurance Managers has appointed Mel Carvill (pictured) as chairman. The business is part of PoloWorks, which is a Lloyd’s and London Market services business which also includes Polo Commercial Insurance Services, Polo Managing Agency and PoloPartners. Polo Insurance Managers specialises in establishing and managing captives.
Posted: 2024-06-06
Defaqto has established an interactive portal for insurance customers. It will collect data from customers on satisfaction levels with quote and buy experiences, mid-term adjustments, claims renewals and complaints handling. It will also gather information on their likelihood to renew and recommend, their switching behaviour and their purchase preferences.
Posted: 2024-06-05
Average home insurance premiums rose 0.4% in May, in relation to the previous month and now top £420. The annual rate of increase has dropped from a peak of 42% earlier in the year to now sit at 37%. In contrast, motor premiums were down by 2.5% in May, when compared to the previous month. On an annual basis prices were up by 19%, down from a peak of 47% in Q4 2023.
Posted: 2024-06-05
HDI Global has appointed Stephanie Ogden (pictured) as CEO of HDI Global UK & Ireland. She takes up the role from Richard Taylor on 1st September. Taylor will remain with the business until the end of the year when he retires, although he is set to continue working in a consultancy role.
Posted: 2024-06-05
Prestige Underwriting has forecast that the level of financial stress among UK consumers will grow and drive an increase in the number of people who fall into the non-standard customer segment in the coming six years.
Posted: 2024-06-04
Jensten has received regulatory approval for its acquisition of Melville Burbage and Henry Seymour & Co. Melville Burbage serves more than 5,000 clients and has a focus on construction, non-profit, and professional services. Henry Seymour & Co, operating under its Salon Gold brand, caters for salons, clinics, gyms, spas, and mobile or freelance therapists.
Posted: 2024-06-04
Apollo Syndicate Management Ltd has launched the first captive Lloyd’s syndicate under the market’s revised captive syndicate model. Apollo has launched captive syndicate 1100 in partnership with a global client.
Posted: 2024-06-04
The Association of British Insurers has signed a memorandum of understanding with the Gibraltar Insurance Association as the two organisations seek to forge higher levels of mutual understanding and cooperation.
Posted: 2024-06-03
NSM Insurance Group, which is an international speciality insurance provider based in the US, has signed an agreement to buy UK-based InsurEVO, which operates AllClear Travel insurance and InsureandGo. The deal is subject to regulatory approval.
Posted: 2024-06-03
RSA has appointed Indhira Mani as its new chief data officer. She will be based in Glasgow and have responsibility for leveraging data and AI to drive innovation, enhance customer experiences, and contribute to the strategic growth of the insurer.
Posted: 2024-06-03
Consumer champion Which? has said insurers cause customers distress and inconvenience in almost two-thirds of cases in which the Financial Ombudsman Service has upheld final complaint decisions.
Posted: 2024-05-31
Ansvar Insurance has launched a new product called Care and Welfare, which is aimed at care homes, organisations offering wraparound childcare solutions, and providers of care-related services. Ansvar is part of the Benefact Group, a charity owned, international family of specialist financial services companies.
Posted: 2024-05-31
Brown & Brown (Europe) Ltd has named Carolyn Callan as chief executive officer of its UK retail sector. She joined the business last year as managing director. In addition, Stuart Grieb will take up the newly created role of chief commercial officer for the UK retail business.
Posted: 2024-05-31
MX, which is the managing general agent of Specialist Risk Group, has announced it is working on a new motorsport underwriting proposition that will be called MX Motorsport. It will underwrite all classes of motorsport business on a global basis supported by A-rated capacity.
Posted: 2024-05-30
International intermediary group Howden has partnered with software provider AutoRek to help it improve the efficiency of its back-office processes through automation. In particular, Howden said the move would help it streamline its insurance broker accounting operations.
Posted: 2024-05-30
According to the latest Direct Commercial Limited Broker Barometer, 85% of broker clients have reported delays across haulage and commercial motor claims. The research found that 53% of policyholders blamed brokers and/or insurers for the delays despite many being due to supply chain factors.
Posted: 2024-05-30
Claims services provider McLarens has promoted Jon Clark to chief operating officer. He joined the firm in 2020 and previously served as vice president of corporate development. He will be responsible for enhancing existing service areas as well as developing new ones and overseeing the company’s investment strategy.
Posted: 2024-05-29
Vessel Protect, which is Pen Underwriting’s marine war risk insurance specialist, has enhanced its underwriting capabilities with the appointment of James Kent as senior business development underwriter. In recent months, Pen has upped the war risk limits available for individual vessels and cargoes. It has also increased its presence on the Lloyd’s trading floor.
Posted: 2024-05-29
Blenheim Underwriting is looking to expand its portfolio of niche liability business through its delegated authority and reinsurance relationships. To do this, the firm has hired David Barber as a senior liability treaty underwriter on Syndicate 5886. He joins from Fortegra and previously headed up the liability division at Chaucer.
Posted: 2024-05-29
The Financial Conduct Authority has sanctioned four firms to recommence their sales of guaranteed asset protection insurance after the regulator had stepped in to demand operators in the market improved the fair value they offered.
Posted: 2024-05-28
Broker 1st Central and law firm Keoghs have worked together to successfully bring tort of deceit claims in five trials at Manchester County Court that resulted in damages awarded totalling more than £140,000, which included £60,000 in exemplary damages.
Posted: 2024-05-28
Axa has announced that it has become a partner of UEFA Women’s Euro 2025 for an undisclosed amount and will sponsor the football tournament that takes place in Switzerland from 2nd to 27th July 2025.
Posted: 2024-05-28
The Financial Services Compensation Scheme has confirmed that insurance providers and insurance distributors will not have to make a contribution towards the industry funded body for 2024/25.
Posted: 2024-05-24
Aviva has reported a 19% jump in its UK general insurance gross written premium for Q1 2024 in comparison to the same period last year. Within that, personal lines GWP rose by 27% while commercial GWP was up by 10%. The discounted combined operating ratio for Aviva’s UK insurance business was 93.9%, an improvement on the 95.1% recorded last year.
Posted: 2024-05-24
Re/insurer Canopius has announced that Andy Haste will take up the post of group chairman on 1st July this year. He will take over the role from Michael Watson, who will stand down but continue to support Canopius in an advisory capacity.
Posted: 2024-05-24
Allianz UK has welcomed Hanna Kim (pictured) to the business as chief risk officer and promoted Jason Howes to the newly created role of chief transformation officer. Both are set to take up their positions on 1st June. Kim was previously group chief risk officer at Hiscox.
Posted: 2024-05-23
US-based parametric specialist NormanMax Insurance Holdings has launched Syndicate 3939, managed by Apollo. It has begun underwriting and offers parametric re/insurance solutions globally for hurricanes, tropical cyclones, typhoons, and earthquakes to address the natural disaster protection gap.
Posted: 2024-05-23
Partners& has appointed Rebecca Merry (pictured) as managing partner for schemes. The role is effective from 1st June and stretches across all the intermediary’s schemes including photography, electrical contracting, recruitment, gyms, art and performing arts.
Posted: 2024-05-23
Embri, which offers an embedded insurance platform providing solutions for the high-end luxury retail sector, has launched. The platform enables retailers to offer customers cover in their online and in-store purchasing journeys.
Posted: 2024-05-22
Specialist insurance provider CFC has named Kate Della Mora (pictured) as its first CEO of CFC Canada. She joins from Marsh Canada. At the same time, CFC has opened its first physical office in the country, which is located in Toronto.
Posted: 2024-05-22
Flood Re is promoting flood resilience in domestic properties by exhibiting its flood resilient garden (pictured) at this week’s RHS Chelsea Flower Show. The garden is not just a temporary exhibit and after the show, it will find a permanent home at Howbery Business Park, allowing the public to explore its features and learn about flood resilience year-round.
Posted: 2024-05-22
Hedron Network has appointed Nick Jones (pictured) as a specialist consultant to support member brokers grow their business. He joins from Focus Oxford Risk Management Ltd, part of Partners&. Hedron launched its growth consultancy service in 2023 and has since engaged with almost a third of partner brokers on their growth plans.
Posted: 2024-05-21
Insurance intelligence provider Concirrus has appointed Ruth Polyblank as director of product strategy. She joins from Mastercard where she had global responsibility for identifying new insurance opportunities. At Concirrus, she will develop new solutions to meet the market’s evolving needs.
Posted: 2024-05-21
Direct Line Group has appointed Lucy Johnson as managing director of motor and Dhruv Gahlaut as chief strategy and investor relations officer. Lucy will join the business in June and Dhruv in September this year. The announcement follows the three new c-suite appointments at the beginning of May.
Posted: 2024-05-20
Swiss Re has announced it is looking for options to withdraw from its B2B2C white labelling business iptiQ. The decision follows a strategic review and the carrier said it did not have a timeframe or preferred option for its exit.
Posted: 2024-05-20
Arch Insurance has launched its specialist property owner’s insurance product on Applied Systems Europe’s commercial e-trading panel. The move means intermediaries using the Applied Epic broker management system can now quote and bind directly with the carrier.
Posted: 2024-05-20
Brown & Brown (Europe) Ltd has acquired Garratts Insurance Brokers Limited, which is a Preston-based family business that dates back to 1877, as well as the business and assets of Clacton-based BNF Insurance Services.
Posted: 2024-05-17
The Broker Investment Group has made a strategic investment in Deva Risk Group, which has four offices and 29 staff controlling gross written premium of £11m. Deva, named after the Roman word for Chester, was created in 2016 as the holding company for the buyout of Chester-based Daulby Read. It has since made four acquisitions of its own.
Posted: 2024-05-17
The British Insurance Brokers’ Association wrapped up its two-day conference in Manchester with a commitment to return to the city with the event for the next two years. In 2025, it will take place on the 14th and 15th of May. In 2026, it will be held on the 13th and 14th of May.
Posted: 2024-05-17
Addressing his first conference as CEO of the British Insurance Brokers’ Association, Graeme Trudgill told the audience at the two-day Manchester event that he wanted to drive positive change through co-operation. He called for regulatory stability and urged the industry to help close the protection gap through innovation.
Posted: 2024-05-16
Managing general agent Generation Underwriting, which is part of the WF Risk Group, has launched a digital e-trade platform to help it expand its distribution, particularly among regional brokers. The platform, built by SchemeServe, will initially offer residential and commercial property owners policies.
Posted: 2024-05-16
Ardonagh Specialty will rebrand its reinsurance business to Price Forbes Re. The new brand will apply to Inver Re in London and Bermuda and Equinox Re in the US. The move builds on the group’s work to simplify its brands in 2023 and Price Forbes will become the group’s main brand for wholesale businesses.
Posted: 2024-05-16
Arch Insurance International has launched a regional event insurance product. It provides traditional indemnity protection for cancellation, as well as a parametric option providing cover on an agreed value basis. The product is available via Arch IQ, a new quote and bind platform. Cover extension options include civil commotion, computer system failure, key person, national mourning and terrorism.
Posted: 2024-05-15
Jensten Group is to split its wholesale division. The Jensten London Market unit, headed by David Skinner, will report to the core broking trading division under Rob Organ (pictured). Jensten Underwriting, will now operate as a standalone business unit.
Posted: 2024-05-15
Non-standard property specialist Ceta Insurance, which is part of the Atec Group, has gone live on IS2’s Atlas Platform, a digital trading and distribution platform for the schemes market. The move gives Ceta more control on pricing and enables it to distribute products across multiple channels.
Posted: 2024-05-15
1st Central, which is part of First Central Insurance and Technology Group has entered the home insurance market. The buildings and contents cover is available directly or via Confused.com. It will be made available on other comparison sites in the near future.
Posted: 2024-05-14
Applied Systems has announced a 48% jump in the gross written premium traded on its commercial lines e-trading platform in the 12 months to March 2024. It said the number of brokers using its Applied Epic broker management system had increased by more than 20%.
Posted: 2024-05-14
Research commissioned by Allianz Commercial has identified inflation and the cost of living, the state of the UK economy, and cash flow as the top three threats to SMEs. The insurer also highlighted the top three specific business challenges as energy bills, competition and the late payment of invoices.
Posted: 2024-05-13
Addept Group has acquired Policywise Limited with plans to rebrand it as Addept Insurance Services and provide a range of ancillary products on a wholesale basis. Addept was established by Richard Finan, a founder and former director of Arc Legal Assistance.
Posted: 2024-05-13
Data from Premium Credit shows that 55% of SMEs are using credit to pay for their insurance cover. This is up from 51% the previous year. The research showed that 27% of firms had reduced their level of cover in the past year, slightly up on the 25% found to be cutting cover the previous year.
Posted: 2024-05-10
Pearson Ham Group has recorded a drop in pet insurance premiums in its Q1 2024 Quarterly Pet Insurance Price Index, which it linked to the investigation into the veterinary sector by the Competition and Markets Authority. While price falls were not uniform in all areas of cover, Pearson Ham said the drop in lifetime cover premiums represented a significant change in trends.
Posted: 2024-05-10
Commercial insurance platform Aurora has partnered Axa to launch a management liability policy. The product offers three heads of cover: directors and officers liability, employment practices liability and corporate legal liability.
Posted: 2024-05-10
JMG Group company Greenwood Moreland has acquired Hamilton Robertson Insurance Brokers, which has offices in Glasgow and London and includes a specialist motor division named C&A Mackie Insurance Brokers. The acquisition adds £15m of gross written premium to Greenwood Moreland.
Posted: 2024-05-09
Co-op Insurance and insurtech Urban Jungle have teamed up to launch a new renters product. It provides cover ranging from £10,000 to £50,000 for valuables against risks such as fire, weather damage or theft. Accidental damage and tenants liability cover comes as standard. Optional add-ons, include out of home cover for personal items and accidental damage caused by pets.
Posted: 2024-05-09
Broker software specialist Applied Systems Europe has expanded its collaboration with Bravo Networks to cover client money management for Applied Epic brokers. The added functionality will make it easier for brokers to comply with their regulatory responsibilities.
Posted: 2024-05-09
Insurtech Flock has teamed up with The Acorn Group to create a connected taxi fleet insurance product. It will target medium and large fleets in the private and public hire sectors and use telemetry data from vehicles to promote and reward safer driving.
Posted: 2024-05-08
Fintech specialist Acrisure has acquired two brokers in the South East. Sevenoaks-based Financial and Credit Insurance Services Ltd is a specialist credit insurance broker and surety bond expert. Global Broking Solutions is an accredited Lloyd’s broker and serves clients across Kent and East Sussex.
Posted: 2024-05-08
JMG Group has bulked up its commercial presence in the south with the acquisition of Surrey-based broker SIA Insurance. Chris Browne and Colin Duxberry established SIA in 1996 and it operates across commercial, property and motor lines from its offices in Surbiton.
Posted: 2024-05-08
Market intelligence provider Insurance DataLab has analysed data from the Financial Conduct Authority and highlighted that customers made more than 280,000 complaints about motor insurance in the second half of last year. This was up from just under 240,000 complaints for the same period the previous year.
Posted: 2024-05-07
The MIB has announced that Angus Eaton will become CEO on 1st July, taking up the position from Dominic Clayden. He joins from Hastings Group where he has spent more than four years as group chief risk officer. Clayden will remain with the MIB until the end of the year, acting as a strategic adviser.
Posted: 2024-05-07
International broker network Brokerslink has appointed Alexandra Littlejohn (pictured) to its board of directors. She is executive vice president and managing director at Alliant Retail Property and Casualty.
Posted: 2024-05-07
Direct Line Group has announced that Craig Thornton will become managing director of home and growth, Martin Milliner will become managing director of claims and Hugh Hessing will take up the position of chief operating officer. In addition, Roger Lowry becomes director of corporate affairs and Alexandra Hayes is named as chief of staff.
Posted: 2024-05-03
The latest Premium Price Index from Pearson Ham has shown that premiums for combined buildings and contents home insurance policies increased by 1.6% in April and are now 40% higher than last year. Motor premiums are 28% higher than last year, but down from a peak of 47%.
Posted: 2024-05-03
Allianz Commercial has appointed Faith Kitchen (pictured) as head of client relationships for mid-market. She joins from Ecclesiastical where she was customer segment director and prior to that had spent 16 years at Zurich. She will be responsible for building out the central discipline for mid-market case management.
Posted: 2024-05-03
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