Insight
Deal volume up but M&A value down in 2023, says MarshBerry
The value of UK insurance distribution deals fell to £3.9bn in 2023, down 8% on the year before, despite M&A volume returning to record levels, according to MarshBerry.
Markerstudy gets CMA greenlight to complete £1.2bn Atlanta deal
The Competition & Markets Authority has cleared Markerstudy to pursue its proposed £1.2bn acquisition of Ardonagh-owned personal lines broking arm Atlanta.
Broking Success: Embracing technology
Mark Thomas, founder of Compare Insurance, is looking to harness the power of technology even further to continue the pace of 60% growth the business achieved last year.
Chaucer to enter weather insurance market with parametric BI
Chaucer has revealed plans to enter the weather insurance market, starting with a parametric product to cover non-damage business interruption.
Axa Commercial names Paul Tombs as director of SME Intermediary
Axa Commercial has appointed ex-Zurich leader Paul Tombs as director of its SME Intermediary business, starting in the summer.
Insurance M&A up in 2023 with brokers driving the change
There were 232 insurance mergers and acquisitions in the UK & Ireland last year, with broking and service providers contributing 203 of the total, according to research by FTI consulting.
NFP expands in PMI with Get Medical Plans buy
NFP has purchased Get Medical Plans, a private medical insurance intermediary, with founders Marc Benjamin and Sanjeev Mallipeddi staying to lead and manage the London-based business.
Ian Lloyd on growing Iprism and delivering for brokers as Biba’s new partner
Ian Lloyd, CEO of Iprism, has promised brokers consistency and standout service, having signed up to be the British Insurance Brokers’ Association’s high-value home insurance scheme provider.
Ageas ends DLG takeover plans after two rejections
After being rebuffed twice, Ageas has ended its pursuit of Direct Line Group, having valued the business at over £3.1bn.
Meet the MGA: Qualis
From an internal MGA within Genworth Mortgage Insurance to a subsidiary of AmTrust, Qualis managing director & CEO Roberta Brunelli explains how data helps it to predict future losses and its plans for product and capacity diversification.
Ecclesiastical grows UK & Ireland book but underwriting profit slips in 2023
Ecclesiastical Insurance upped its gross written premium in the UK and Ireland by 15.9% last year to £399.7m, but its combined operating ratio also rose to 92.1% from 87.1% in 2022.
Brunel expands into East Anglia with Liability and General Insurance Brokers buy
Brunel Insurance Brokers has bought the renewal rights to Framlingham-based Liability & General Insurance Brokers.
Momentum profit soars 60% as revenue also leaps
Momentum Broker Solutions increased profit before tax by 60% to £1.8m last year as it grew revenue to £15.23m from £11.69m in 2022.
Hiscox teams up with poet Cooper Clarke as first ‘(under)writer in residence’
Hiscox has partnered with punk poet Dr John Cooper Clarke, naming him its first ‘(under)writer in residence’ as part of a new campaign.
Clear grows Ebitda by a third
Clear Group grew its Ebitda by 33.4% to £19m, with revenue jumping to £74.7m in the year ended 31 October 2023.
Takeover target Direct Line posts £189m operating loss
Direct Line Group has revealed a £189.5m loss from ongoing operations as the sale of NIG pushed the insurer into profit for 2023.
Blog: Six months in
Consolidation in the insurance market has been running rampant despite many brokers preaching the need for independence. Just how long this pace can continue is a question I have been asking myself since I started reporting at Insurance Age almost six…
Close Brothers posts more than £1bn premium finance book
Close Brothers Group has reported “record” first half levels in its premium finance book of £1.04bn for the six months to 31 January 2024.
Kingfisher opens broking HQ in West Midlands
Kingfisher Insurance has opened its national broking headquarters in Rubery, Birmingham, housing its motor trade, commercial, and non-standard home insurance teams.
Biba appoints Julie Comer as head of compliance
The British Insurance Brokers’ Association has recruited Julie Comer from Lloyd & Whyte as head of compliance.
Sabre to ride on in motorcycle with broker deals after MCE collapse
Sabre is in discussions with larger motorcycle brokers and confident of adding two new partners towards the end of 2024 and into next year, CEO Geoff Carter told Insurance Age.
FCA to raise budget by 10.7%
The Financial Conduct Authority has set its annual funding requirement for 2024/25 at £755m, an increase of 10.7%.
Sabre posts record GWP as profits bounce back in 2023
Motor specialist Sabre grew gross written premiums by 31% to £225.1m last year and improved its combined operating ratio to 86.3% from 93.4%.
Broker worries bubbling up on Ageas-Direct Line but one hope trumps all
Brokers have raised concerns about the impact on the sector if Ageas snaps up Direct Line but expressed confidence in the potential buyer’s management should a deal come to pass.