Articles by Rosie Simms
FSCS broker compensation costs fall to £600,000
The total general insurance distribution compensation costs the Financial Services Compensation Scheme paid out dropped to £600,000 in the year ended 31 March 2024, from £2m the year prior.
Aviva grows its presence in Glasgow
Aviva is moving its trading offices in Glasgow’s city centre financial district to accommodate 26 employees and serve as a base for its mid-market, distribution, schemes and GCS teams.
Axa boss Foley eyes midmarket space
Tara Foley, CEO of Axa UK and Ireland, told Insurance Age the insurer was looking to enter the “white space” between Axa and Axa XL.
Brown & Brown makes ‘first significant’ European retail investment outside UK & Ireland
Brown & Brown has signed up to buy Netherlands firm Quintes Holding from Aquiline Capital Partners as it moves forwards with its European retail push.
BMS buys DR&P as Inflexion exits
European mid-market private equity house Inflexion has agreed to sell its investment in David Roberts & Partners to BMS Group, having first taken a stake in 2021.
Gallagher holds steady on organic growth in Q2
Gallagher achieved 7% organic revenue growth in its UK and Ireland retail division in the second quarter of 2024, up from 6% in Q1.
Allianz updates motor trade product
Allianz has refreshed its motor trade product with the aim of reflecting the evolving needs of its customers and the technological changes that are affecting the sector.
People Moves: 22 – 26 July 2024
Keep up to date with the latest insurance personnel moves.
Cyber outage insured losses estimated at up to $1.5bn
CyberCube has estimated preliminary global insured losses for the standalone cyber insurance market from the CrowdStrike IT outage last week at between $400m (£310m) and $1.5bn (£1.16bn).
Ghost broker sentenced for £17,000 Instagram insurance scam
Wahidullah Usmani, 22, of Prayle Grove, Cricklewood, has been sentenced to 24 months’ imprisonment, suspended for 24 months, for making £17,618 by selling invalid car insurance policies on Instagram.
Which? finds 48% of people making claims experience at least one problem
Which? has called on the Financial Conduct Authority to take tough action against firms over claims handling failures, arguing consumers are suffering from “significant harm”.
IFB warns of increasing danger as ghost broking rises 6%
UK insurers reported a 6% rise in ghost broking activity on social media last year, according to the Insurance Fraud Bureau as it warned the threat of people being duped would continue to increase with the growth of financial strain.
SRG adds second acquisition to its MGA this year
Specialist Risk Group has agreed to buy Trilogy Underwriting, a specialist property and casualty managing general agent, to add to its MX underwriting pillar.
OneAdvent partners with Bridgehaven in capacity deal
OneAdvent has struck a deal with Bridghaven Specialty UK that will see the hybrid fronting insurer provide A-rated capacity to managing general agent Criterion to underwrite waste management and recycling risks.
Bexhill UK partners with Acturis on premium finance
Bexhill UK and Acturis have partnered in a full API integration of Bexhill’s premium finance system and Acturis’s insurance broking system.
CII adds SEIB CEO Middleton to board
The Chartered Insurance Institute has appointed Suzy Middleton, CEO of SEIB Insurance Brokers, to engagement board member of personal finance, along with two other selections.
Ex-APPG chair and MP Craig Tracey looking forward to new challenge
Former insurance broker and MP Craig Tracey told Insurance Age he was not looking to make a “snap decision” on his future after losing his seat in the general election.
Broking Success: Fiercely independent
Paul Wadsworth, managing director of FR Ball, is looking to grow the business to £24m gross written premiums as it aims to offer soft landings for acquisitions.
People Moves: 15 – 19 July 2024
Keep up to date with the latest insurance industry personnel moves.
JMG expands presence in Kent
The JMG Group has acquired the general business insurance division of the Howe Maxted Group, its eight deal of the year.
Flood Re sees record claims of £241.6m
Flood Re’s gross claims jumped to £241.6m in the past financial year from £45.9m in 2023.
Car premiums drop for second quarter in a row
Comprehensive car insurance premiums fell by 6% (£59) between April and June 2024, the second quarter of decreases according to the latest research by Confused/WTW.
QBE unveils QCyberProtect
QBE Insurance has launched QCyberProtect, describing it as a comprehensive and globally consistent cyber policy designed to enhance cyber resilience for a range of clients worldwide.
Gallagher boss: Whether fronter or insurer, MGAs need ‘certainty of capacity’
In the head-to-head Fronting Insurers Vs Traditional Insurers session at the Managing General Agents Association conference last week, Martyn Glover, partner at Gallagher Re, stated MGAs need certainty of capacity.