Broker
AssuredPartners expands into Wales with LT Insurance buy
AssuredPartners has added to its UK footprint buying South Wales-based LT Insurance Services.
Clear spending tops £100m in 2023
Clear spent £102.4m snapping up 10 businesses in the year ended 31 October 2023, the most in its history and around double the year before.
Ardonagh completes Westfield Insurance purchase
Ardonagh Advisory has completed its deal for Westfield Insurance having announced plans to buy the broker in December 2023.
FCA adds four more S166s to sector
The Financial Conduct Authority has slapped the general insurance and protection sector with another four skilled person reports as the crackdown continues.
Ex-Marsh and Aon COO joins Thomas Carroll
The former chief operating officer of Aon’s UK retail business, David Whittaker, has joined Thomas Carroll Group in the same role.
Bissell & Partners adds Lloyd’s broker status to offering
Bissell & Partners has been authorised as an independent boutique Lloyd’s insurance broker.
Jensten buys hair and beauty specialist Henry Seymour & Co
Jensten has bolstered its schemes offering by buying Henry Seymour & Co, adding 66,000 policyholders to the business.
TBIG ups stake in PHP Insurance to 80%
The Broker Investment Group has increased its investment in Macclesfield-based chartered insurance broker PHP Insurance to 80%.
Applied updates on commercial push
Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.
GIC completes Miller deal
Institutional investor GIC has completed the takeover of Miller, buying out previous co-investor private equity house Cinven.
People Moves: 25 – 28 March 2024
Keep up to date on the latest personnel changes in insurance.
Lloyd’s reports £10.7bn pre-tax profit for 2023
Lloyd’s swung back into the black in 2023 with £10.7bn of pre-tax profit reversing a red ink loss of £800m the year before.
Ajay Mistry launches insurance broker
Ajay Mistry has launched Mode Insurance to provide flexible cover for self-employed and freelance creatives, as well as small businesses in the creative sector.
Ardonagh boosts adjusted Ebitda by a third to $649.6m
Income at Ardonagh rose 29.1% last year to $1.99bn (£1.59bn) on the back of organic growth and 67 acquisitions.
Nine ghost broker actions in police counter-fraud Operation Henhouse
Police officers from the Insurance Fraud Enforcement Department have served nine cease and desist notices over a two-week period to help tackle ghost brokers.
Motor MGA KGM adds Ciaran Astin as managing director
Ciaran Astin has joined specialist motor managing general agent KGM as managing director, succeeding interim CEO Paul Kneafsey.
New MGA aims to combat broker frustrations with PI
A new managing general agent has launched targeting mid-market SME professional indemnity business.
MarshBerry: Deal pricing to stay strong in 2024 but unlikely to go higher
Competition among consolidators supported insurance distribution deal prices in 2023 with ongoing demand likely to keep it robust this year, M&A specialist MarshBerry has calculated.
Law firm closures due to lack of PI slows down
A total of 34 law firms closed due to lack of professional indemnity insurance in 2022/23 up to the end of October, the lowest level since 2018/19.
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.
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.