Broker
Biba welcomes FCA’s decision on Consumer Duty timescale
The British Insurance Brokers’ Association has welcomed the decision to give firms a 12-month window to implement the requirements for the new Consumer Duty.
Clear posts 8% organic growth as 2021 deal spend revealed
Clear Group spent £17.25m on acquisitions during its 2021 financial year as the broker grew revenue to £45m from £28m in 2020.
Seventeen Group completes refinancing
Seventeen Group, the parent firm of broker James Hallam, has refinanced with Ares Management.
Brokers urged to do more on carbon neutrality
Vista Insurance Brokers CEO Gavin Ruben has encouraged the industry to up its game as the firm continues along the path to carbon neutrality.
CEO of WBN flags lack of diversity across senior broker roles
The CEO of the Worldwide Broker Network, Olga Collins, has warned of a lack of inclusion within senior roles.
Consumer Duty timeline ambitious but achievable, says FCA
The Financial Conduct Authority has explained its decision to switch from a proposed implementation period ending April 2023 to one ending July 2023 as it revealed the timetable for its new Consumer Duty regulations.
FCA confirms 12-month implementation for Consumer Duty
The Financial Conduct Authority has confirmed a 12-month implementation period for its new Consumer Duty which will come into force on 31 July 2023.
IFB flags 17% increase in number of people being added to Insurance Fraud Register
The Insurance Fraud Bureau has warned that more than 5,000 people were added to the Insurance Fraud Register in the past 12 months.
Verlingue reports £121,807 costs after cyber attack
Verlingue UK’s Companies House filing for last year has shown that an attempted cyber attack in November 2021 cost the business £121,807.
GRP achieves deal century with Woodward Markwell Insurance Brokers buy
Global Risk Partners has reached its 100th deal and purchased the GI book of Ipswich-based Woodward Markwell Insurance Brokers for an undisclosed sum.
Bill to mandate landlord insurance commission disclosure before Lords
The House of Lords is reviewing an amendment to the Leasehold Reform (Disclosure and Insurance Commissions) Bill which states that landlords should disclose any insurance commission they make to tenants.
Romero sells Booking Protect to Cover Genius
Romero Group has sold its global refund protection specialist Booking Protect to Cover Genius, the insurtech for embedded insurance.
Concern raised over low rate of conduct reporting for GI staff
GI businesses in the UK reported just 662 staff, including three senior managers, to the regulator for conduct breaches in 2021 according to a Freedom of Information request by Sicsic Advisory.
Movo buys into insurtech Durell
Movo Investment Group, the investment arm of Movo Group which includes appointed representative network Movo Partnership, has bought a 50% stake in insurtech Durell, Insurance Age can reveal.
Ripe Thinking ready to strike first buy
Ripe Thinking is gearing up to make its first acquisition having grown to more than 280,000 policyholders organically since being founded in 1997.
GRP-owned Newstead buys Crendon Insurance Brokers
Birmingham-headquartered Newstead Insurance has purchased local commercial competitor Crendon Insurance Brokers.
People Moves: 18-22 July 2022
Stay informed of the top personnel changes in insurance.
FCA warns of Borland Insurance clone
The Financial Conduct Authority has warned of a clone which is fraudulently using the logo of Assured Partners broker, Borland Insurance.
Chancellor hails planned repeal of EU financial laws
The current Chancellor of the Exchequer, Nadim Zahawi, has pledged that laws will be changed under the newly-published Financial Services and Markets Bill.
Broking Success: Targeting growth
Neal Lowe, managing director of Needham Insurance Services, tells Insurance Age about striking deals and serving local communities as the broker targets £20m of gross written premium by 2025.
FCA fails to hit target for over half of AR applications
The Financial Conduct Authority only met its processing speed target for 44.7% of appointed representative notifications in 2021/22, the watchdog has revealed.
FSB flags small firms' concerns on price of insurance
Small firms are encountering widespread problems in their dealings with the insurance market and rising premium costs, a new report has found.
Consumers rank broker knowledge equal with price
There remains an untapped well of potential clients for brokers made up of consumers valuing knowledge on a par with product price, according to the findings of exclusive research for Insurance Age.
Drop in insurance pricing complaints at FOS
The Financial Ombudsman Service has highlighted a 33.4% fall in complaints about insurance pricing in 2021/22.