Commercial
People Moves: 8-12 August 2022
Keeping you up to date with the latest insurance moves.
Aviva UK sees COR deteriorate and operating profit slip
Aviva UK’s combined operating ratio for H1 2022 has deteriorated to 95.6% and operating profit dropped to £159m from £169m in the same period last year.
C-Quence adds excess D&O product
Digital managing general agent C-Quence has added excess D&O to its financial lines product range.
PIB 2021 deal costs total £85.5m
PIB Group spent £85.5m in 2021 snapping up eight businesses, the broker’s annual report has revealed with revenue growing to over £230m including 9% organic growth.
GWP up but profit and COR deteriorate for Allianz Holdings
Allianz Holdings has posted a drop in profit of 42%, from £170m to £99m for the first half of 2022.
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RSA posts UK underwriting loss
RSA has revealed a £12m underwriting loss for UK business in the first six months of 2022.
Insurers flag climate change concern following UK heatwave
Insurers have pledged to focus efforts on reducing climate change and called on the industry to be better prepared for weather events.
Jensten buys MGA Origin
The Jensten Group has bought SME specialist managing general agent Origin UW for an undisclosed sum.
Clear buys GSI Commercial Services
Clear Group has bought GSI Commercial Services in its first deal to complete since Goldman Sachs invested in the broker last month.
Gallagher reports UK organic growth of 8%
Gallagher achieved 8% organic growth in the UK in the second quarter of 2022, Simon Matson EMEA CEO at the firm has confirmed.
Refinancing gives Seventeen the ammunition for deals, says Paul Anscombe
Seventeen Group has deals in the pipeline and the firepower to continue to buy after completing its refinancing with Ares Management, according to CEO Paul Anscombe.
Clear CEO sets out organic growth and acquisitions route to £675m GWP in 2025
Clear Group is targeting doubling its gross written premium by the end of 2025 through maintaining its acquisition programme and double-digit organic growth, according to CEO Mike Edgeley.
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.
Spring launches SME cyber cover
Spring Insure has launched a commercial cyber offering tailored for small and medium sized enterprises.
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.
Beazley delivers improved COR but profits down on investment returns
Beazley has reported an improved combined operating ratio of 87% for the first half of 2022, from 94% delivered in the same period last year.
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.
GRP strikes first deal after Brown & Brown takeover
Global Risk Partners has bought Maidstone-based First Insurance Solutions in its first deal since the takeover by Brown & Brown completed earlier this month.
HSB creates new commercial division
HSB UK and Ireland, part of Munch Re, has bought together its business development, customer trading and claims areas under a newly created commercial division.
Jensten buys Ravenhall Risk Solutions
The Jensten Group has acquired Leeds-based broker Ravenhall Risk Solutions for an undisclosed sum.
Attis forecasts hitting £60m GWP in 2022 and £100m by 2024
Joe Henderson-backed Attis Insurance has grown its headcount to over 100 people from 75 at the start of the year with the commercial broker predicting revenue of over £6m for 2022.
Ripe grows turnover in 2021 with profits stable
Ripe Thinking has reported a 24% rise in turnover to £23.27m for 2021.
Verlingue increases turnover for 2021
Verlingue has grown its turnover to £18.3m, a 2.3% increase on the £17.9m it posted in 2020.