PRA fines Direct Line underwriter £10.6m
The Prudential Regulation Authority has fined UK Insurance Limited, a subsidiary and principal underwriter of Direct Line Group and now part of Aviva, £10.625m for a miscalculation of its Solvency II balance sheet during 2023 and 2024.
The PRA, part of the Bank of England, noted this led to UKI overstating its solvency to the authority and to the market.
According to the PRA, the miscalculation came from “ineffective preventative and detective controls and resourcing issues in its finance and actuarial functions”.
RelatedAviva to keep Direct Line for BusinessAviva, which partially exited direct SME commercial business in 2024, is keeping Direct Line for Business and does not view it as a challenger to brokers, Jason Storah, CEO
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
FCA warns on fake letters
The Financial Conduct Authority has warned of fake letters claiming to be from deputy CEO Sarah Pritchard and referencing a fake FCA employee.
Ex-Marsh UK CEO Lay joins Ardonagh
Ardonagh has added former Marsh UK CEO Chris Lay as operating partner of Ardonagh Capital Partners, joining the group executive and working across the firm’s portfolio of companies.
Ripe gears up for growth more than doubling Greater Manchester office footprint
Digital managing general agent Ripe has upgraded from a 60 seat office to a larger workspace that can accommodate 150 staff, reinforcing its commitment to Greater Manchester.
Biba 2026 Countdown: Granite’s Alistair Rose
The countdown has started and in a month’s time it will be day two of Biba 2026. Alistair Rose, managing director at Granite, pitches quality over quantity when it comes to Biba Conference interactions, not least during the more chilled out Thursday when the vibes allow time for deeper connections.
Flock moves into haulage fleet with Admiral backing
Flock has launched a haulage fleet product in its first market expansion since Admiral Group signed up to buy the data-driven fleet insurance specialist.
Canopius unveils Manchester office as its second largest
Canopius has opened a permanent office in Manchester marking its second largest location after London.
Pool Re seeks to boost take-up of terrorism cover by SMEs with new scheme
Pool Re has launched a new incentive scheme for its members, aimed at increasing the uptake of terrorism insurance cover among SMEs as it highlighted only around 4% of the sector has cover in place.
Aviva refreshes PI cover offering brokers flexibility
Aviva has refreshed its digitally traded professional indemnity product as it launches the proposition on Fast Trade and Acturis.