Insight
Brokers call for more face-to-face interaction as insurer service improves
Three years on from the UK’s first pandemic lockdown, brokers welcomed the uptick in insurer engagement, but urged providers to do more below C-suite level.
Castleacre buys private client insurance broker Merritt
Castleacre has bought Merritt Insurance Services for an undisclosed sum.
Hagerty launches private client service
Hagerty, a car insurance provider, has launched its private client service, which can be sold through brokers who have customers with a vehicle, or vehicles, worth £250,000 or more.
FCA approval times worsen for new firms as overall picture improves
The Financial Conduct Authority’s approval times for new firms is worsening in 2023, according to latest data, bucking a trend that has seen improvements in key broker areas, including for approved person status and appointed representatives.
UK insurance protection gap improved to 17% in 2022, Swiss Re says
The UK was hit by $900m (£732.6m) of economic losses from natural catastrophes such as storms and flooding in 2022, with insurance covering $800m of the total, according to Swiss Re.
M&A slips back from 2021 record to £4bn in 2022
Imas has calculated that the value of UK general insurance distribution M&A dropped to £4bn in 2022 from £5.6bn in 2021, Insurance Age can reveal.
Burns & Wilcox looks towards M&As, recruitment and online SMEs to bolster growth
The managing general agent and underwriting business has plans to expand its team, and is open to mergers and acquisitions as a tool for growth during 2023.
Crawford & Co launches automated livestock claims system
Crawford & Company has launched an automated claims settlement system for the UK livestock market, which is available to brokers, insurers and policyholders.
Ex-Applied Systems leader Joe Sultana joins digital schemes firm IS2
Joe Sultana, former chief operating officer at Applied Systems Europe, has joined digital trading and distribution platform for the schemes market IS2 as commercial director.
Insurers face £219m bill as heatwave drives surge in subsidence claims
The record-breaking heatwave in summer 2022 has led to an increase in subsidence claim payouts, according to figures from the Association of British Insurers.
FOS compensation limit hiked to £415,000
The Financial Conduct Authority has raised the limit on complaints awards that the Financial Ombudsman Service can dish out to £415,000.
First Underwriting exit a broker ‘blow’ in diminishing personal lines markets
First Underwriting’s exit from standard home and motor is a 'blow', say brokers seeking markets for personal lines.
FCA opens survey on SME thresholds for FOS insurance complaints
The Financial Conduct Authority has launched a review on shifting the thresholds for SMEs to be able to refer complaints to the Financial Ombudsman Service, as it revealed there have been 1,835 insurance complaints since the rules came into force on 1…
Hiscox UK launches underwriting academy
Hiscox UK has launched its underwriting academy following a successful pilot in the fourth quarter of 2022.
Chaucer warns on underinsurance with construction costs at record highs
With rebuild costs 10.4% higher than a year ago, an average property insurance policy set to cover £1m could now be short for the full rebuild value, Chaucer has warned.
Ecclesiastical sells SEIB to Lloyd & Whyte
Ecclesiastical Insurance has sold SEIB Insurance Brokers to associated business Lloyd & Whyte for £45.2m, the insurer has confirmed.
Ecclesiastical UK & Ireland COR stable as investment losses drive group deficit in 2022
Ecclesiastical Insurance grew gross written premiums in the UK and Ireland by 16% in 2022 to £344.8m, the provider has revealed.
People Moves: 13–17 March 2023
Stay in the loop with the most recent insurance personnel moves.
Axa hails importance of face-to-face meetings as it seeks to be more visible
Distribution and trading director Sarah Mallaby claims Axa UK has seen an improvement in broker engagement, as it focuses on face-to-face trading complemented by an investment in digital products and support.
Lloyd’s reveals market increases in female and ethnic minority leadership
Lloyd’s has reported a two percentage points increase in the proportion of women in leadership roles to 32%, as it targets reaching 35% by year-end.
First Underwriting exits private car and home
First Underwriting, part of Kingfisher UK Holdings, has stopped writing private car and home business, Insurance Age can reveal.
Intangic MGA launches with Axa XL-backed cyber parametric policy
Intangic MGA has launched with backing from Axa XL, offering parametric cyber insurance for large public corporations headquartered in the UK.
James Kent promoted to group role with Tom Wakefield named Gallagher Re CEO
Gallagher has promoted James Kent to CEO of global insurance strategic relationships, with Tom Wakefield succeeding him as CEO of Gallagher Re after a transition period.
Gallagher boosts education practice with FE Protect purchase
Gallagher has struck its first UK deal of the year – buying Liverpool-based FE Protect, which specialises in the education sector with a particular focus on further education.
