Insight
People Moves: 9 – 13 January 2023
Keep up to date with the latest personnel moves in insurance.
Markerstudy takes £16m hit on its Brightside business value
Markerstudy has taken a £16m hit on the value of its Brightside business, according to the group's latest accounts.
Wayne Tonge takes on major role within PIB Group
Wayne Tonge has taken on the managing director role at PIB-owned Barbon Insurance Group, Insurance Age can reveal.
GRP buys BPW in South Wales
Global Risk Partners has made its third purchase of 2023, snapping up BPW Insurance Services in its first Welsh buy of the year.
Morton Insurance buys private hire business of Export & General Insurance Services
Morton Insurance has bought the private hire business of fellow London-based broker Export & General Insurance Services for an undisclosed sum, Insurance Age can reveal.
Imas reveals 35% drop in insurance distribution M&A in 2022
Initial analysis by Imas has detailed that mergers and acquisition deals for UK general insurance distribution firms dropped by around 35% in 2022, with fewer than 100 transactions announced versus 148 in 2021.
Allianz Commercial reports detected fraud up 11.2%
Allianz Commercial has revealed it detected £70.7m worth of insurance fraud in 2022, up 11.2% on the £63.6m uncovered the year before.
Ignite launches start-up broker accelerator with gender balance target
Ignite Insurance Systems has launched Ignition, an accelerator programme to help start-up insurance brokers create and grow their own businesses.
Shock survey results reveal broker ignorance on Consumer Duty is ‘a big concern’
The findings of a survey, which revealed that nearly half of brokers interviewed were not aware of the Financial Conduct Authority’s Consumer Duty rules, is a ‘big concern’, according to compliance experts.
FCA opens client support consultation and reiterates need for brokers to treat customers fairly
The Financial Conduct Authority has opened a consultation on protections for insurance customers in financial difficulty proposing to update guidance introduced during the Covid-19 crisis.
Jensten’s Coversure targeting 10 more franchise offices in 2023
Jensten Group has bought Coversure Kidderminster for an undisclosed amount, following on from the purchases of Coversure offices in Nottingham and Stamford last year.
TMK moves into life sciences with Intellimed product launch
Tokio Marine Kiln has launched its inaugural life sciences insurance product, Intellimed, staking a claim for a Lloyd’s market first.
Start-up broker Prosura targets £10m GWP in five years
Jon Newall’s start-up broker, Prosura, is targeting £10m of gross written premium within five years.
Thomas Carroll launches insurtech start-up TCi Futures
Thomas Carroll Insurance Brokers has launched a new insurtech company, TCi Futures.
Top 75 UK broker posts record results with near 40% organic growth
W Denis has reported a 62% leap in profits after tax to £1.83m for the year ended 30 June 2022.
JMG Group buys two brokers
JMG Group has snapped up Southampton-based Knightsure Insurance Brokers and T I Alexander Insurance Brokers in Bo’ness in two separate deals.
Amazon partner Superscript raises £45m in Series B round
UK-based insurtech Superscript has completed a £45m Series B funding round led by existing investor BHL UK, owner of Comparethemarket.
CII warned PFS members could break away amid board row
The Chartered Insurance Institute faces a walk out from Personal Finance Society members upset over disagreements at board level.
GRP delivers on MGA appetite with Nucleus buy
Global Risk Partners has bought Nucleus Underwriting, its first managing general agent acquisition since being taken over by Brown & Brown last year.
Evans stays as Biba chair for three more years
Jonathan Evans will remain as chair of the British Insurance Brokers’ Association after the organisation extended his tenure for three more years.
Rectifying historical accounting mistakes pushes AR network Ten into loss
Correcting previous errors in the accounts department caused Ten Insurance Services to record a £71,000 operating loss in 2021.
Sutton Group profit and turnover soar in run-up to Acrisure sale
Sutton Group has reported ‘best ever’ figures as turnover and profit leapt by 15% and 50% respectively ahead of being snapped up by Acrisure.
Markerstudy confirms Tradex deal
Markerstudy has confirmed it is buying Tradex Insurance Services alongside snapping up Lloyd’s broker Clegg Gifford in a move that is expected to mark it stepping back into risk-carrying underwriting.
PFS president resigns
President of the Personal Financial Society, Caroline Stuart, has resigned with immediate effect.