Insight
Lloyd’s joins Biba as a partner
Lloyd’s has become the 21st partner of the British Insurance Brokers’ Association.
Ecclesiastical urges brokers to help HNW clients protect their home offices
Ecclesiastical has warned that with rising inflation and the cost of living crisis, wealthy individuals and their home offices are prime targets for criminals, and has urged brokers to speak with clients about how best to protect themselves.
Cowbell enters UK cyber market targeting SME brokers
US cyber specialist Cowbell has entered the UK market with plans to sell its products exclusively through brokers.
Markerstudy chief outlines challenges over salary expectations and broker telematics
Mike Wall, Markerstudy head of non-standard, described the challenges facing its telematics brand Smart Driver Club Insurance in a very competitive market.
PFS launches independent governance review amid “current challenges” with CII
The Personal Finance Society revealed an independent governance review just months after the Chartered Insurance Institute seized control of its board.
Ex-Marsh Commercial leader David Bruce joins Acrisure
David Bruce joined Acrisure as chief operating officer and network CEO, Insurance Age can reveal.
People Moves: 3 – 6 April 2023
Stay in the loop with the latest insurance personnel moves.
FCA proposes 10.4% hike to broker fees block
The Financial Conduct Authority is poised to raise fees for the general insurance mediation pot where brokers sit to £34.7m for 2023 to 2024, as its budget rises to £684.2m, including a £5.3m Consumer Duty cost.
The Needham Group buys PJ Insurance Brokers
The Needham Group has bought PJ Insurance Brokers, adding £2.5m gross written premium to the firm and taking its GWP total to more than £12m.
ABI names Mervyn Skeet director of general insurance policy
The Association of British Insurers has confirmed Mervyn Skeet as director of general insurance policy having held the post on an interim basis since December 2022.
Pen Underwriting CEO eyes more M&A to get closer to £1bn GWP target
Pen Underwriting CEO Tom Downey claims the business is on track to hit its £1bn GWP target within three years - and that it will reach it by both diversifying and building on what it has already got.
Saga reports stable broking results as it pushes on with Acromas sale
Saga is targeting the sale of its underwriting business, Acromas Insurance, in the second half of this year – but arranged a loan in case a deal does not go through.
Biba launches computer insurance scheme
The British Insurance Brokers’ Association has launched a new computer scheme, provided by specialist insurer HSB, to help protect computer hardware and portable equipment.
Spring Insure looks to court brokers in UK professional indemnity launch
Managing general agent Spring Insure has launched a commercial professional indemnity product in the UK and Ireland with backing from a new capacity provider.
GRP’s NE hub Castle buys M R Lonsdale
Castle Insurance Services has made its first acquisition since becoming the North-East hub of Global Risk Partners in May 2022 by swooping for fellow Durham-based broker M R Lonsdale.
UK General lost £7.4m ahead of sale
UK General Insurance lost £7.41m in its financial year before being snapped up by RCapital and Montague, Insurance Age can reveal.
Brokerbility teams up with Broker Insights on bespoke service for members
Brokerbility has signed up with data provider Broker Insights to deliver a bespoke platform for members, Insurance Age can reveal.
Nadia Côté to lead Allianz Commercial in UK
Allianz Group named Nadia Côté as commercial managing director UK, effective 1 May.
Bruce Stevenson reveals growth and plans for Hogg to succeed Bruce as CEO
Howden-owned Bruce Stevenson has reported a 30% increase in turnover to £11.7m with profits up 33% to £3.9m and revealed CEO succession plans.
Broker Diversity Push: Improved broking gender diversity across the leadership board in latest FOI data
New data from a Freedom of Information request to the Financial Conduct Authority has revealed an improvement in the shift to more gender diversity in broking leadership, although the figures remain stark.
Pen adds £90m of GWP with marine MGA buy
Pen Underwriting has bought Tay River Holdings and its wholly owned marine specialist subsidiaries Vessel Protect, Trafalgar Marine Trades and BMM Ports & Terminals for an undisclosed sum.
Esure posts £29.1m loss as tough market conditions bite
Esure chief executive David McMillan explained the swing from a £7.7m post-tax profit in 2021 to a £29.1m loss in 2022 as being caused by significant claims inflation, increased weather-related home claims and a weak pricing environment.
The FCA: 10 years on has it been a success, failure – or somewhere in between?
On 1 April 2013 insurance brokers faced a new regulatory dawn as the baton passed from the Financial Services Authority to the Financial Conduct Authority. Insurance Age canvassed opinion throughout the market to find out views on how the first decade…
Double-digit growth and profit rises at Iprism after MBO
Iprism Underwriting Agency grew turnover by 15.3% to £9.44m in the year ended 30 June 2022 with profits rising even more.