Insight
Under 20% of firms meet FCA expectations on attestation records
Only 11 out of 66 firms in the Financial Conduct Authority’s general insurance pricing review provided attestation records that met the regulator’s expectations.
Gallagher calculates 40% of commercial properties underinsured
Gallagher has assessed that two in five commercial properties in the UK are currently underinsured with the problem hitting a record high.
Increase in scamming methods as ransomware frequency decreases- CFC’s Lindsay Nelson
Cyber development leader at CFC Underwriting, Lindsey Nelson, has warned the insurance industry not to ignore other ways of scamming as ransomware decreases in frequency yet still dominates the headlines.
Turnover tops £20m at Alan Boswell after reshuffle
Alan Boswell Insurance Brokers has posted a 50% leap in turnover to £20.75m in the year to 31 March 2022 after a re-organisation brought two sister-companies into the firm.
Ardonagh buys £20m GWP PI specialist broker
Ardonagh Advisory has added to its professional indemnity portfolio buying The Professional Broking Group which trades as The Professional Indemnity Company.
People Moves: 28 November - 2 December 2022
Stay updated with the latest personnel moves in insurance.
Residential property specialist Deacon rebranded to Gallagher
Specialist residential property broking business, Deacon, will be rebranded as Gallagher on 5 December, the consolidator has confirmed.
A system to categorise cyber incidents in the pipeline - CFC head Burns
At the CFC Cyber Forum yesterday, James Burns, head of cyber at CFC, revealed plans to categorise cyber incidents, just like weather events, to determine the impact of each incident and to help insurers and brokers regulate the severity of subsequent…
Zurich UK names new head of UK commercial insurance
Zurich has announced Frank Streidl as the new UK head of commercial insurance, starting his position from 1 January 2023.
One Broker buys Uttings Insurance Brokers
East Anglia’s One Broker Group has bought Uttings Insurance Brokers in Norfolk for an undisclosed sum.
CII gender pay gap spikes to 21.19%
The Chartered Insurance Institute Group has reported a mean average gender pay gap of 21.19%, up from 14.81% in 2021, alongside an improved ethnicity pay gap of 13.1%.
Aviva’s Yabantu: Work to be done, but underinsurance message is cutting through
Aviva’s new director of mid market, schemes & regional speciality Michael Yabantu, believes that its efforts to raise the profile of the underinsurance issue are getting through to brokers and end-customers.
Ghost broking still a major problem as Aviva’s application fraud rises 16%
Aviva’s application fraud is on the rise, with ghost broking making up 15% of all policy fraud.
Allianz Commercial launches new programme in bid to support independent brokers
Allianz Commercial has launched an Accelerator programme to support independent brokers and has revealed plans to recruit 30 underwriters.
PIB buys health and safety specialists Emprocom
PIB Group has bought Lincolnshire-based health and safety specialists Emprocom to add to its risk management division.
IFAs who mis-sold pensions to steel workers fear insurers will reject PI claims
Financial advisers who mis-sold pensions to British Steel workers ‘are concerned that their professional indemnity insurance may not respond to claims’, it has emerged in a regulatory update.
Qlaims launches ATE service
Qlaims has extended its claims assistance to provide after the event services to its brokers.
Freedom Service Group reveals permanent 4-day work week
Freedom Service Group has revealed that its four-day week pilot was a success and the offering will be introduced permanently from January 2023.
FCA launches phase two of enhanced oversight programme for newly authorised firms
The Financial Conduct Authority has confirmed the start of phase two in its Early and High Growth Oversight programme and an expansion to feature 300 firms.
Fitch warns of deteriorating outlook for UK insurers
Fitch Ratings has delivered a split forecast for 2023 with the outlook for company market insurers deteriorating while London Market players have a ‘neutral’ ranking.
Tysers appoints former Chubb and Ace boss Andrew Kendrick as chair
Tysers Insurance Brokers has appointed Andrew Kendrick as non-executive chair, effective 1 December.
FCA sinking 'into a quicksand’ – brokers react to latest threat on fair value
The Financial Conduct Authority is sinking 'into a quicksand’ as it ups the ante over insurance firms failing to offer customers fair value.
Insurers face fresh broker scrutiny on fair value amid latest FCA data
Brokers have been told the Financial Conduct Authority’s latest release of fair value data raises searching questions over whether their insurer partners are offering fair value.
GRP hails ‘biggest deal’ since Brown & Brown investment
Global Risk Partners has bought Flint Insurance for an undisclosed sum, hailing it as the biggest deal since the Brown & Brown takeover.