Axa has cited doubt concerning the ability of some smaller brokers to comply with Financial Services Authority (FSA) regulation as one of the reasons for merging its Spirit Underwriting unit with its direct commercial operation in Glasgow.
The move, which forms part of the insurer's review of its commercial operations, stems from concerns within the organisation that a significant percentage of smaller brokers would not be FSA compliant.
An Axa spokesman said the company anticipated that the n
- Swinton puts 268 people at risk of redundancy
- Steve Lewis confident RSA UK will “bounce back” in 2018
- RSA UK reports falling profits in 2017
- Amanda Blanc “exceptionally pleased” with UK & Ireland performance
- Axa UK & Ireland COR improves to 96.3% for 2017
- Biba, ABI and Lloyd’s join InsurTech Board
- Blog: Building an MGA is not for the faint-hearted