Insurer
Brit-owned Ki doubles GWP in second year of trading to almost £700m
The Brit-owned algorithmically driven Lloyd’s syndicate Ki has more than doubled its gross written premium to $834.1m (£698.6m) in 2022 – its second year of trading, reporting a combined operating ratio of 99.4%.
AIG strikes MGA deal to drive expansion in high-net-worth markets
AIG has not ruled out UK and European markets following a deal with private equity-focused reinsurer Stone Point Capital to create a new managing general agency for HNW markets.
Home insurance prices fall again to new record low
The average cost of home insurance dropped to £300 in 2022, the cheapest since the Association of British Insurers started collecting data in 2012.
Brokers must priortise staff engagement as the 'great resignation' continues to bite in 2023
Brokers have stressed the need to keep staff engaged as resignations and recruitment struggles don't look to be going away any time soon. Sophie Locke-Cooper details how the post-pandemic period of reflection is still being felt today.
Broker praise leads to claims recognition for Allianz, Chubb and Ecclesiastical
Insurance consultancy, Gracechurch, has awarded its Service Quality Marque to Allianz, Chubb and Ecclesiastical.
FCA calls for firms to do more on ESG
The Financial Conduct Authority has stressed that businesses must continue to adapt their priorities to meet the changing environmental needs for a more sustainable world.
Brokers to settle ‘very little’ of £19m financial adviser claims amid latest FCA blow, legal expert says
The FCA’s hopes of getting insurers and brokers to settle £19.2m in IFA claims is in doubt, with a fresh legal challenge the latest blow to hit the regulator’s compensation scheme.
People Moves: 6 - 10 February 2023
Keep up to date with the latest personnel moves in the insurance industry.
QBE appoints Matt Lacy as director of newly formed client proposition team
QBE has created a client proposition team and appointed Matt Lacy to be its director, with immediate effect.
Zurich UK’s P&C operating profit drops to £226m in 2022
Zurich UK’s operating profit from property and casualty business fell £145m year-on-year to £226m in 2022 due to claims inflation and the impact of large losses.
Apollo partners with Moonrock on drone facility
Apollo will be providing capacity to Moonrock Drone Insurance for a facility designed to provide cover for larger commercial drone operations.
Allianz Commercial greens fleet policies in revamp
Allianz Commercial has refreshed its fleet policies to reduce repair times and prescribe the fitting of green parts.
Close Brothers Premium Finance recruits ex-Complete Cover boss Shaun Hooper as MD
Shaun Hooper has been appointed managing director at Close Brothers Premium Finance succeeding Seán Kemple who is moving to a broader CEO role.
Specialty MGA UK buys commercial forest and plantation specialist
Recently launched Specialty MGA UK has expanded through the purchase of Forest Re.
News analysis: The 1/1 reinsurance renewals – What will 2023’s ‘challenging’ reinsurance market mean for UK brokers?
The annual 1/1 reinsurance renewal season might not have been on the list of major concerns of the average UK broker at the start of 2023. But as Rachel Gordon reports it could have a sting in the tail this year when it comes to capacity shrinkage and…
EY predicts slowdown in premium growth as cost of living pressures bite
UK insurers face slowing premium income growth this year, as high inflation, cost of living pressures and a rise in borrowing costs continue to hit product demand, according to EY.
FCA urges bosses to make Consumer Duty top personal priority in Dear CEO letter
Financial Conduct Authority leader Matt Brewis has written to general insurance businesses reminding them to embed the interests of customers into their firms’ culture and purpose.
Fitch warns of ‘dire’ profitability for insurers in ‘bleak’ picture
The outlook for UK home and motor insurers’ profitability “remains pretty dire for 2023”, according to Federico Faccio, senior director of EMEA insurance at Fitch Ratings.
Aviva joins GAIN as Industry Transformer member
The Group for Autism, Insurance, Investment and Neurodiversity has welcomed Aviva as an ‘Industry Transformer’ member.
Zurich names James Nicholson as UK CCO
Zurich has named James Nicholson as UK chief claims officer with immediate effect.
Brokers call for more support to help fight insurance fraud
More than three quarters of brokers surveyed by RSA said they needed more resources in fighting fraud, which is on the rise.
People Moves: 30 January – 3 February 2023
Stay up to date with the latest recruitment news in the insurance industry.
Rates rises slowed across UK insurance towards end of 2022
The pace of rate rises across UK insurance slowed down towards the end of last year, increasing by just 4% in the fourth quarter, according to Marsh specialty and global placement data.
Sicsic Advisory urges treatment of vulnerable customers should be top priority
Associate director at Sicsic Advisory, Sue Mallender, has stressed that the treatment of vulnerable customers is seen by the Financial Conduct Authority as an integral part of how businesses should operate.