News Analysis
News analysis: Employee ownership – how does it work for brokers?
Towards the end of 2023, Thomas Carroll became the latest broker to become employee-owned. Ida Axling looks at the benefits of the model for intermediaries and how the sale of Ten to Acrisure busted one myth that they cannot be sold.
All FCA authorisation metrics out of red zone
No Financial Conduct Authority authorisation metrics were rated red in the third quarter of 2023/24, with brokers also seeing an improvement in most key areas affecting the sector.
Ardonagh Advisory targeting deal a month in 2024
Ardonagh Advisory is expecting to match its seven deals in 2023 in just the first half of this year, according to chief commercial officer Phil Bayles.
Banga commits to more Polaris developments as insurers push the boundaries on digital trading
Having just completed five years as managing director of Polaris, Vivek Banga has promised more developments from the “core and essential” digital trading offering in 2024 after £2.5m of investment last year.
Axa pulls the plug on motorbike business
Axa will stop underwriting motorbike insurance from March, Insurance Age can reveal.
Interactive insurance broker UK M&A Map 2024
In 2023, Insurance Age reported on 114 UK broker deals with Brown & Brown Europe leading the way with 21.
South West tops survey for insurance account executive pay rises
The 2024 average salary for insurance account executives is up 7.5% in the South West, the highest rise in the UK closely followed by Wales and East Anglia, according to a survey by recruitment consultants Reed.
Broker Diversity Push: Broking gender diversity in leadership stuck at 16%
The latest update to Insurance Age’s Broker Diversity Push benchmark has revealed women still only hold 16.61% of six key leadership roles in broking.
Fitch: Improving outlook for insurers but no room for complacency
The effect of “baked in” pricing improvements and easing economic headwinds gives an improving outlook for insurers this year, but will only make it less bad than 2023, according to Fitch.
Travelers steps back from Biba partner status
Travelers did not renew its partnership status with the British Insurance Brokers’ Association on 31 December 2023, but will be exhibiting at the trade body’s conference in Manchester this May.
Brown & Brown rolls out on Acturis
Brown & Brown is moving its retail platform to Acturis, Insurance Age can reveal.
The American consolidators are not done yet
Recent years have been notable for the amount of consolidation led by US-based insurance brokers. Ida Axling looks at whether these players are likely to continue doing deals at the same rate and what is driving these buying sprees.
Qmetric reveals £41m loss in run-up to sale
Policy Expert owner Qmetric lost £41.06m last financial year ahead of being bought by the Abu Dhabi Investment Authority, which has gone on to invest £35m in the business.
Waste management and recycling plant insurance – a market short on capacity
Media stories of massive premium hikes highlight issues in the waste management and recycling insurance market.
Jensten deal spend tops £70m as losses widen
Jensten’s post-tax losses worsened to £32.8m in the year ended 31 March 2023, from £21.5m the year before.
Romero boosted turnover and growth by more than 20% in run up to sale
Romero Insurance Brokers achieved a 31% rise in post-tax profits to £5.04m ahead of being snapped up by AssuredPartners.
Simply Business the template as Liz Bilney launches new broker Fuzzy Insurance
Liz Bilney, the former head of Somerset Bridge, has parked the plans for Lumun and rolled out commercial broker Fuzzy Insurance with a target of £4m gross written premium in the first year growing to 50 staff in year three.
Circle grows turnover, profits and headcount
Post tax profits at Circle 1991, the holding company for Circle Insurance Services, rose by nearly 20% in the year ended 30 April 2023 as turnover and headcount also grew.
Ardonagh kicks off 2024 with HNW deal
Ardonagh Advisory has bought private clients specialist distribution business Hoxton Risk Services in its first deal of the year, Insurance Age can reveal.
Apprenticeship and return-to-work schemes in Partners& 10-point plan
Partners& has set out a sustainability 10-point plan, part of its challenger strategy for 2024-26, which includes establishing an apprenticeship scheme and a return-to-work programme aimed at the over 50s.
Welsh broker aims to inspire others through appearance on the BBC’s The Traitors
Andrew Jenkins, commercial account executive at PG Insurance, found being on series two of the BBC’s The Traitors a surreal experience, he revealed to Insurance Age.
Reich posts flat turnover and lower profits as sale costs bite
Reich Insurance Brokers grew turnover by a ‘marginal’ 1% to £14.82m in the year of its sale to Howden.
W Denis profits slip back after record year
W Denis has posted a fall in profits and turnover for the year ended 30 June 2023, slipping back from record highs the previous year.
Caravan Guard reports profit drop
Halifax-based Caravan Guard has reported a 10.7% fall in profit after tax to £2.96m for the year ended 31 March 2023.