News Analysis
Biba welcomes Afolami as Economic Secretary to the Treasury
Biba has welcomed the appointment of Bim Afolami, and expressed hopes of a positive relationship while praising predecessor Andrew Griffith.
What does it take to be a broker NED?
Broker non-executive directors need to have excellent communication skills, bucket loads of experience, and be mindful of conflicts of interest, experts tell Ida Axling.
Romero ready to roll forward after AssuredPartners deal, says MD
Romero has found a “great” new home, and is ready to continue its growth journey under the new ownership of AssuredPartners, having doubled in size over the past five years.
MCE has £9.1m surplus to pay creditors, according to former CEO
One of the two shareholders and former CEO of failed specialist motorcycle broker MCE, Julian Edwards, has informed the administrators that he understands there to be a surplus of £9.1m that could be used to pay creditors.
Third year of institute operating losses at CII
The Chartered Insurance Institute has revealed an operating loss of £760,000 for 2022 in its institute division, where revenue and membership fell as the wider group swung back to overall profit.
Markerstudy prioritising certain business lines but denies capacity squeeze
Markerstudy has admitted prioritising certain business lines over others in the present hard market, as it denied experiencing a “capacity squeeze”.
Hedron teams up with Broker Insights
Hedron has partnered with Broker Insights in a two-pronged push on data for members, Insurance Age can reveal.
One Broker posts double-digit turnover and profit surge in run up to Jensten sale
Norwich-based One Broker has revealed achieving a 19.6% increase in turnover, and a 14.7% rise in post-tax profit ahead of its sale to Jensten.
Commercial combined rate rises slow down in Q3, according to Acturis
After almost two complete years where each quarter saw a positive movement of at least 5.0%, growth in average commercial combined premiums dropped to 4.0% in the third quarter of 2023, according to the latest Acturis Commercial Lines Index.
Brokers pledge to stop sharing building commissions and cap fees
Five top 100 UK broking groups have pledged to end sharing building insurance commissions with landlords and to cap fees. However, many others have not signed up including Gallagher UK who has refused to back the pledge in its existing version over…
Applied Net 23: Priority number one has been, is, and will be commercial – says Europe CEO Tom Needs
Achieving parity with competitors on commercial panel size, and boosting the Epic broker base to 150 in the UK, are the twin targets for Applied Systems Europe in 2024, CEO Tom Needs has confirmed.
Telematic providers becoming less competitive as capacity drops
A new report has found telematic insurance providers are becoming less competitive, accounting for just 17% of the top five motor quotes between May and August 2023. This compares with 21% the previous quarter, which particularly effects young drivers.
Applied Net 23: Power shifting to brokers, says Applied boss Taylor Rhodes
Applied Systems is picking up the pace, with brokers in the UK having grabbed more market share this year, according to CEO Taylor Rhodes.
Applied Net 23: AI to help brokers suffering from a ‘barrage’ of information requests
Applied Systems is launching first use cases of artificial intelligence on two platforms in the US on 24 October, chief product officer Anupam Gupta told Insurance Age at Applied Net 23.
RSA’s service vow to brokers one year on: Has it delivered?
In 2022, RSA published its strategic roadmap to 2025. The insurer vowed to raise service standards for brokers. Has it delivered?
Abbey boosts profits by 15% in 2022
Abbey Insurance Brokers, which trades as AbbeyAutoline, grew post-tax profit by 15.2% to £2.6m in 2022, with turnover also rising.
FCA data reveals spike in insurance skilled persons reports
The Financial Conduct Authority has revealed commissioning seven skilled person reports across the general insurance and protection sector between July and September.
Prosura makes first broker buy
Wakefield-based Prosura has struck its first deal, buying First Stop Insurance Brokers in Sheffield, Insurance Age can reveal.
Double digit profit rise at Kelliher in 2022 as turnover ticks up
Kelliher Insurance Group boosted post-tax profit by 11.5% in 2022 to £868,137.
Broker Expo 2023: Value of cyber insurance is the panel – says PIB security chief
The top value in cyber insurance is the panel on offer to clients, ahead of even the payout they might receive, according to PIB group information security officer Jason Ozin.
Broker Expo 2023: Data “armistice” to lead to greater info sharing and better decisions
Sharing data across the industry will help insurers and brokers make more informed decisions for their customers, according to panellists at Broker Expo yesterday.
Optimism among brokers as Birmingham diversifies from manufacturing into booming new industries
The insurance sector in Birmingham is full of activity and has a bright future, according to experts who work in the area, as Ida Axling discovers.
Has the FCA’s new appointed representatives regime agenda hurt the sector?
The Financial Conduct Authority’s new regime for appointed representatives came into force in December last year. It puts a fresh burden on those working in the AR sector. What has the impact been?
Patons expands into professional drivers market
Taxi specialist Patons Insurance has enlarged its portfolio, adding professional drivers to the roster as it looks to grow nearly 50% in the next three years.