News Analysis
FCA not banning commission for brokers, says Sheldon Mills
The Financial Conduct Authority is not looking to ban or set commission levels, but brokers have more work to do in valuing their services, according to executive director of consumers and competition Sheldon Mills.
Could regulators stymie the growth of the fronter market in the UK?
The failure of Vesttoo in the US has only increased scrutiny on fronters in the UK. But as Saxon East discovers the emergence of Bridgehaven and continued growth of the MGAs, mean that they still have a potentially bright future.
Premfina ‘on track to disrupt’ premium finance market amid staff doubling
Premfina is ‘on track to distrupt’ the premium finance market after investment flowed into the insurtech, according to sales and marketing director Paul Trail.
Complete Cover trims losses as turnover and headcount more than halve in 2022
Complete Cover Group has confirmed cutting its headcount to 91 last year, down from 281 in 2021.
Ten Insurance swings back to profit in 2022 before Acrisure sale
Appointed representatives network Ten Insurance Services swung back to a post-tax profit of £305,789 in 2022, reversing a loss of £101,425 in 2021.
Rebranded GRP reveals loss and deal spend for takeover year
Global Risk Partners, now known as Brown & Brown Europe, spent £150m on 18 deals in the past nine months of 2022 as the sale of the consolidator completed, according to a filing at Companies House.
‘Extremely disappointed’ Alec Finch to appeal judge’s fraud verdict and damages
Alec Finch said he was ‘extremely disappointed’ and would appeal the judge’s verdict that favoured Toby Esser and his team, who claimed fraud took place when they were sold the AFL broker.
FCA flags PI concern in AR update
The Financial Conduct Authority has highlighted the need for principal firms to have compliant professional indemnity insurance to cover the activities of current and former appointed representatives.
One Call boosts policy count and profits in 2022
Doncaster-headquartered One Call Insurance Services has posted double digit increases in profits and policy count for 2022.
Hiscox names four regional managers in UK broker business reshuffle
Hiscox has appointed Chris Hanson, Darren Love, Laura Garrard and Alex Bailey as the regional managers for its UK broker business, Insurance Age can reveal.
MCE had £5.2m loss before collapse and HMRC now one of biggest creditors
Broker MCE was carrying a £5.2m Ebitda loss before its collapse, leaving HM Revenue & Customs with an estimated £828,844 claim, according to the administrator’s report.
FCA ready to swoop on ‘outliers’ amid concerns on cyber insurance
The Financial Conduct Authority has warned the cyber insurance market over its concerns on policy wordings.
SRG reveals Hamilton Leigh cost as turnover grows 21% in 2022
Specialist Risk Investments’ bill for buying motor trade specialist Hamilton Leigh in 2022 totalled £11.52m, according to a filing at Companies House.
As UK M&A targets dwindle could team hires offer consolidators a new path to growth?
An ongoing feature of the London market, there are signs team lifts and hires might soon be on the rise in the UK retail space too, writes Saxon East.
Brokers urged to educate customers looking to save costs on insurance
Brokers should educate customers keen to cut back on premium spend as to the risky consequences they could face, according to Guy Penn trading director Mark Whiteman.
Market Moves: September 2023
All the latest key personnel moves across the insurance market.
Headline makers – September 2023
The hottest stories from 1 to 31 August.
Markerstudy deal will deliver steroid like boost to Atlanta, says Donaldson
Ian Donaldson, Ardonagh Retail CEO and inbound Markerstudy Retail CEO, has hailed the proposed merger as being able to boost growth, product footprint and acquisitions but declined to be drawn on any interest in RSA’s personal lines business.
With Atlanta sold, what will Ardonagh do with the funds it pockets?
Jonathan Swift looks at Ardonagh’s recent growth, and suspects that a larger percentage of the £820m windfall from the Atlanta sale is going to be spent overseas rather than at home.
Markerstudy CEO Spencer targeting Admiral’s crown as UK’s top PL player after Atlanta deal
Markerstudy is only £301m of gross written premium away from potentially overtaking Admiral as the UK’s largest personal lines player after the £1.2bn Atlanta deal last week, according to its CEO Kevin Spencer.
Insurance sector facing FCA ‘big bombshell’ on commission model – Michael Sicsic
Insurance is facing a ‘big, big bombshell’ on commissions, as the shockwaves reverberate from the Financial Conduct Authority’s property buildings’ investigation, according to regulatory consultant Michael Sicsic.
GRP rebranded to Brown & Brown (Europe)
Global Risk Partners Limited has been rebranded to Brown & Brown (Europe) Limited, a filing at Companies House has confirmed.
News analysis: How to boost organic customer acquisition through lead generation
From specialist commercial players to mass market personal lines, lead generation has been part of the broker sales armoury for years. But with a greater focus on digital channels and data, Sian Barton explores how the practice is evolving.
Long time coming: Why the RSA deal for NIG is ‘win-win’ for Intact, DLG and brokers
‘Not In Group’ has been seen as an accurate reading of the acronym NIG for a while now. Jonathan Swift looks at why the long-mooted acquisition target might finally become the ‘Nicely Integrated Gang’ within its new home RSA.