News Analysis
Turnover and profit drop at Ageas Retail in 2022
Turnover at broker Ageas Retail, which includes the Ageas Direct and Rias brands, fell in 2022 to £73.27m from £76.44m the year before.
Brokers warn RSA not to lose NIG’s ‘sparkle’ in takeover as market diversity diminishes
Brokers have expressed their sadness at losing another market, but acknowledged the proposed takeover of NIG by RSA could be superb for both parties – provided the integration is handled properly.
TL Dallas posts double digit turnover and profit growth for 2022
TL Dallas Group grew turnover by 16% to £11.39m in 2022, with pre-tax profit soaring 31% to £1.33m.
Mulsanne blames poor performing schemes and inflation for latest solvency issues
Mulsanne Insurance Company has admitted speaking to its regulator the Gibraltar Financial Services Commission about solvency capital requirement issues for the second time in four years, Insurance Age can reveal.
Canadian brokers praise ‘fantastic leader’ Storah ahead of move to become Aviva UK CEO
UK and Irish insurance brokers can expect their new local Aviva CEO to be an ‘enabler’ who ’understands the importance of strong broker relationships,’ according to their counterparts in Canada.
DR&P Group confirms MGA addition in annual results
Private equity-backed broker holding company DR&P Group added a managing general agent to its roster in 2022, buying 80% of MGIC Holdings, the business has confirmed in its annual results.
Ageas posts 25% growth from ongoing UK business
Personal lines broker-focused Ageas grew its ongoing UK business by 25% in the first half of the year to €651m (£558m).
Brokers urge new Aviva boss Storah to focus on empowerment
Incoming Aviva UK & Ireland GI boss Jason Storah has the chance to build on “solid” foundations and push ahead to deliver more empowered decision-making in the regional market, according to brokers.
Turnover tops £10m at Premium Choice as profits surge in 2022
Wolverhampton-based broker Premium Choice has posted 6.5% growth in turnover for 2022 to £10.03m and rising profits, with a forecast of a further boost in 2023.
Insurers urged to help nightlife industry amid fears of a capacity crisis
With the UK nightlife insurance market dominated by one capacity provider, industry experts have called for more competition amid fears any scaling back or exit would have severe consequences on the sector.
Allianz commits to investing in local structure to support brokers
“The strength of the Allianz commercial business in the UK is without doubt our local, regional capability in those markets and the ability to deliver,” Allianz Holdings CEO Colm Holmes told Insurance Age.
Tradex capacity growing to £450m after Pollen Street deal
As part of the Pollen Street Capital acquisition, Tradex’s capacity is growing from around £100m of gross written premium to £450m, Markerstudy group chief underwriting officer Gary Humphreys told Insurance Age.
‘Disappointing’ – brokers react to Zurich personal lines broker exit plans
Brokers have expressed disappointment at Zurich’s plans to exit personal lines motor and home on broker panels.
Markerstudy investor Pollen Street gets PRA approval for Tradex deal
Markerstudy’s owner Pollen Street Capital has completed the delayed purchase of motor trade and taxi specialist insurer Tradex after getting the greenlight from the Prudential Regulation Authority, Insurance Age can reveal.
Swindle targets doubling Ardonagh UK commercial MGA in three years
Ardonagh’s UK Commercial MGA CEO Jaime Swindle is targeting doubling the size of the business in the next three years taking it into the region of £500m gross written premium.
Ardonagh’s UK commercial MGA adds ex-Aviva leader Jackman as sales director
Former director of regional brokers, strategy and propositions at Aviva, Karen Jackman, has joined Ardonagh’s UK commercial MGA as sales director, Insurance Age can reveal.
Dayinsure’s Barry Bown made Abacai group CEO after Wilson exit and job cuts
Barry Bown, boss of Abacai Technologies owned-Dayinsure, was promoted to group CEO after the departure of his predecessor Mark Wilson, Insurance Age can reveal.
Abacai CEO Mark Wilson resigns as director as DLG/M&A speculation ramps up
A trio of co-founders at private equity-backed insurtech Abacai Technologies, including former Aviva Group CEO Mark Wilson, have resigned as directors, Insurance Age can reveal.
Clear unveils 10% organic growth for 2022 and £51m broker buy costs
Clear Group grew revenue by 26% to £56.7m in 2022 driven by 10% organic growth and five acquisitions.
‘A major breakthrough’ – ChatGPT bots to revolutionise broker customer service
Ignite Insurance Systems has launched a super-advanced artificial intelligence bot to answer insurance customer queries. Technology enthusiasts believe this is the start of an AI-powered chatbot revolution in dealing with customer interactions. But this…
Clear Group adds third MGA with Profile Risk Solutions buy
Clear Group has bought specialist commercial lines managing general agent Profile Risk Solutions, trading as Profile Underwriting, adding its third MGA in a month, Insurance Age can reveal.
Somerset Bridge Group turnover flat but losses narrow in 2022
Operating profit from Somerset Bridge Group’s broking arm, which includes GoSkippy and Vavista, fell in 2022 by 18% to £2.7m.
Tysers launches division targeting global entertainment industry
Tysers has gone toe-to-toe with Howden with the launch of Tysers Live, a new division dedicated to servicing the needs of the global entertainment industry.
Gauntlet launches ‘try before you fly’ AR option
The Gauntlet Group has launched a new ‘try before you fly’ option for people looking to become an appointed representative of the network, Insurance Age can reveal.