News Analysis
UK General lost £7.4m ahead of sale
UK General Insurance lost £7.41m in its financial year before being snapped up by RCapital and Montague, Insurance Age can reveal.
What does the More Than deal mean for the future of Ardonagh and RSA?
RSA and Ardonagh have their own distinct futures ahead. Ardonagh is a private equity-backed broker growing via consolidation, and RSA is intent on sharpening focus on its commercial broking relationships. The two have struck a deal on More Than's motor…
Brokerbility teams up with Broker Insights on bespoke service for members
Brokerbility has signed up with data provider Broker Insights to deliver a bespoke platform for members, Insurance Age can reveal.
Pen adds £90m of GWP with marine MGA buy
Pen Underwriting has bought Tay River Holdings and its wholly owned marine specialist subsidiaries Vessel Protect, Trafalgar Marine Trades and BMM Ports & Terminals for an undisclosed sum.
Swinton insurer panel ‘very excited’ to work with More Than motor customers – Ian Donaldson
Ardonagh Retail’s insurer panel is ‘very excited’ about working with More Than private motor customers on renewals, according to CEO Ian Donaldson.
Double-digit growth and profit rises at Iprism after MBO
Iprism Underwriting Agency grew turnover by 15.3% to £9.44m in the year ended 30 June 2022 with profits rising even more.
Towergate targets £1.5bn after breaking through £1bn GWP barrier
Towergate achieved more than £1bn of gross written premium in 2022 for the first time ever and has set its sights on £1.5bn in just a few years, chief executive Richard Tuplin has revealed to Insurance Age.
Brokers cautious about proposals for chartered status on ‘experience’
Brokers are cautious on the Chartered Insurance Institute’s pilot proposals to allow individuals to gain chartered status based on experience.
SRIS eyes £250m GWP within two years
Specialist Risk Insurance Solutions grew gross written premium 20% last year and the £130m business is eyeing up £250m by the end of 2024, managing director Oliver Thorne told Insurance Age.
Brokers face ‘fair value’ dilemma on premium finance amid interest rate rises
Brokers are faced with a dilemma as interest rates rise. The Financial Conduct Authority’s demand for them to offer ‘fair value’ products is at the forefront of their minds when they decide how to deal with the customer. Saxon East reports.
RSA posts £65m profit for 2022
RSA has reported a pre-tax profit of £65m for 2022 swinging back from a loss in 2021.
CII trials giving chartered status on experience rather than exams
The Chartered Insurance Institute is trialling whether to give members chartered status based on experience, rather than having to sit an exam.
Zurich boosts Bristol, Southampton and Leeds in regional push
Zurich UK has opened new offices in Bristol and Leeds, as well as adding underwriting expertise in Southampton, expanding its regional network to 10, Insurance Age can reveal.
Aviva confirms start date for David Martin
David Martin will start working at Aviva as managing director of UKGI distribution & SME on 3 April, Insurance Age can reveal.
Premium Credit offering non-recourse solution for partners – Mark Coffey
Premium Credit has a non-recourse borderaux solution that remains available for interested partners, says personal lines and e-trade director Mark Coffey.
Insurers respond to broker meeting challenge and criticism
To coincide with today’s third anniversary of the UK’s first Covid-19 pandemic lockdown, Insurance Age polled providers to find out how they have sought to re-engage face to face with brokers.
Brokers call for more face-to-face interaction as insurer service improves
Three years on from the UK’s first pandemic lockdown, brokers welcomed the uptick in insurer engagement, but urged providers to do more below C-suite level.
FCA approval times worsen for new firms as overall picture improves
The Financial Conduct Authority’s approval times for new firms is worsening in 2023, according to latest data, bucking a trend that has seen improvements in key broker areas, including for approved person status and appointed representatives.
M&A slips back from 2021 record to £4bn in 2022
Imas has calculated that the value of UK general insurance distribution M&A dropped to £4bn in 2022 from £5.6bn in 2021, Insurance Age can reveal.
First Underwriting exit a broker ‘blow’ in diminishing personal lines markets
First Underwriting’s exit from standard home and motor is a 'blow', say brokers seeking markets for personal lines.
FCA opens survey on SME thresholds for FOS insurance complaints
The Financial Conduct Authority has launched a review on shifting the thresholds for SMEs to be able to refer complaints to the Financial Ombudsman Service, as it revealed there have been 1,835 insurance complaints since the rules came into force on 1…
First Underwriting exits private car and home
First Underwriting, part of Kingfisher UK Holdings, has stopped writing private car and home business, Insurance Age can reveal.
Broking Success: From banking to insurance
H&H Insurance Brokers managing director Paul Graham speaks to Sophie Locke-Cooper about how he transitioned from banking to broking, and why less regulation along with product evolution makes the sector so rewarding and exciting.
MGAs and insurers are urged to chase brokers as Consumer Duty deadline looms
Insurers and MGAs have until the end of April to ensure they have all the product reviews handed in to comply with Consumer Duty deadlines.