News Analysis
‘Massive blow’ for UK insurtechs averted as key bank is rescued
The Financial Conduct Authority has moved to reassure customers of their rights following the rescue of Silicon Valley Bank.
Meet the MGA: Qlaims
Now its fourth year of trading, Qlaims CEO Liz Latter outlines her mission to make loss recovery insurance a mainstream product and for her MGA to be the “go to” provider for customer facing claims solutions
Rocketing commercial premiums piles pressure on SMEs
Recent figures from Acturis show that commercial insurers are continuing to increase the cost of cover across a range of core sectors.
Open GI sale not a cause for concern, say users
Treasurer of Open GI User Group, Mark Sollis, has told Insurance Age that the potential sale of the software house by its majority shareholder is not a cause for concern.
Hiscox “on the front foot” with brokers, says CEO Aki Hussain
Group CEO of Hiscox, Aki Hussain, has forecast further UK commercial growth, and a return to expansion in personal lines at the insurer in 2023.
BoE warns of 20% hike in insurer failure risk from Solvency II reforms
The governor of the Bank of England, Andrew Bailey, has warned that proposed Solvency II reforms to loosen capital requirements will increase the risk of life insurer failure by 20%.
Thin end of the wedge – Could an FCA property commissions crackdown extend to all SME products?
Could the government’s plan to ban insurance commissions being taken by landlords, managing agents and freeholders on buildings insurance be extended to other lines? Saxon East looks at what might happen if this proves to be the start of something more…
The runners and riders in the Open GI sale
Open GI is reportedly up for sale, with private equity shareholder Montagu wanting to exit. Who are the likely new investors?
Turnover down but profit up at Open GI for 2022
Open GI has posted a fall in revenue for the third year in a row in its results for the year ended 31 May 2022.
Long awaited regulator D&I consultation due in first half of 2023
Financial regulators have set a target of the first half of 2023 to publish the repeatedly delayed consultation paper on improving diversity and inclusion across the financial sector, a year behind the original plan.
Code released to ease crisis in affordable premiums for tower block residents
The British Insurance Brokers’ Association and the Association of British Insurers have released a code for capturing risk information, one of the first steps in solving the crisis in affordable premiums for residents in tower blocks, Insurance Age can…
Polaris’s imarket hits new high with £322m premium in 2022
The number of policies traded on imarket, which connects broker software platforms to insurer systems for the placement of commercial lines, hit a record 497,883 in 2022, Polaris has revealed.
Howden to become broking powerhouse in the North after Reich buy
Reich will add bolt-on acquisitions, becoming the Northern hub for Howden’s expansion into the region, according to Aston Lark CEO Peter Blanc.
Bravo unveils ‘biggest transformation’ in broker network trading for two decades
Bravo has hailed its latest launch as “the biggest transformation” to how broker networks add value for members in the past 20 years.
Howden buys Reich
Howden has bought Reich Group for an undisclosed sum, Insurance Age can reveal.
Profits and turnover up at Reich in 2022
Reich Insurance Brokers increased revenue organically by 10.4% to £14.68m in the year to 31 March 2022.
Accredited Europe looks to partner with UK MGAs as premium nears £500m
Randall and Quilter’s European program arm, the capacity backer of Policy Expert and Inperio, is looking to partner with UK managing general agencies.
Covéa exits HNW motor line
Covéa is no longer writing business in the executive motor space for high net worth, Insurance Age can reveal.
Start-up broker targets £1m income in five years
Start-up broker Ash Tree Insurance, which specialises in the agriculture and the SME sector, is targeting £1m income in five years.
Are brokers bucking the trend of insurtech investment struggles?
According to a new Gallagher Re report, global insurtech investment fell in the fourth quarter of 2022 to its lowest level since the third quarter of 2020. Sophie Locke-Cooper details why some may be struggling even if there are signs of hope among…
Allianz reveals £32m December freeze hit and CEO Holmes predicts rate hikes to continue
Allianz Holding has revealed the impact of the winter weather on its bottom line, as CEO Colm Holmes forecast that the Q3 and Q4 rating hikes would continue into 2023.
‘Double standards’ – fed up brokers urge FCA to improve authorisation times
Brokers are urging the Financial Conduct Authority to improve its authorisation speeds, and stressing that the current performance is damaging the industry.
FOS hones in on high motor insurance complaints
The Financial Ombudsman Service has zoomed in on the high level of complaints about motor insurance as it released the latest set of data.
Light on the horizon for brokers squeezed by rising professional indemnity costs
Brokers have faced rising professional indemnity costs amid a perfect storm of factors driving rate increases. But now the market is beginning to settle, although some firms will still face significant headwinds