News Analysis
JMG broker deal costs revealed
JMG Group’s ultimate holding company, Augusta Topco, picked up a bill of £17.26m for buying brokers in the financial year ended 31 March 2022, and followed it up with a further £57.7m outlay in the rest of the calendar year.
Profits more than double and Ebitda soars at One Broker in 2022
One Broker has reported a more than doubling of post-tax profit to £1.2m for the year ended 31 May 2022.
Markerstudy takes £16m hit on its Brightside business value
Markerstudy has taken a £16m hit on the value of its Brightside business, according to the group's latest accounts.
Wayne Tonge takes on major role within PIB Group
Wayne Tonge has taken on the managing director role at PIB-owned Barbon Insurance Group, Insurance Age can reveal.
Morton Insurance buys private hire business of Export & General Insurance Services
Morton Insurance has bought the private hire business of fellow London-based broker Export & General Insurance Services for an undisclosed sum, Insurance Age can reveal.
Shock survey results reveal broker ignorance on Consumer Duty is ‘a big concern’
The findings of a survey, which revealed that nearly half of brokers interviewed were not aware of the Financial Conduct Authority’s Consumer Duty rules, is a ‘big concern’, according to compliance experts.
Start-up broker Prosura targets £10m GWP in five years
Jon Newall’s start-up broker, Prosura, is targeting £10m of gross written premium within five years.
Ecclesiastical survey finds half of brokers aren’t aware of FCA’s Consumer Duty rules
A survey of 250 brokers has found that only just over half (53%) are aware of the FCA’s new Consumer Duty rules. This raises concerns that a significant number of brokers are behind schedule with plans to implement them, Insurance Age can reveal.
Top 75 UK broker posts record results with near 40% organic growth
W Denis has reported a 62% leap in profits after tax to £1.83m for the year ended 30 June 2022.
CII warned PFS members could break away amid board row
The Chartered Insurance Institute faces a walk out from Personal Finance Society members upset over disagreements at board level.
Rectifying historical accounting mistakes pushes AR network Ten into loss
Correcting previous errors in the accounts department caused Ten Insurance Services to record a £71,000 operating loss in 2021.
Sutton Group profit and turnover soar in run-up to Acrisure sale
Sutton Group has reported ‘best ever’ figures as turnover and profit leapt by 15% and 50% respectively ahead of being snapped up by Acrisure.
Markerstudy confirms Tradex deal
Markerstudy has confirmed it is buying Tradex Insurance Services alongside snapping up Lloyd’s broker Clegg Gifford in a move that is expected to mark it stepping back into risk-carrying underwriting.
Jensten posts £21.5m loss as it reveals £35.1m Tasker price
Jensten has revealed that the deal for Tasker Insurance Group cost £35.1m with the majority of the bill – £33.6m – paid in cash.
Citynet secures capacity for ‘first class’ solution to help its brokers
Lloyd’s broker and wholesaler Citynet has secured capacity to help its broker partners on motor business.
Chambers and Newman reveals profit in Ardonagh sale year
Chambers and Newman has recorded a post-tax profit of £385,000 for the period including the sale to Ardonagh.
Caravan Guard posts turnover dip but underlying growth
Caravan Guard has posted a 6% fall in turnover to £11.9m in the year ended 31 March 2022.
FCA fines drop to £214.3m in 2022
The Financial Conduct Authority dished out £214,250,056 in fines in 2022, the fourth lowest on record since the FCA was formed in 2013.
Ataraxia and MVP rebrand as The Broker Investment Group
Peter Cullum-backed Ataraxia and Minority Venture Partners are rebranding to The Broker Investment Group, Insurance Age can reveal.
Brokers urged to tighten safeguards amid threat of client underinsurance backlash
Brokers are being urged to tighten safeguards amid the threat of businesses, suffering problems from underinsurance, taking legal action.
Qmetric swings to loss
Policy Expert owner Qmetric Group Holdings has posted a post-tax loss of £9.99m as gross written premium broke through the £200m barrier.
Opinion: Machine learning – the art of the possible
Using an analogy involving cats and dogs Tom Murphy, co-founder and chief technology officer of Machine Learning Programs, explains machine learning, why it matters and how it can help brokers.
Ex-Lockyers boss Newall in comeback broker
Former Lockyers chairman Jon Newall is to launch a comeback broker focused on SME business.
FOS to maintain levy at £106m despite forecast increase in cases
The Financial Ombudsman Service has frozen its levy for the 2023/24 financial year at £106m stating that due to the current economic climate and the pressures that businesses are under there will be no increase for inflation.