News
Bruce Stevenson reveals growth and plans for Hogg to succeed Bruce as CEO
Howden-owned Bruce Stevenson has reported a 30% increase in turnover to £11.7m with profits up 33% to £3.9m and revealed CEO succession plans.
Broker Diversity Push: Improved broking gender diversity across the leadership board in latest FOI data
New data from a Freedom of Information request to the Financial Conduct Authority has revealed an improvement in the shift to more gender diversity in broking leadership, although the figures remain stark.
Esure posts £29.1m loss as tough market conditions bite
Esure chief executive David McMillan explained the swing from a £7.7m post-tax profit in 2021 to a £29.1m loss in 2022 as being caused by significant claims inflation, increased weather-related home claims and a weak pricing environment.
Government launches SMCR review and calls for insurance feedback
The government has launched its review of the Senior Managers and Certification Regime, part of a wide-ranging shake-up to make UK financial services more competitive post-Brexit.
People Moves: 27 - 31 March 2023
Keep up to date with the latest personnel moves within the insurance industry.
Zurich UK detects 31% increase in fraudulent property claims
Zurich UK detected a 31% increase in fraudulent property claims and a 7% rise in fake casualty claims in 2022, the insurer calculated.
Analysis: The powerful surge in record-breaking tradesman premiums
Insurance Age unpacks the impact of inflation, changing customer needs and rising demand along with the shifting insurer appetite in tradesman insurance.
Insurance Age unveils first ever UK Broker Week
Insurance Age is pleased to launch the inaugural UK Broker Week – which is being held between October 9th to the 13th.
Vitale Digital becomes Biba associate
Vitale Digital has become the 42nd British Insurance Brokers’ Association associate.
Motor premiums accelerate again with 21.1% annual increase
The average cost of car insurance soared by a record 21.1% in the year to February, taking annual bills to £929, according to Consumer Intelligence.
RSA exits personal lines motor shifting renewals to Swinton
RSA has confirmed pulling out of the UK personal lines motor market, worth £120m in gross written premium, and signing up with Atlanta-owned Swinton on a renewals deal.
Steve Dukes named Confused CEO
Steve Dukes was promoted from chief operating officer to CEO at aggregator Confused, succeeding Louise O’Shea.
AssuredPartners continues south-west push with broker buy
AssuredPartners bought South West Brokers, which trades under the name of Westinsure Plymouth.
Aqueous signs three-year capacity deal with Allianz Insurance
Aqueous Underwriting plans to push on SME business having secured new capacity in an initial three-year deal with Allianz Insurance.
Policy Expert focuses on customer retention as top priority
Policy Expert’s COO Adam Powell has stressed that customer retention is its top priority in 2023, as it continues to focus on its organic growth.
More than 70% of brokers have a vacancy amid intense recruitment challenges
Some 71% of brokers are looking to fill a role, with 23% of vacancies open for four months or more, according to the latest research by Aviva.
People Moves: 20 - 24 March 2023
Keep up-to-date with the latest personnel moves in the insurance industry.
FCA appoints two directors to co-lead enforcement and market oversight
The Financial Conduct Authority has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight.
Lloyd’s confirms £2.6bn underwriting profit and targets £56bn GWP in 2023
Lloyd’s has delivered a £2.6bn underwriting profit for 2022, up from £1.7bn the year before.
London market broker completes management buyout
Ballantyne Brokers has completed a management buyout to become 100% owned by staff.
Ardonagh reports adjusted Ebidta growth of 22% to £389m
Ardonagh has increased its income by 30% to $1.5bn (£1.23bn), and adjusted Ebitda by 22% to $476m in its financial results for the 12 months ending 31 December 2022.
Castleacre buys private client insurance broker Merritt
Castleacre has bought Merritt Insurance Services for an undisclosed sum.
Hagerty launches private client service
Hagerty, a car insurance provider, has launched its private client service, which can be sold through brokers who have customers with a vehicle, or vehicles, worth £250,000 or more.
UK insurance protection gap improved to 17% in 2022, Swiss Re says
The UK was hit by $900m (£732.6m) of economic losses from natural catastrophes such as storms and flooding in 2022, with insurance covering $800m of the total, according to Swiss Re.