News
EY pegs UK motor NCR at decade worst 109.5%
The UK motor insurance market experienced its worst performing year in a decade in 2022, with further losses expected this year, according to EY’s latest UK Motor Insurance Results report.
CDL grew turnover in 2022, but profit slipped as R&D boosted
CDL has reported a 3.56% rise in turnover to £55.68m for the year ended 30 September 2022.
PRA warns insurers on claims inflation and under-reserving
The Prudential Regulation Authority has written to insurers flagging the need to monitor the hit to reserves from ongoing claims inflation and act accordingly.
Insurtech Innovative Risk Labs enters Lloyd's
Innovative Risk Labs has staked a claim for being the first-ever broker of its kind to secure a license to operate within the Lloyd's market.
Lemonade gets UK carrier licence from PRA
The Prudential Regulation Authority has granted insurtech Lemonade a UK carrier licence.
People Moves: 19 – 23 June 2023
Keep up to date with the latest insurance personnel moves.
JMG strengthens in southern England with further Southampton buy
JMG Group has bought commercial insurance broker GR Marshall, its second deal in Southampton this year.
Partners& grows in Scotland with Hart Insurance Brokers acquisition
Partners& has extended its geographical presence through the central belt of Scotland, adding Hart Insurance Brokers.
CII and PFS row erupts again with two PFS director resignations
Two independent directors of the Personal Finance Society have resigned and committed to proposing a motion at the PFS annual general meeting in September to block the Chartered Insurance Institute or another entity from gaining control of its £19m funds.
A ‘moral commitment’ - Aon and Lloyd's partner to help Ukraine
Aon and Lloyd’s have partnered with an insurer to support Ukraine firms and ‘restore well-being’ to the war-ravaged nation.
Commercial Express teams up with Brit and Ascot for shop scheme
Managing general agent Commercial Express has unveiled a new shop scheme.
MGA backer Accelerant Insurance Europe’s GWP soars to €662m
Accelerant Insurance Europe’s gross written premium tripled in 2022, according to regulatory filings.
Biba continues associate expansion adding APR
The British Insurance Brokers’ Association has added general insurance actuarial resource provider APR as an associate taking its total up to 46.
Saga reveals fall in broking policy sales
Over-50s specialist Saga has reported a 7% drop in home and motor insurance policy sales in its broking division despite customer retention ticking up from 83% to 85%.
Insurance market pays respects to ‘true character’ Terry Wellard
The insurance industry has paid its respects following the passing of former Edgar Hamilton Group chairman and well-known insurance personality, Lloyd’s broker and philanthropist Terry Wellard, aged 82.
Intelligent AI platform targets closing commercial property underinsurance gap
InsurTech Intelligent AI has launched its Intelligent Rebuild Cost Validation Platform, designed to address the long-standing challenge of underinsurance in the commercial property market.
Spike in number of young entrepreneurs launching insurance businesses
The number of 18 to 25-year-olds starting their own brokers or insurance related companies increased significantly last year as the start-ups market also grew, according to research by Instant Offices.
Academy Insurance updates on sale after deal fell through
Personal lines specialist Academy Insurance Services’ shareholders are going through due diligence in a sale process, according to a filing at Companies House.
HNW underinsurance an increasing concern for brokers
Research by Ecclesiastical has revealed that a growing number of brokers believe there is a problem with underinsurance in the high-net-worth market.
Gallagher NED chair Sue Langley awarded a Damehood
Gallagher UK’s non-executive chair Sue Langley was awarded a Damehood in King Charles’s Birthday Honours list at the weekend for services to both financial services and public service.
Blink partners with broker on parametric travel cover
Blink Parametric and Lloyd’s broker Newpoint Insurance Brokers have partnered to launch a suite of bespoke online travel insurance products using a real-time parametric flight delay solution for eligible travel insurance policyholders.
Biba rolls out partnership to help brokers on Net Zero journey
The British Insurance Brokers’ Association has added Flotilla Group as an associate to help support members with their own sustainability ambitions.
GRP owner Brown & Brown adds ex-Hiscox boss Bronek Masojada as board director
US broking giant Brown & Brown has appointed former Hiscox CEO Bronek Masojada as a non-employee director on its board.
Adrian Furness leaving Covéa; Georges de Macedo named CEO
Georges de Macedo has been named CEO of Covéa Insurance with immediate effect, succeeding Adrian Furness, who is leaving the business, the insurer has confirmed.