News
Broking Success: Driving ahead with service
Mark Wilkinson, managing director of Norton Insurance Brokers, explains the history of the firm with its specialist classic car and motor trade brands setting out the road ahead with an expanded offering focused on personalised service
Iprism posts increased profit in run-up year to MBO
Iprism Underwriting Agency has reported a 9.7% increase in profit for the year ended 30 June 2021.
Konsileo receives Chartered status
Konsileo has achieved Chartered status from the Chartered Insurance Institute, Insurance Age can reveal.
Biba develops trade credit guide
The British Insurance Brokers’ Association has launched a new guide explaining the need for, and the benefits of, trade credit insurance.
FCA warns on broker clone
Colin Halliday, managing director of Trade and Commercial Broking Services, has praised the work of the Financial Conduct Authority and Ten Insurance after being targeted by a clone website.
Blog: Sanctions screening and responsibilities of UK insurance brokers
It’s critical for brokers to understand and manage sanctions screening and anti-money laundering compliance to avoid possible penalties, including fines, reputational damage and potential imprisonment for senior decision makers, says Paul Tasker CEO of…
Konsileo grows staff to 75
Konsileo has doubled the size of the team and now controls around £25m in run rate gross written premium and is looking to grow further in 2022 with a fresh funding round set to close soon.
Experts dissect FCA three-year strategy
The Financial Conduct Authority’s three-year strategy has “a number of headlines for all financial services firms” according to Michael Sicsic, managing director of Sicsic Advisory.
Lords Committee calls for “a broader reassessment of regulatory culture”
The Industry and Regulators Committee has outlined concerns about proportionate regulation in the London Market in a letter written to the Economic Secretary to the Treasury, John Glen MP.
Taking the temperature of the electric vehicle market
With the Financial Conduct Authority’s price walking ban coming into force and customers transitioning from internal combustion engines to electric and hybrid vehicles, the motor insurance industry is currently in a state of flux. Eleanore Robinson…
Backpage: April 2022
Charity corner, our pet of the month and the light side of insurance
Brokers facing 3.2% FCA fee rise as regulator budget grows to £640.1m
The Financial Conduct Authority has proposed that the general insurance mediation pot where brokers sit will pay £31.4m towards its annual funding requirement in 2022/23.
FCA to add 80 jobs focused on shutting down problem firms
The Financial Conduct Authority will focus resources on preventing serious harm, setting higher standards and promoting competition the watchdog detailed as it revealed its three-year strategy to improve outcomes.
JM Glendinning buys Sphere Group
Newcastle-based insurance broker and risk management firm The Sphere Group has been acquired by JM Glendinning Group for an undisclosed sum.
Movo adds seven ARs
Movo has added seven appointed representatives bringing the number of AR members to 55 and gross written premium to £50m.
Partners& enters Scottish market
The MacDonald Group has been acquired by Partners& in a deal which is due to complete in June.
PIB snaps up international wholesale specialty broker Guest Krieger
The London Market broker writes specialty business mainly emanating from Israel but also from more than 30 other countries.
Analysis: The Yanks are coming
US-broker Brown & Brown has firmly stuck its flagpole into UK soil by buying GRP. David Worsfold considers what this means for the wider sector and asks if more US-firms will stake their claim on the consolidators.
FCA puts broker commission under the spotlight in multi-occupancy property insurance review
The regulator’s survey includes asking if brokers have a bribery and corruption policy and a request for a copy.
Financials Acquisition Corp to float on Stock Exchange
The special acquisitions company is looking to raise £150m to drive MGA and tech deals.
PIB buys Bailey Garner (Health & Safety)
The deal adds nearly 20 staff to the consolidator’s risk management business taking the total headcount to approaching 80.
People Moves: 4 - 8 April 2022
Keep up-to-date with the latest industry moves.
FCA bolsters authorisations team
The watchdog has added two senior directors, a finance director and filled a further 95 authorisation roles.
Lawyers reveal record levels of fines for companies let down by their directors and officers
SMEs racked up over £60m in D&O fines in 2021, compared to £120m between 2016-2020, according to law firm BLM.