News
Coalition targets Northern brokers with senior Allianz hire
Cyber insurance specialist Coalition has appointed Gareth Machin as its first Manchester-based underwriter in the UK.
ABI calls for IPT cut as motor insurance prices hit record high
The average price of motor insurance increased by 29% in the third quarter of 2023, compared to the same time in 2022, reaching a record level £561, according to the Association of British Insurers’ Motor Premium Tracker.
Hiscox: Impact of non-core withdrawal to dissipate by end of 2023
Hiscox expects to see its UK topline growth ramp up in 2024 once it has finished exiting non-core underwriting partnerships, and its new marketing campaign starts to reap benefits.
Source adds Prestige Underwriting to home panel as it rolls out first own product
Source Insurance has unveiled Source Home, the first home insurance product it has created, and confirmed that Prestige Underwriting has joined its panel as the inaugural underwriter of the new common worded offering.
Arch takes team from Aon to launch intangible assets offering
Arch Insurance International has taken a team from Aon after an agreement to acquire some assets of its intellectual property liability managing general agent business.
Insly secures £1.5m venture debt funding
Software provider Insly has secured £1.5m in venture debt funding from Hambro Perks.
MGA OneBefore launches targeting individuals and SMEs
Managing general agent OneBefore has launched in the UK with the support of Mission Underwriters and capacity from Accelerant Insurance Europe.
EY forecasts 8.5% premium income growth for UK insurers in 2023
UK insurers are expected to end this year reporting strong overall premium income growth ahead of further, but slowing, expansion in 2024 and 2025, according to EY.
The Broker Investment Group takes 49% stake in Sale Insurance Services
The Broker Investment Group has secured a 49% stake in Sale Insurance Services, an insurance broker based in Sale, Manchester.
Travelers snaps up cyber specialist for $435m
Travelers has agreed to acquire cyber insurance managing general underwriter Corvus Insurance for approximately $435m (£351m).
NBJ rebrands as Verlingue London Markets and adds senior quartet to team
Verlingue has relaunched its Lloyd’s and London market arm after rebranding NBJ London Markets and announcing several senior hires.
MGA Fiducia launches marine equipment product
Specialty managing general agent Fiducia is targeting both the ‘green’ and traditional energy markets with a new marine equipment underwriting facility.
Howden Scotland adds Glasgow-based broker
Howden Scotland, formerly known as Bruce Stevenson, has acquired Glasgow-based Neilson Laurence & Neil.
People Moves: 30 October – 3 November 2023
Keep up to date with the latest insurance personnel moves.
Julie Page to lead UK and EMEA as Aon brings regions together
Aon has confirmed it will “bring together” the UK and Europe, Middle East and Africa regions on 15 November with Julie Page named as leader.
1st UK Broking to expand into Stoke
Fleet specialist 1st UK Broking is to open an office in Stoke-on-Trent in 2024 to add to its Sunderland base as part of its expansion plans.
Ex-Hastings boss Utley on Percayso investment and the state of UK motor market
Neil Utley’s investment in data intelligence provider Percayso Inform was spurred on by an understanding that the insurtech would have made his job a lot easier had it existed when he was chair of Hastings Direct.
Jensten closes One Broker deal and seeks more acquisitions in East Anglia
Jensten has completed the takeover of East Anglia-based One Broker Group, following approval from the Financial Conduct Authority.
FCA urges focus on Consumer Duty annual board report obligations
Nisha Arora, director of cross-cutting policy and strategy at the Financial Conduct Authority, has called on firms not to delay their preparations for the annual Consumer Duty board reports.
First fall in years as UK commercial pricing slips 1% in Q3
Pricing in the UK commercial insurance market fell by 1% in the third quarter of 2023, ending years of market hardening, research by Marsh has revealed.
Former Axa and Groupama leader Laurent Matras joins Tesco Bank as CUO
Laurent Matras has returned to the UK market as chief underwriting officer at Tesco Bank.
Ardonagh builds out in Europe with Swiss deal
Ardonagh has signed up to buy Assepro, describing it as the largest independent commercial broker for SMEs in Switzerland.
HNW market seeking more guidance, says Ecclesiastical
Some 67% of high-net-worth collectors want more art and collections risk guidance from their insurer or insurance broker, which presents an opportunity for brokers, according to research by Ecclesiastical.
Movo Partnership hits £100m GWP ahead of target
Movo Partnership network has hit its £100m gross written premium target months earlier than originally planned.