News
No let-up in FSCS levy burden for next two years
Brokers have been warned that the heavy cost of the levy imposed by the Financial Services Compensation Scheme (FSCS) in 2010 could become the norm for the next two years.
Prime Professions hits back
Prime Professions has rejected claims it is struggling financially and had been in discussions with Aon about a takeover late last year.
Zurich and joint Anglo-Liberty bid leading race for Quinn
Reports in the Irish press have indicated that there are two front runners in the bidding process for Quinn Insurance. The differing articles named Zurich and a joint Anglo Irish Bank and Liberty Mutual bid as leading the way. Previously, Travelers and…
Majority of firms ill-equipped to cope with new Bribery Act
Nearly two thirds of insurance firms are still not prepared for new anti-bribery legislation set to be enforced in April this year.
Brokers to see FSA fees fall in 2011/12
Brokers will see a fall of 9.4% in minimum fee levels from the Financial Services Authority (FSA) in 2011/12 according to its Regulatory Fees and Levies consultation document.
FSA requests over 10% increase in funding
The Financial Services Authority (FSA) has asked for a 10.1% gross increase in annual funding for 2011/12 to £500.5m, up from £454.7m in 2010/11.
Oxford Insurance Brokers appoints two in UK PI team
Oxford Insurance Brokers has revealed the first step in its growth strategy following a £1.4m investment from venture capitalists BP Marsh & Partners in June last year.
Delay to Bribery Act should not distract businesses, says PWC
The Ministry of Justice (MoJ) has confirmed that the Bribery Act, due to come into force in April, will be delayed until it has issued further guidance to businesses.
Jelf Insurance Brokers set for 'aggressive' growth despite dip in revenue and profits
Premium finance arrangements are the reason behind the shortfall in Jelf Group’s insurance business, says chief executive Alex Alway.
Jelf Group results reveal profit boost and debt reduction
In its final results for the year ended 30 September 2010 Jelf reported operating profit was up to £3.1m from a loss of £9.7m in the same period of 2009.
Saffron continues growth spree with Chris Semmens merger
Saffron Insurance has merged with Baldock-based Chris Semmens (Commercial) Insurance Broker.
Advent deal may see Towergate float in three years
Advent International has agreed to inject £200m, including a £90m acquisition fund, into Towergate Partnership, Insurance Age understands.
Direct Line targets mid-net worth sector
Direct Line has announced the launch of Direct Line Select Insurance.
Arista opens Leeds office
Arista Insurance has expanded its branch network to seven by opening a new permanent office in Leeds.
Fraud costs UK over £38bn each year, according to NFA report
The National Fraud Authority (NFA) has reported that fraud costs the UK over £38bn a year with insurance fraud accounting for £2.1bn.
Simply Business claims commercial insurance platform first
Simply Business has launched what it says is the commercial insurance industry’s first live online tracking platform for its customers going through the claims process.
Insurance Age blog: The Bribery Act = end of corporate jollies?
Every man has his price, according to Sir Richard Walpole and maybe I'm cynical but I tend to agree with him. Most people like to believe that, if pushed, they would not take an option which benefited them more than the client they should be serving.
UK General Insurance targets smaller brokers with launch of commercial property scheme
UK General Insurance has added to its smart schemes initiative with a tailored commercial property scheme targeting upwards of £150,000 gross written premium.
Insurance law firms Parabis and Everatt join forces
Parabis Law has merged with Everatt & Company, creating what they claim to be a £100m plus turnover business with more than 60 partners.
Launch of MGAA may hinge on insurer and supplier take up
The future of the Managing General Agents’ Association (MGAA) could be dependent upon appetite from insurers and suppliers, according to the chairman of its steering committee.
Momentum signs up three brokers
Momentum, the recently launched support and development service for new and existing insurance brokers, has been joined by three brokers.
Woodstock makes three acquisitions in a year
Endsleigh-owned Woodstock Insurance Brokers has confirmed the acquisition of a book of business from the personal lines arm of Clear Insurance.
Heath Lambert wins major pub contract
Heath Lambert has been appointed to provide all general insurances for one of the UK’s largest pub retailers, Enterprise Inns.
Quantative easing now back on the cards as UK economy shrinks by 0.5%
The Office for National Statistics (ONS) has revealed that UK GDP contracted by 0.5% in the fourth quarter of 2010.