News
FCA issues restrictions on four insurance ARs in 10-firm crackdown
The Financial Conduct Authority has put 10 firms under restrictions for failing to meet its expectations on overseeing appointed representatives including four in the insurance industry.
Liberty Mutual keeps Hughes in near £2bn assets sale to Generali
Liberty Mutual Insurance has held on to Northern Ireland-based broker Hughes Insurance as it struck a deal to sell its personal lines and small commercial operations in Western Europe to Generali for €2.3bn (£1.97bn).
People Moves: 12 – 16 June 2023
Stay in the loop with the latest personnel moves in insurance.
Sicsic Advisory teams up with software experts for fair value product
Regulation consultancy Sicsic Advisory has teamed up with lifecycle management experts Skyjed to launch a new all-in-one product oversight and governance solution.
FOS insurance complaints rise 19.9%
The Financial Ombudsman Service opened 39,730 new insurance cases in 2022/23.
CII opens 2023 New Generation Programme for applications
The Chartered Insurance Institute is looking for the leaders of tomorrow as it opens up its 2023 New Generation Programme with a deadline for applications of 7 August.
Insurtech Lumun pivots to becoming broker and MGA
Insurtech Lumun has pivoted to starting up as a broker and managing general agent specialising in non-standard motor.
Young brokers want face-to-face trading with underwriters – Liiba survey
Young brokers want face-to-face trading with underwriters, believing it to be a major competitive advantage for the London market, according to a survey taken by the London and International Insurance Brokers’ Association.
Stubben Edge launches capital arm
Stubben Edge Group has launched a capital arm that it claims will help brokers grow.
Buyers circle up-for-sale UK motor capacity provider Accredited
Accredited is in a sale process with a number of buyers interested in purchasing the business, owner R&Q has confirmed.
Brightstar launches insurance broker Solstar
The Brightstar Group, predominantly a mortgage intermediary business, has launched an insurance brokerage which offers advice direct to clients and a referral service for mortgage brokers.
Oxbow Partners forecasts motor market COR of 106.1% in 2023 and 100% in 2024
Oxbow Partners has predicted a combined operating ratio for the UK personal lines motor market of 106.1% in 2023, improving to a break even point of 100% in 2024.
Broking success: Retaining independence and recruiting fresh talent
Richard Ingleby, managing director of Castlemead Insurance Brokers, highlights the importance of independent intermediaries and the need for more younger employees to infiltrate the sector.
Lycetts reports record revenue for 2022
Lycetts grew revenue by nearly 9% in 2022 to £25.6m, as pre-tax profit rose 12% year-on-year to £3m.
New MGA Capacity Insights targets travel and consumer markets
Managing general agent Capacity Insights has launched in the UK accident and health insurance market with a particular focus on travel, health, dental and personal accident schemes.
Arag tops £60m GWP as profits return to £500,000
Legal expenses insurer Arag broke through the £60m gross written premium barrier in 2022, building on the previous year’s growth when it topped £50m for the first time.
People Moves: 5 – 9 June 2023
Keep up to date with the latest personnel moves in insurance.
A return of cash flow underwriting – is this common sense or a kamikaze approach?
As interest rates rise, talk is growing of a return to cash flow underwriting. Popular in the 1980s and 1990s, this is when insurers underwrote unprofitably, but were covered by strong returns. There is concern that insurance could be heading for the…
Ignite launches OpenAI-powered chatbot for brokers
Software house Ignite Insurance Systems has launched a super-advanced artificial intelligence bot to answer customer queries.
Exiting Chaucer boss John Fowle to join rival Lloyd’s insurer
Chaucer group CEO John Fowle is to join Lloyd's insurer Atrium Underwriters.
GRP buys commercial broker Amicus
Global Risk Partners has bought 100% of Surrey-headquartered Amicus Solutions Holdings.
Serge Raffard to succeed Steve Treloar as Allianz personal lines leader
Allianz Holdings has appointed Serge Raffard as personal managing director, following the recent news that Steve Treloar has decided to leave the business to pursue new opportunities.
AssuredPartners buys recycling specialist broker GM
AssuredPartners has acquired Exeter-based recycling specialists, GM Insurance Brokers.
Acrisure buys AR network Ten Insurance
Acrisure has bought appointed representatives network Ten Insurance Services as it progressed its network plans, and will take the offering to market as “Eleven Network”.