Broking Break: Your Top Five

5) How could the General Election manifestos impact insurance?

The three major political parties, Conservatives, Labour and Liberal Democrats have now published manifestos ahead of the General Election on 8 June.

Insurance Age has examined the manifestos to see how each party could perform for the insurance community.

The single market is dominating much of the General Election debate, as voters prepare to go to the polls.

All three parties have made pledges to ensure progress is made on the Brexit negotiations.

4) Keith Jackson joins FCA as director of GI

Chief risk officer at Aon, Keith Jackson, is to take the role of director of general insurance and protection at the Financial Conduct Authority (FCA).

He replaces Simon Green who is heading to Arthur J Gallagher to be a non executive director. Green starts at the broker on 1 June.

The regulator confirmed that Jackson was set to start in the leadership post at some point this week but did not have a statement on the appointment.

Green previously took on the role at the FCA in July 2014 when the position was first created.


 

3) The stats: June 2017 - The Acturis Premium Index

The commercial broking index, which measures average premium movements across key lines in a typical broker’s book of business (see box right), was down 2.6% compared to the same period of 2016 (see above). It sits below the baseline – which is the first quarter of 2010 – at 95.5.

This start to the year is far from an encouraging sign for brokers with experts agreeing that those who offer the “cheapest rates win the business”.

According to our specialists income margins will be pinched as competition intensifies due to the abundance of capacity in the market.

Taking a look at the individual business lines in the quarter, the biggest faller was combined liability which dropped by 4.8% year-on-year. It can be found just above the baseline at 102.2.

2) Allied World targets regional brokers with new UK commercial division

Allied World Europe has launched a UK commercial division to be led by Darren Rowe, formerly of Arthur J Gallagher.

The Switzerland-headquartered insurer listed that the new offering focused on commercial combined, property owners, contractors all risks and combined liability.

Rowe has been appointed as vice president, head of UK commercial division.

He has joined from Arthur J. Gallagher where he was a client and markets director in the market management team.

1) Ageas employee stole £271,489 from the insurer to fund gambling habit

A man has been sentenced to three years and four months imprisonment after he was found guilty of defrauding his employer Ageas out of £271,489.

Ben House, 31, from Eastfield Road, Southsea, was sentenced at Portsmouth Crown Court this month.

City of London Police reported that following an investigation by detectives from its Insurance Fraud Enforcement Department (IFED), House was found to have committed fraud by abuse of position between 1 August 2015 and 16 November 2016. 

 

For all the latest industry news direct to your inbox, sign up for our daily newsletter.