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17% of brokers report unprofitable quarter to FCA financial resilience survey
An average three-month net profit of £22,636.50 has ranked insurance brokers and intermediaries as the third most profitable sector in the latest Financial Resilience Survey by the Financial Conduct Authority.
Asset manager ICG invests in Staysure
Global asset manager ICG has taken a minority stake in travel insurance specialist Staysure.
Kingfisher drives further into classic car market with Lynbrook buy
Kingfisher Insurance has bought Lynbrook Insurance to expand its presence in the classic vehicle market.
FOS confirms levy cut but forecasts more insurance complaints
The Financial Ombudsman Service has set its levy for 2024/25 at £70m despite anticipating an increase in operating expenditure and caseload.
AssuredPartners expands into Wales with LT Insurance buy
AssuredPartners has added to its UK footprint buying South Wales-based LT Insurance Services.
Esure posts trading and post-tax losses for 2023
Esure swapped a trading profit of £49.8m in 2022 for a loss of £16.7m last year, the insurer has confirmed.
Ardonagh boosts adjusted Ebitda by a third to $649.6m
Income at Ardonagh rose 29.1% last year to $1.99bn (£1.59bn) on the back of organic growth and 67 acquisitions.
Nine ghost broker actions in police counter-fraud Operation Henhouse
Police officers from the Insurance Fraud Enforcement Department have served nine cease and desist notices over a two-week period to help tackle ghost brokers.
FCA warns insurers, again, on undervaluing total loss motor claims
The Financial Conduct Authority has confirmed finding evidence that suggests motor insurers are offering customers less than the full value of written-off or stolen vehicles and, in some cases, only increasing offers when a customer complains.
MarshBerry: Deal pricing to stay strong in 2024 but unlikely to go higher
Competition among consolidators supported insurance distribution deal prices in 2023 with ongoing demand likely to keep it robust this year, M&A specialist MarshBerry has calculated.
Deal volume up but M&A value down in 2023, says MarshBerry
The value of UK insurance distribution deals fell to £3.9bn in 2023, down 8% on the year before, despite M&A volume returning to record levels, according to MarshBerry.
NFP expands in PMI with Get Medical Plans buy
NFP has purchased Get Medical Plans, a private medical insurance intermediary, with founders Marc Benjamin and Sanjeev Mallipeddi staying to lead and manage the London-based business.
Ian Lloyd on growing Iprism and delivering for brokers as Biba’s new partner
Ian Lloyd, CEO of Iprism, has promised brokers consistency and standout service, having signed up to be the British Insurance Brokers’ Association’s high-value home insurance scheme provider.
Ageas ends DLG takeover plans after two rejections
After being rebuffed twice, Ageas has ended its pursuit of Direct Line Group, having valued the business at over £3.1bn.
Ecclesiastical grows UK & Ireland book but underwriting profit slips in 2023
Ecclesiastical Insurance upped its gross written premium in the UK and Ireland by 15.9% last year to £399.7m, but its combined operating ratio also rose to 92.1% from 87.1% in 2022.
Takeover target Direct Line posts £189m operating loss
Direct Line Group has revealed a £189.5m loss from ongoing operations as the sale of NIG pushed the insurer into profit for 2023.
Close Brothers posts more than £1bn premium finance book
Close Brothers Group has reported “record” first half levels in its premium finance book of £1.04bn for the six months to 31 January 2024.
Kingfisher opens broking HQ in West Midlands
Kingfisher Insurance has opened its national broking headquarters in Rubery, Birmingham, housing its motor trade, commercial, and non-standard home insurance teams.
Sabre to ride on in motorcycle with broker deals after MCE collapse
Sabre is in discussions with larger motorcycle brokers and confident of adding two new partners towards the end of 2024 and into next year, CEO Geoff Carter told Insurance Age.
Sabre posts record GWP as profits bounce back in 2023
Motor specialist Sabre grew gross written premiums by 31% to £225.1m last year and improved its combined operating ratio to 86.3% from 93.4%.
Broker worries bubbling up on Ageas-Direct Line but one hope trumps all
Brokers have raised concerns about the impact on the sector if Ageas snaps up Direct Line but expressed confidence in the potential buyer’s management should a deal come to pass.
Three MGAs put motor business on pause as capacity crunch continues to bite
Blagrove Underwriting Agency and two MGAs it supports with capacity have informed brokers that they will not be able to offer quotations or renew policies for 1 April, Insurance Age can reveal.
Fair value not a Trojan Horse for price regulation, says FCA boss Nikhil Rathi
The onus on firms to satisfy themselves about fair value under the Consumer Duty is “not a Trojan horse for price regulation”, according to Nikhil Rathi, CEO of the Financial Conduct Authority.
Former Acromas suitor Open enters UK market with MGA buy
Australian insurtech Open has entered the UK market with the acquisition of gadget specialist So Sure.