Personal
EY predicts worst UK motor performance since 2010 with industry NCR of 114.6%
EY has revised its prediction for the UK motor insurance market and now expects this year will be the worst since 2010 with a net combined ratio of 114.6%.
Home insurance prices rise a record 36% in a year
The average quoted home insurance price increased by 36.1% in a year to October, the highest annual rise on record, according to the latest Consumer Intelligence Home Insurance Price Index.
Brown & Brown snaps up South Wales broker R McGee
Brown & Brown (Europe) has bought out R McGee Insurance Brokers based in Maesteg, Glamorgan, for an undisclosed sum.
Abacai to pull out of broker business with CCG book transfer
Abacai is to pull out of brokered business in 2024 transferring the panel book of subsidiary Complete Cover Group to UDrive, Insurance Age can reveal.
Premium finance lenders ready to support brokers hit by BNP Paribas pullout
The leaders of broker-facing premium finance providers have reassured they can move quickly to help brokers affected by BNP Paribas Personal Finance’s decision to exit in 2024.
The Green Insurer launches on CDL’s Strata
The Green Insurer has opened for business claiming to be the UK’s first truly green car insurance broker.
AssuredPartners buys CIA Insurance
AssuredPartners has purchased Rugby-based CIA Insurance, a specialist landlord insurance broker.
RSA sells home and pet books to Admiral and confirms UK PL withdrawal
Intact Financial Corporation has reached an agreement to sell RSA’s UK direct personal lines operations, representing approximately £165m of annual premiums, to Admiral Group.
Policy Expert eyes accelerated growth after ADIA takes majority stake
Steve Hardy, CEO at Policy Expert, is confident that new majority backer ADIA understands the business and is well placed to support it going forward.
BNP Paribas to exit premium finance in 2024
BNP Paribas Personal Finance will leave the premium finance market on 31 March 2024, Insurance Age can reveal.
Prestige teams with Open GI on Coverall update
Prestige Underwriting has partnered with Open GI to launch a refreshed version of its non-standard home proposition, Coverall.
Bspoke signs up to buy Police & Forces Mutual personal lines books from Royal London
Bspoke Insurance Group has struck a deal to buy the personal lines elements of the Police & Forces Mutual businesses – Police Mutual Healthcare and Police Mutual General Insurance – from The Royal London Mutual Insurance Society.
Tesco enters non-standard home with Prestige partnership
Tesco Bank has moved to offer non-standard home insurance to customers via a partnership with Prestige Underwriting.
Alan Boswell turnover and profits soar
Alan Boswell Insurance Brokers has posted a 50% rise in turnover to £31.1m with post tax profit leaping by more than £3m to £7.8m for the year ended 31 March 2023.
Atec tops 300,000 policies as turnover nears £20m in drive to double
Atec Group, which includes wholesale B2B property specialist Ceta Insurance and managing general agent Arkel, has revealed 34% organic growth in turnover – a record for the business.
TH March grows again, but profits edge down
Specialist jewellery broker TH March grew turnover by 4.7% to £9.68m in the year to 31 March 2023, building on a 9.6% rise the year before.
Dickson & Co buys Kerr Group
Dickson & Co has added Kerr Group to the business – its latest deal in a series of acquisitions and expansions as part of its £7m investment.
Aviva personal lines jumps in Q3 but UK insurance COR grows
Aviva has reported a 20% boost in UK personal lines to £2.15bn, as commercial lines also rose to £2.39bn from £2.15bn in Q3 2022.
MCE has £9.1m surplus to pay creditors, according to former CEO
One of the two shareholders and former CEO of failed specialist motorcycle broker MCE, Julian Edwards, has informed the administrators that he understands there to be a surplus of £9.1m that could be used to pay creditors.
Primary sells Policy Expert to Abu Dhabi Investment Authority
The Abu Dhabi Investment Authority has acquired a majority stake in insurtech Policy Expert from Primary Group, Insurance Age can reveal.
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.
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.
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.
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.