United Kingdom (UK)
FSCS broker pot compensation costs drop to £2m
The Financial Services Compensation Scheme paid out £2m in general insurance distribution compensation costs in the year ended 31 March 2023 – a £5m drop on the previous 12 months.
FCA names MCE administrators
The Financial Conduct Authority has confirmed that Mark Holborow, Vincent Green and Steven Edwards of Crowe UK are the joint administrators of MCE Insurance, as appointed by the company’s directors.
Esure and PIB investor Bain Capital raises $1.15bn for new insurance M&A arm
Esure and PIB Group investor Bain Capital has announced the final close of its inaugural private equity fund, Bain Capital Insurance Fund, LP at $1.15bn (£890m), above its initial target of $750m.
Blog: Is operational efficiency the new battleground for UK consolidators?
It is time to change the record on consolidation from talk of double digit acquisition multiples to evidenced efficiency improvements, argues Andy Fairchild.
Blog: PIB’s Brendan McManus on the future of insurance broking M&A
Fragmentation, low market maturity, employee benefit opportunities and lower pricing make Europe ripe for broking consolidation, according to PIB Group CEO Brendan McManus.
Flood Re on Build Back Better broker education drive
Brokers have engaged with Build Back Better, and want to communicate the benefits to clients, Flood Re CEO Andy Bord has confirmed, as the mutual reinsurer outlined plans to help educate the sector.
Brokers still not Consumer Duty ready despite survey boost – compliance experts
Compliance experts have issued warnings to brokers still not ready for the fast-approaching Consumer Duty deadline.
Flood Re policy numbers grow to more than 265,000
Mutual reinsurer Flood Re covered 265,826 policies in the year to 31 March 2023 – a 3.6% rise on the previous 12 months.
CFC expands transactional liability offering to benefit small to mid-size M&A deals
Specialist insurer CFC has expanded its suite of transaction liability products with the launch of a new solution to cover title to shares risks (TTS insurance).
Motorbike broker MCE enters into administration
Motorbike broking specialist MCE Insurance Limited entered into administration last night, it has been confirmed.
Financial & Legal targets private rental sector with LPG tie-up
Financial & Legal Insurance has announced a new partnership with Legal Protection Group to grow its presence in the private rental sector, which it claims accounts for 19% of all UK households.
Arag’s Andy Talbot confident Das deal will be positive for brokers
The UK head of sales and marketing at Arag, Andy Talbot, has promised brokers ‘best of breed products’ with a takeover of Das UK in the offing.
RSA expands PI portfolio with XOL launch
RSA Insurance has announced it is to expand its professional indemnity offering and launch an excess of loss product.
New WTW Networks MD John Read sees “wealth of opportunities”
John Read has hailed the “wealth of opportunities” after stepping up to be managing director of WTW Networks.
Arag Group strikes deal for Das UK
Arag Group has signed up to buy Das UK, subject to regulatory approval, in a move that would create a near £200m gross written premium legal expenses insurance business.
Broking Success: Targeting the 100-year milestone
WH&R McCartney is believed to be the oldest independent broker in Scotland. With only a handful of years left to go until its centenary, directors Graeme Robb and Alan Kirkwood are confident of further growth and success for the Motherwell-based firm.
Ian Barclay leaves Ardonagh
Ian Barclay, managing director of Geo Agriculture, has left Ardonagh.
People Moves: 10 – 14 July 2023
Stay in the loop with the latest personnel moves in insurance.
Opinion: SLAPP legislation changes and the insurance industry
Judges in the UK have been given powers to dismiss lawsuits, labelled by the UK government as intended to curtail the freedom of speech of journalists, at an early stage. Joe Wornham, senior technical underwriter – media liability at CNA Hardy, analyses…
MGA stops underwriting and passes book to broker
Centrix Underwriting Management Ltd is passing its customers and renewals over to a broker, Insurance Age understands.
Sharon Brown joins Greenkite Associates
Former Harbour Underwriting managing director and Miles Smith leader Sharon Brown has joined the executive team of Greenkite Associates as chief commercial officer.
Biba grows net assets to more than £5m
The British Insurance Brokers’ Association has revealed a 21% increase in members’ funds to £5.1m at the end of 2022.
Think Insurance on the hunt for acquisitions – Russell Bence
Think Insurance is on the hunt for acquisitions, targeting brokers with around £3m of gross written premium, commercial director Russell Bence told Insurance Age.
Meeting the challenge of avoiding underinsurance in HNW properties
Amid inflation and irregular surveying, high-net-worth buildings are potentially more at risk of underinsurance than ever before. Helena Evans, managing director at Criterion Adjusters, outlines how brokers can help clients to reduce this risk.