United Kingdom (UK)
Zurich research pinpoints flexible working as antidote to older worker exodus
A lack of flexible job opportunities is the main obstacle preventing over-50s from staying in the workforce longer, according to Zurich.
People Moves: 24 – 27 April 2023
Keep up-to-date with personnel moves within the insurance industry.
UK commercial insurance price rises ease again in Q1 – Marsh
Commercial insurance pricing in the UK rose by 3% in the first quarter of the year, down slightly on the 4% uplift in the final quarter of 2022, according to research by Marsh.
Peter Blanc outlines priorities in new Howden M&A role
Peter Blanc outlined his priorities in his new role as head of mergers and acquisitions at Howden.
Yutree restructures board with new CEO and MD
Kevin Hancock stepped up to CEO at Yutree Insurance with Laura Hancock promoted to succeed him as managing director.
Rebranded UK General eyes acquisitions following private equity boost
Bspoke Underwriting is looking selectively at acquisitions that can ‘add value’, says chief executive Tim Smyth.
‘Failing consumers’ – Gove gives Biba one month for commissions action plan
Government minister Michael Gove has given the British Insurance Brokers’ Association one month to drum up an action plan to address ‘completely unacceptable’ practices in the buildings’ insurance market.
‘Outraged’ Gove demands immediate penalties on brokers failing on property commissions
An “outraged” Michael Gove is demanding the regulator takes “immediate enforcement action” on brokers who cannot demonstrate their buildings’ insurance commissions are fair value.
Ardonagh buys Stanhope Cooper and Renovation Underwriting
Ardonagh Advisory has signed up to buy a majority shareholding in high-net-worth broker Stanhope Cooper and MGA Renovation Underwriting.
LexisNexis Risk Solutions becomes Biba associate
LexisNexis Risk Solutions has become the 43rd associate of the British Insurance Brokers’ Association.
Flood Re launches training resource to support Build Back Better
Flood Re has produced a targeted training resource for the insurance market, to drive a deeper understanding of the Build Back Better scheme within insurance companies, managing general agents, brokers and throughout the claims supply chain.
Big brokers making ‘silly money’ blamed for FCA property commission crackdown
Large brokers taking ‘silly commissions’ are being blamed for the Financial Conduct Authority’s crackdown in buildings’ insurance.
Nearly half of SMEs expect 2023 revenue rise – Premium Credit
New research by Premium Credit revealed that nearly five times more SMEs expect their businesses to grow than shrink in the year ahead.
Biba defends broker earnings after FCA overhaul in property commissions
The British Insurance Brokers’ Association backed changes the Financial Conduct Authority wants to improve transparency for leaseholders, while also defending broker earnings.
Peter Blanc to oversee £1bn M&A warchest in new Howden role
Peter Blanc will oversee a £1bn warchest in his new role as head of mergers and acquisitions at Howden.
Ageas to bolster solvency after selling business
Ageas is to sell its French life insurance, savings and pension business to La Mutuelle Epargne Retraite Prévoyance Carac.
Aviva quits CBI after second rape allegation
Aviva has quit the Confederation of British Industry after a second rape allegation from a woman working at the business lobby group.
Sicsic warns brokers leaseholder commission disclosure sets a ‘precedent’
Michael Sicsic, managing partner of Sicsic Advisory, urged brokers to review all their remuneration arrangements following the Financial Conduct Authority’s report today revealing incompetence and unjustifiable remuneration in the buildings’ insurance…
Movo unveils MGA and rolls out Quote Portal as targets grow with start-ups focus
Movo will launch its managing general agent Moveda Underwriting on 1 May, upping its appointed representative network target to 120 next year. It also rolled out Quote Portal, managing director Lea Cheesbrough told Insurance Age.
People Moves: 17 - 21 April 2023
Keep up to date with the latest personnel moves in the insurance industry.
FCA announces overhaul in broker property commissions amid market failure
Brokers face a near ban on paying commissions to third parties after a shock FCA report revealed incompetence and unjustifiable remuneration in the buildings’ insurance market.
Prime Minister promises talks over brain-bleed Staysure customer stranded in Turkey
Prime Minister Rishi Sunak vowed to help a politician with a sick constituent stranded in Turkey who fell into insurance problems.
AA insurance earnings fall 21% as dual pricing ban hits commissions
The AA’s earnings fell 21% to £55m (2022: £70m) in 2022 as the insurance business suffered from claims inflation and lower commissions following the FCA’s pricing ban.
CII launches five-year plan
The Chartered Insurance Institute published a five-year strategic plan containing six themes.