United Kingdom (UK)
Government launches SMCR review and calls for insurance feedback
The government has launched its review of the Senior Managers and Certification Regime, part of a wide-ranging shake-up to make UK financial services more competitive post-Brexit.
People Moves: 27 - 31 March 2023
Keep up to date with the latest personnel moves within the insurance industry.
Zurich UK detects 31% increase in fraudulent property claims
Zurich UK detected a 31% increase in fraudulent property claims and a 7% rise in fake casualty claims in 2022, the insurer calculated.
Analysis: The powerful surge in record-breaking tradesman premiums
Insurance Age unpacks the impact of inflation, changing customer needs and rising demand along with the shifting insurer appetite in tradesman insurance.
Interview: Charles Foster, Lycetts
Lycetts is on the up as chief executive Charles Foster has an eye on steadily growing profits. The broker is navigating the insurance cycle well, even if insurers are not playing ball.
Towergate targets £1.5bn after breaking through £1bn GWP barrier
Towergate achieved more than £1bn of gross written premium in 2022 for the first time ever and has set its sights on £1.5bn in just a few years, chief executive Richard Tuplin has revealed to Insurance Age.
Insurance Age unveils first ever UK Broker Week
Insurance Age is pleased to launch the inaugural UK Broker Week – which is being held between October 9th to the 13th.
Brokers cautious about proposals for chartered status on ‘experience’
Brokers are cautious on the Chartered Insurance Institute’s pilot proposals to allow individuals to gain chartered status based on experience.
Vitale Digital becomes Biba associate
Vitale Digital has become the 42nd British Insurance Brokers’ Association associate.
Motor premiums accelerate again with 21.1% annual increase
The average cost of car insurance soared by a record 21.1% in the year to February, taking annual bills to £929, according to Consumer Intelligence.
RSA exits personal lines motor shifting renewals to Swinton
RSA has confirmed pulling out of the UK personal lines motor market, worth £120m in gross written premium, and signing up with Atlanta-owned Swinton on a renewals deal.
Steve Dukes named Confused CEO
Steve Dukes was promoted from chief operating officer to CEO at aggregator Confused, succeeding Louise O’Shea.
AssuredPartners continues south-west push with broker buy
AssuredPartners bought South West Brokers, which trades under the name of Westinsure Plymouth.
Aqueous signs three-year capacity deal with Allianz Insurance
Aqueous Underwriting plans to push on SME business having secured new capacity in an initial three-year deal with Allianz Insurance.
SRIS eyes £250m GWP within two years
Specialist Risk Insurance Solutions grew gross written premium 20% last year and the £130m business is eyeing up £250m by the end of 2024, managing director Oliver Thorne told Insurance Age.
Brokers face ‘fair value’ dilemma on premium finance amid interest rate rises
Brokers are faced with a dilemma as interest rates rise. The Financial Conduct Authority’s demand for them to offer ‘fair value’ products is at the forefront of their minds when they decide how to deal with the customer. Saxon East reports.
RSA posts £65m profit for 2022
RSA has reported a pre-tax profit of £65m for 2022 swinging back from a loss in 2021.
CII trials giving chartered status on experience rather than exams
The Chartered Insurance Institute is trialling whether to give members chartered status based on experience, rather than having to sit an exam.
Zurich boosts Bristol, Southampton and Leeds in regional push
Zurich UK has opened new offices in Bristol and Leeds, as well as adding underwriting expertise in Southampton, expanding its regional network to 10, Insurance Age can reveal.
Aviva confirms start date for David Martin
David Martin will start working at Aviva as managing director of UKGI distribution & SME on 3 April, Insurance Age can reveal.
Premium Credit offering non-recourse solution for partners – Mark Coffey
Premium Credit has a non-recourse borderaux solution that remains available for interested partners, says personal lines and e-trade director Mark Coffey.
Policy Expert focuses on customer retention as top priority
Policy Expert’s COO Adam Powell has stressed that customer retention is its top priority in 2023, as it continues to focus on its organic growth.
More than 70% of brokers have a vacancy amid intense recruitment challenges
Some 71% of brokers are looking to fill a role, with 23% of vacancies open for four months or more, according to the latest research by Aviva.
People Moves: 20 - 24 March 2023
Keep up-to-date with the latest personnel moves in the insurance industry.