United Kingdom (UK)
Momentum reveals £100m GWP goal
Appointed representative network Momentum is targeting £100m in GWP in the next three to five years, according to managing director Howard Pepper.
Insurance ban on Russian oil ships - report
The UK and EU have teamed up to ban the insurance of ships carrying Russian oil, the Financial Times has reported.
Richard Lloyd steps up as interim chair at FCA
Richard Lloyd has become chair at the Financial Conduct Authority on an interim basis taking over from Charles Randell.
Interview: Sue Langley, chair of Gallagher UK
The Gallagher leader discusses her time in the job, making deals and the insurance sector’s need for talent along with sharing her views on improving diversity and inclusion in the market as well as how she coped with lockdown.
Earnix CEO warns on red flags
If a technology provider wants to change everything a company has done then it is most likely to be a “red flag”, Earnix CEO Udi Ziv told Insurance Age.
Clear sets £500m GWP target after Centor buy
Clear Group has set a £500m gross written premium target for the next couple of years after it achieved its £300m goal after snapping up Centor.
Accredited deal sees QIC exit, Policy Expert confirms
Policy Expert’s capacity deal of up to £2bn over six years with Accredited Insurance will replace its existing arrangement with QIC Europe when the current contract expires, the business has confirmed to Insurance Age.
People Moves: 30 May - 01 June
Keep up-to-date with the latest job changes in insurance.
Blog: Real estate brokers tap into claims data in response to hard market
Victoria Jewell, of McLarens, explores the impact of brokers on the billion-pound real estate market.
Clear buys Centor
Clear Group has bought Centor Insurance & Risk Management for an undisclosed sum.
FCA reveals D&I and AR delays
The Financial Conduct Authority has delayed its consultation paper and policy statement on diversity in financial services as well as a policy statement on reviewing the appointed representatives regime.
Regional brokers spy growth in real estate
The regional real estate market is in rude health, with six in 10 brokers (56%) reporting growth over the past 12 months, and one in six (16%) reporting significant growth, according to Ecclesiastical.
Biba pushes back against FCA letter
The British Insurance Brokers’ Association has criticised the tone taken by the Financial Conduct Authority in its letter to brokers and promised to respond to the watchdog to defend the work done by the sector.
Momentum grows turnover and profit as it tops £50m GWP
Appointed representatives network Momentum has reported turnover of £9.9m for 2021, up from £7.8m in 2020.
Sarah Willmont promoted to UK CEO as Canopius restructures
Canopius has named Sarah Willmont as UK CEO as it reorganised its global underwriting operations into four areas of specialty, short tail, reinsurance and casualty.
Disappointed FCA warns brokers on consumer harms
The Financial Conduct Authority has written to brokers warning there are significant risks of potential harm that both the market and individual firms need to address and that it will take action where needed.
BoE exercise: No additional action scenario on climate change ups UK insurer losses by 50%
UK general insurers could face at least a 50% increase in average annualised losses in a non additional action on climate change scenario, a report by the Bank of England has detailed.
Broker FSCS levy plummets to £5m for 2022/23 from expected £68m
The Financial Services Compensation Scheme has cut brokers’ levy contribution to £5.3m for 2022/23 as it cancelled a planned retail pool contribution.
R&Q and Brickell deal collapses
R&Q has detailed plans to raise $108m (£85.8m) as the proposed takeover by Brickell fell through.
Cyber pricing hardens over 30%, says Aon
Market conditions for cyber insurance in the UK remain challenging with prices hardening by over 30% for the first quarter, according to an update by Aon.
GRP-owned DCJ buys SM Commercial
DCJ Group, part of Global Risk Partners, has acquired 100% of the share capital of SM Commercial Insurance Brokers.
Brickell seeks to cancel £482m R&Q takeover deal
Randall & Quilter has revealed that Brickell has cited a “material breach” and moved to scrap the proposed takeover.
Policy Expert signs six-year £2bn capacity deal with R&Q Accredited Europe
Home and motor insurtech Policy Expert has agreed a six-year capacity deal with A- rated R&Q subsidiary Accredited Insurance (Europe).
HDI restructures UK & Ireland operations
HDI Global and HDI Global Specialty’s UK and Ireland branches have been brought under a common leadership structure for the first time.