Motor
Markerstudy takes £16m hit on its Brightside business value
Markerstudy has taken a £16m hit on the value of its Brightside business, according to the group's latest accounts.
Morton Insurance buys private hire business of Export & General Insurance Services
Morton Insurance has bought the private hire business of fellow London-based broker Export & General Insurance Services for an undisclosed sum, Insurance Age can reveal.
Allianz Commercial reports detected fraud up 11.2%
Allianz Commercial has revealed it detected £70.7m worth of insurance fraud in 2022, up 11.2% on the £63.6m uncovered the year before.
FCA opens client support consultation and reiterates need for brokers to treat customers fairly
The Financial Conduct Authority has opened a consultation on protections for insurance customers in financial difficulty proposing to update guidance introduced during the Covid-19 crisis.
Markerstudy confirms Tradex deal
Markerstudy has confirmed it is buying Tradex Insurance Services alongside snapping up Lloyd’s broker Clegg Gifford in a move that is expected to mark it stepping back into risk-carrying underwriting.
Jensten posts £21.5m loss as it reveals £35.1m Tasker price
Jensten has revealed that the deal for Tasker Insurance Group cost £35.1m with the majority of the bill – £33.6m – paid in cash.
Citynet secures capacity for ‘first class’ solution to help its brokers
Lloyd’s broker and wholesaler Citynet has secured capacity to help its broker partners on motor business.
Qmetric swings to loss
Policy Expert owner Qmetric Group Holdings has posted a post-tax loss of £9.99m as gross written premium broke through the £200m barrier.
AM Best downgrades Qatar Insurance Company ratings
Ratings agency AM Best has downgraded the financial strength and long-term issuer credit ratings of Markerstudy-affiliated Qatar Insurance Company to A- (Excellent) from A (Excellent).
Fair value? Which household insurers are rejecting the most claims?
Ageas, Axa UK and LV have some of the highest claims rejection rates in home insurance out of all the insurers who work with brokers, Financial Conduct Authority figures show.
Headline makers: December 2022
The key stories from the past month all in one place.
Pressures on fleet market push rates upwards
Figures from Acturis and opinion from market specialists indicate that fleet rates now look set to rise after many months of premium falls and stagnation.
Jensten Group snaps up UK motor broking specialist
Jensten Group has bought specialist broker Bellegrove, boosting its presence in UK motor trade and fleet insurance.
Blog: Helping customers budget better as cost-of-living crisis bites
Premium finance is not just a useful cash flow tool for clients. It can also help brokers boost customer retention and plug insurance gaps, says Seán Kemple, managing director of Close Brothers Premium Finance
News analysis: What next for brokers amid FCA premium finance crackdown?
The Financial Conduct Authority’s premium finance crackdown threatens a significant revenue earner for brokers. Big players with strong balance sheets are making moves
Under 20% of firms meet FCA expectations on attestation records
Only 11 out of 66 firms in the Financial Conduct Authority’s general insurance pricing review provided attestation records that met the regulator’s expectations.
FCA says insurers undervaluing cars and other items at claims stage
The Financial Conduct Authority has warned insurance firms not to undervalue items when settling insurance claims, especially during the cost of living squeeze, saying it has seen evidence the practice is happening.
Axa resumes SSP broker service after cutting off cyber-hit software house
Axa has resumed services with SSP having cut off services to the cyber-hit software house as a precautionary measure
Ghost broking still a major problem as Aviva’s application fraud rises 16%
Aviva’s application fraud is on the rise, with ghost broking making up 15% of all policy fraud.
Freedom Service Group reveals permanent 4-day work week
Freedom Service Group has revealed that its four-day week pilot was a success and the offering will be introduced permanently from January 2023.
Fitch warns of deteriorating outlook for UK insurers
Fitch Ratings has delivered a split forecast for 2023 with the outlook for company market insurers deteriorating while London Market players have a ‘neutral’ ranking.
FCA sinking 'into a quicksand’ – brokers react to latest threat on fair value
The Financial Conduct Authority is sinking 'into a quicksand’ as it ups the ante over insurance firms failing to offer customers fair value.
Insurers face fresh broker scrutiny on fair value amid latest FCA data
Brokers have been told the Financial Conduct Authority’s latest release of fair value data raises searching questions over whether their insurer partners are offering fair value.
GRP hails ‘biggest deal’ since Brown & Brown investment
Global Risk Partners has bought Flint Insurance for an undisclosed sum, hailing it as the biggest deal since the Brown & Brown takeover.