News
Axa launches schemes directory
Axa Commercial has launched an online directory to help brokers navigate the niche schemes market.
Former Acromas suitor Open enters UK market with MGA buy
Australian insurtech Open has entered the UK market with the acquisition of gadget specialist So Sure.
PSC confirms takeover talks as consolidators tipped to swoop
Australia-headquartered PSC Insurance, a Top 100 broker in the UK, has confirmed being approached by multiple parties and in talks regarding a possible buyout.
Markerstudy rebrands broking arm
Markerstudy Broking has been renamed to Markerstudy Distribution to encapsulate the range of products and services across the whole division, the business has confirmed.
Fire safety reinsurance facility to launch on 1 April
A reinsurance facility aimed at increasing competition in the insurance market for properties affected by dangerous cladding and other fire safety issues has been unveiled ahead of launching on 1 April.
QBE launches regional healthcare practice group
QBE has created a healthcare practice group which will be supported by all regional offices in the UK, Insurance Age can reveal.
Direct Line rejects second “unattractive” takeover offer from Ageas
Direct Line Group has rejected a second takeover proposal from Ageas labelling it uncertain, unattractive and highly opportunistic.
Gen AI to increase cyber attacks warns Lloyd’s
A new report has found that the impact of generative artificial intelligence is likely to increase the frequency, severity and diversity of smaller scale cyber attacks over the next one to two years.
FCA warns of Admiral clone
The Financial Conduct Authority has warned of a clone claiming to be Admiral Insurance.
Seventeen makes double buy
Seventeen Group has bought a book of business from Hendricks Insurance in Scotland and snapped up Keith Miller Insurance Services in England in its first purchases of 2024.
Academy strikes deal to buy Premierline from Allianz
Academy Insurance Services has signed up to buy all of Allianz Business Services, trading as Premierline, to become its North-West hub in its first deal since last year’s investment by private equity house Blixt Group.
Commercial Express launches courier package product
Commercial Express has launched a courier package product, designed for brokers whose clients are couriers or delivery drivers using vans or cars in the UK.
Zurich uncovered £78.5m in bogus claims in 2023
Zurich UK faced down £78.5m in fraudulent claims last year, equating to £215,117 a day.
FCA reveals slight decline in whistleblowing
The Financial Conduct Authority received 249 whistleblowing reports containing 649 allegations in the fourth quarter of last year.
Select Committtee slams lack of progress on sexual harassment and bullying
A House of Commons Treasury Select Committee has released its ‘Sexism in the City’ report revealing a lack of progress on sexual harassment and bullying, including serious sexual misconduct in financial services.
Aspen confirms Sarah Stanford as UK CEO
Aspen Insurance has confirmed Sarah Stanford as UK CEO, a post she has held on an interim basis since 17 January.
Aon buys in administration Humn.ai’s assets and IP
Aon has bought Humn.ai’s technology assets and intellectual property to strengthen its own commercial fleet proposition, months after the insurtech appointed administrators.
Ardonagh completes more than $5bn refinance
Ardonagh has completed a refinancing process switching over $5bn of debt (£3.9bn) to better terms.
People Moves: 4 – 8 March 2024
Keep up to date on the latest personnel changes in insurance.
Lloyd’s teases FY23 results by revealing £5.9bn underwriting profit
Lloyd’s has provided a trading update on its 2023 full-year financial performance.
Admiral chair: Defending UK motor advantage remains ‘number one priority’
Admiral is not going to give up its crown as the UK’s leading personal lines insurer to Markerstudy without a fight, its chair has intimated.
Beazley’s profit before tax soars 115%
Beazley has reported its profit before tax leapt to $1.25bn (£984m) in 2023, a 115% increase on the year before.
Aviva open to bolt-on deals but unlikely to buy further in Lloyd’s, says Blanc
Aviva will maintain a “selective and disciplined approach” to mergers and acquisitions, according to group CEO Amanda Blanc as she indicated the insurer is not eyeing synergies with a Direct Line bid.
TBIG makes fourth major investment of the year
The Broker Investment Group has increased its stake in Callaway & Sons Insurance Consultants, located in Chelmsford, Essex to 100%.