Appointed representatives (AR)
Ten Insurance swings back to profit in 2022 before Acrisure sale
Appointed representatives network Ten Insurance Services swung back to a post-tax profit of £305,789 in 2022, reversing a loss of £101,425 in 2021.
FCA flags PI concern in AR update
The Financial Conduct Authority has highlighted the need for principal firms to have compliant professional indemnity insurance to cover the activities of current and former appointed representatives.
Insurance sector facing FCA ‘big bombshell’ on commission model – Michael Sicsic
Insurance is facing a ‘big, big bombshell’ on commissions, as the shockwaves reverberate from the Financial Conduct Authority’s property buildings’ investigation, according to regulatory consultant Michael Sicsic.
Seventeen snaffles AR Mint
Seventeen Group has bought up Mint Insurance Brokers, which has been an appointed representative of its broking subsidiary James Hallam since 2020, and unveiled two further purchases.
FCA authorisation service improvements continue
The Financial Conduct Authority has improved its authorisations performance in four out of five categories affecting brokers, with none of these service levels now in the red.
Gauntlet launches ‘try before you fly’ AR option
The Gauntlet Group has launched a new ‘try before you fly’ option for people looking to become an appointed representative of the network, Insurance Age can reveal.
‘Start-up brokers have boomed’ – Movo beats 2023 targets early
The Movo Partnership, a specialist in helping launch appointed representatives, now has 92 brokers signed up, beating its year-end targets six months ahead of schedule.
FCA issues restrictions on four insurance ARs in 10-firm crackdown
The Financial Conduct Authority has put 10 firms under restrictions for failing to meet its expectations on overseeing appointed representatives including four in the insurance industry.
In Depth: Building a USP to make a broker network stand out
Networks are playing an increasingly important role in helping build and grow the independent broking successes of the future. With so much competition to choose from though, how are these businesses looking to differentiate themselves? Martin Friel…
Acrisure targets drawing on strength of one infrastructure for Eleven Network
Acrisure has dialled up Ten Insurance Services to Eleven Network, promising a transparent model and “unique” offering in the sector, spanning across appointed representatives and directly authorised firms.
FCA posts improved SMCR approval times but AR permissions still lagging
The Financial Conduct Authority has revealed the average days taken in 2022-23 to process five key authorisations that affect brokers were within its target timeframes, but there is further to go to hit the statutory requirement for 100% of cases.
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.
Stubben Edge sets new goal after hitting first year AR network target
Stubben Edge is eyeing up boosting its appointed representatives network to 40 after hitting its launch goals, network director Gemma Jarrett has revealed to Insurance Age.
Momentum delivers double-digit profit and revenue growth in 2022
Appointed representatives network Momentum Broker Solutions grew revenue by 17% in 2022 to £11.69m, as profit before tax leapt 43% to £1.11m.
Opinion: How long have directly authorised independent brokers got left?
Lea Cheesbrough, managing director of Movo Partnership argues the appointed representative model is becoming the preferred choice for start-up brokers and increasingly popular among directly authorised firms looking to switch.
McClarrons adds marine specialist Soak Insure as AR
North Yorkshire-based McClarrons Insurance Brokers has expanded into the marine market, taking on specialist Soak Insure as an appointed representative.
Movo sets £90m target after beating 2022 goal
Movo Partnership grew from 52 appointed representative broker members and £40m of gross written premium in 2021 to 66 members and £68m GWP by the end of 2022.
Stubben Edge raises £5.6m as business valued at £175m
Stubben Edge Group has secured a further £5.6m in investment taking its total raised to over £20m.
Rectifying historical accounting mistakes pushes AR network Ten into loss
Correcting previous errors in the accounts department caused Ten Insurance Services to record a £71,000 operating loss in 2021.
Broker Expo 2022: Brokers urged to act now over looming AR rules deadline
As the implementation of the appointed representative requirements edges closer, senior consultant Sue Mallender at Sicsic Advisory has warned Broker Expo delegates that principal firms need to act to make sure they hit the deadline.
Broker Expo 2022: £250,000 to set up a broker
It would cost around £250,00 to set up a broker from scratch these days, according to Brokerring CEO Stuart Randall.
Stubben Edge buys Helodrium
Stubben Edge Group has bought regulatory and compliance experts Helodrium.
FCA continues to flounder on approved person authorisation targets
The Financial Conduct Authority is falling short on targets in speedily giving individuals approved person status to carry out work and has posted a worsening performance on approving changes of control requests for firms.
Stubben Edge buys finance platform Finpoint
UK-based insurtech Stubben Edge has acquired credit broker Finpoint for an undisclosed sum.