Reinsurance
US fronter Hadron set to onboard first UK MGA in Q2
Altamont-backed hybrid insurer Hadron is aiming to change the reputation of fronters to businesses that priortise sensible and measured underwriting rather than just scale.
AM Best sees positive implications for Folgate rating after Hadron deal
AM Best is reviewing the ratings of Folgate Insurance after the takeover by Hadron, flagging Folgate is expected to be “strategically important” to the US hybrid carrier.
Insurance leaders upbeat on start to 2024 but inflation and interest rate worries remain
Almost four out of five senior insurance executives (79%) are optimistic about business growth this quarter, according to research by KPMG UK.
Gallagher’s Michael Rea given expanded UK CEO role
Gallagher has promoted Michael Rea to CEO of UK broking and underwriting, subject to regulatory approval.
Beat Capital Partners launches accident and health business
Beat Capital Partners has launched RedRiff Agency, an accident and health underwriter with Peter Wilkins as CEO.
Canopius appoints Mark Newman as UK CEO
Canopius Group has named Mark Newman as UK CEO, moving from his current position of CEO for Asia-Pacific.
First fall in years as UK commercial pricing slips 1% in Q3
Pricing in the UK commercial insurance market fell by 1% in the third quarter of 2023, ending years of market hardening, research by Marsh has revealed.
Accelerant’s UK arm awarded ‘excellent’ ratings
Accelerant Insurance UK Limited has been given top tier ratings from credit issuing agency AM Best.
Could regulators stymie the growth of the fronter market in the UK?
The failure of Vesttoo in the US has only increased scrutiny on fronters in the UK. But as Saxon East discovers the emergence of Bridgehaven and continued growth of the MGAs, mean that they still have a potentially bright future.
Biba welcomes FCA flat insurance reforms
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s rule changes on residential multi-occupancy buildings insurance.
Accredited’s GWP up 34% in first half of 2023
For sale insurance fronting business Accredited has reported gross written premium of $1.1bn (£900m) for the first half of 2023, a 34% increase compared with the same period in 2022.
Moody’s stays negative on outlook for UK insurance
Ratings agency Moody’s has kept its negative outlook on the prospect for UK property and casualty insurance warning of higher reinsurance costs and pressure on personal lines margins as price growth lags inflationary cost increases.
Flood Re on Build Back Better broker education drive
Brokers have engaged with Build Back Better, and want to communicate the benefits to clients, Flood Re CEO Andy Bord has confirmed, as the mutual reinsurer outlined plans to help educate the sector.
Flood Re policy numbers grow to more than 265,000
Mutual reinsurer Flood Re covered 265,826 policies in the year to 31 March 2023 – a 3.6% rise on the previous 12 months.
New fronting firm to help flush capacity into UK commercial specialty MGAs
A new private-equity backed fronting firm has won approval from the Prudential Regulatory Authority to start business.
A ‘moral commitment’ - Aon and Lloyd's partner to help Ukraine
Aon and Lloyd’s have partnered with an insurer to support Ukraine firms and ‘restore well-being’ to the war-ravaged nation.
Bronek Masojada joins Scott Egan at SiriusPoint as chair
SiriusPoint has appointed former Hiscox boss Bronek Masojada as chair of the board of directors, teaming up with ex-RSA leader Scott Egan.
Ardonagh expands into Greece
The Ardonagh Group has signed up to buy a majority stake in Athens-based SRS Group of Companies.
Howden in management restructure as broking CEO retires
Howden will streamline its management structure with all the major divisions reporting to CEO David Howden.
Is the MGA motor market braced for casualties amid a perfect storm?
Motor MGAs are suffering as they battle high claims inflation and tougher reinsurance conditions. With more players expected to exit standard motor, Saxon East asks if there is any way the market can navigate this tough terrain?
UK insurance protection gap improved to 17% in 2022, Swiss Re says
The UK was hit by $900m (£732.6m) of economic losses from natural catastrophes such as storms and flooding in 2022, with insurance covering $800m of the total, according to Swiss Re.