Insight
ABI measures 2% drop in motor premiums in Q2
The average motor insurance premium fell by 2% in April to June compared to the first quarter of 2024, according to the latest data from the Association of British Insurers.
Biba concerned IPT exposed to rise
The British Insurance Brokers’ Association is concerned insurance premium tax is exposed to a rise, according to director of regulation David Sparkes.
London-based wholesale broker Lonsdale goes into liquidation
Independent Lloyd’s wholesaler Lonsdale Insurance Brokers went into liquidation on 24 July 2024, after sale talks did not lead anywhere and the directors decided to cease trading in June.
People Moves: 29 July – 2 August 2024
Stay in the loop with the latest insurance personnel moves.
Zurich sells Navigators & General to Ardonagh’s Geo
Geo Underwriting is buying marine insurance provider Navigators & General from Zurich UK, with the deal expected to close before the end of the year.
Biba to be fully engaged on FCA’s regulation reviews
David Sparkes, regulation director at the British Insurance Brokers’ Association, has committed the trade body will be “fully engaged” throughout the process for the Financial Conduct Authority’s commercial insurance regulation discussion paper.
Howden scores Allianz musical insurance book
Howden has agreed to acquire the musical insurance book of Allianz UK for an undisclosed sum with the provider staying on as the underwriter.
Alan Boswell buys Priory Insurance Brokers in Norfolk
Alan Boswell Group has snapped up Wymondham-based Priory Insurance Brokers, adding to its purchase of The Insurance Centre earlier this year.
Jensten completes on three deals
Jensten has bought Asprey Harris and completed the purchases of Chris Knott Insurance Consultants and Robert Gerrard & Co in a triple swoop that has pushed headcount above 1,000.
Interview: Axa UK looks to leverage scale - Foley
Axa Commercial can now move “quicker and price more effectively” due to a new workbench system, which is “beneficial” to brokers and customers, according to Tara Foley, CEO of Axa UK and Ireland.
Biba among trade bodies welcoming FCA’s regulation moves
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s regulation discussion paper, calling it a “positive first step”.
Consumer Duty one year old – Mills stresses FCA support for smaller firms
The Financial Conduct Authority has been, and will continue to be, proportionate in its approach to supervising the Consumer Duty, according to Sheldon Mills on the one-year anniversary of the rules.
Moonrock boss on doubling broker base since MGA switch one year ago
Moonrock Drone Insurance has upped its broker engagement in its first year as an MGA, with a network hook-up, agriculture sector expansion and test flights for passenger drones all part of the equation, boss Simon Ritterband tells Insurance Age, and…
FSCS broker compensation costs fall to £600,000
The total general insurance distribution compensation costs the Financial Services Compensation Scheme paid out dropped to £600,000 in the year ended 31 March 2024, from £2m the year prior.
Aviva grows its presence in Glasgow
Aviva is moving its trading offices in Glasgow’s city centre financial district to accommodate 26 employees and serve as a base for its mid-market, distribution, schemes and GCS teams.
Axa boss Foley eyes midmarket space
Tara Foley, CEO of Axa UK and Ireland, told Insurance Age the insurer was looking to enter the “white space” between Axa and Axa XL.
FCA doubles down as it seeks to lower burden on firms and support growth
The Financial Conduct Authority has launched a review which it claimed could streamline the rules governing financial services to reduce burdens on businesses.
FCA opens discussion on commercial insurance regulation
The Financial Conduct Authority has launched a discussion paper on the regulation of commercial and bespoke insurance business.
Brown & Brown makes ‘first significant’ European retail investment outside UK & Ireland
Brown & Brown has signed up to buy Netherlands firm Quintes Holding from Aquiline Capital Partners as it moves forwards with its European retail push.
Markerstudy to buy Northern Ireland broker Hughes Insurance
Markerstudy Group has confirmed plans to buy Hughes Insurance, just a month after completing its deal with Atlanta.
BMS buys DR&P as Inflexion exits
European mid-market private equity house Inflexion has agreed to sell its investment in David Roberts & Partners to BMS Group, having first taken a stake in 2021.
Lycetts grows turnover and operating profit in 2023
Newcastle-headquartered Lycetts grew turnover by 15.8% to £25.1m and operating profits by 20.7% to £3.77m in 2023.
Richard Hodson joins Onda
Former Oval, Gallagher and UKGlobal cyber expert Richard Hodson has joined Onda as UK business development director.
Gallagher holds steady on organic growth in Q2
Gallagher achieved 7% organic revenue growth in its UK and Ireland retail division in the second quarter of 2024, up from 6% in Q1.