News
IFB warns of increasing danger as ghost broking rises 6%
UK insurers reported a 6% rise in ghost broking activity on social media last year, according to the Insurance Fraud Bureau as it warned the threat of people being duped would continue to increase with the growth of financial strain.
Clear buys book and assets of Maynard Milton Insurance Services
Clear Group has bought the book and assets of £4.9m gross written premium Southend-on-Sea based broker Maynard Milton Insurance Services.
Whistleblowing to FCA slips back
The Financial Conduct Authority received 253 reports from whistleblowers between April and June, down on the same period of last year and the first quarter of 2024.
SRG adds second acquisition to its MGA this year
Specialist Risk Group has agreed to buy Trilogy Underwriting, a specialist property and casualty managing general agent, to add to its MX underwriting pillar.
Acturis continues personal lines push with Covéa
Acturis has partnered with Covéa to make the insurer’s Home IHP product available on its platform, adding to the previously rolled out motor offering.
OneAdvent partners with Bridgehaven in capacity deal
OneAdvent has struck a deal with Bridghaven Specialty UK that will see the hybrid fronting insurer provide A-rated capacity to managing general agent Criterion to underwrite waste management and recycling risks.
Voyager Insurance Services sold to Caledon Group
Recently-formed investment group Caledon has bought travel and wedding insurance broker Voyager Insurance Services for an undisclosed sum.
Clarke starts at WTW as president of risk and broking
WTW has confirmed the arrival of Lucy Clarke as president of risk and broking, with Adam Garrard taking on the new role of chairman of risk and broking.
Bexhill UK partners with Acturis on premium finance
Bexhill UK and Acturis have partnered in a full API integration of Bexhill’s premium finance system and Acturis’s insurance broking system.
CII adds SEIB CEO Middleton to board
The Chartered Insurance Institute has appointed Suzy Middleton, CEO of SEIB Insurance Brokers, to engagement board member of personal finance, along with two other selections.
People Moves: 15 – 19 July 2024
Keep up to date with the latest insurance industry personnel moves.
Partners& snaps up two in employee wellbeing and healthcare push
Partners& has bought Nottingham-based Halo Consulting and Chester-based Personal Healthcare Management.
JMG expands presence in Kent
The JMG Group has acquired the general business insurance division of the Howe Maxted Group, its eight deal of the year.
Flood Re sees record claims of £241.6m
Flood Re’s gross claims jumped to £241.6m in the past financial year from £45.9m in 2023.
Former Premium Credit bosses resurrect ‘tifco’ brand for new venture
The Insurance Finance Consultants (tifco) has formally launched today with the aim of supporting all firms, including brokers, that offer insurance premium finance.
Former broker brand Kwik Fit resurfaces
UK automotive servicing and repair company Kwik Fit has launched insurance for car owners on its website.
Car premiums drop for second quarter in a row
Comprehensive car insurance premiums fell by 6% (£59) between April and June 2024, the second quarter of decreases according to the latest research by Confused/WTW.
QBE unveils QCyberProtect
QBE Insurance has launched QCyberProtect, describing it as a comprehensive and globally consistent cyber policy designed to enhance cyber resilience for a range of clients worldwide.
Government starts discount rate review
The Ministry of Justice has confirmed the start of the 2024 review of the personal injury discount rate in England and Wales with a decision due no later than 11 January 2025.
Gallagher boss: Whether fronter or insurer, MGAs need ‘certainty of capacity’
In the head-to-head Fronting Insurers Vs Traditional Insurers session at the Managing General Agents Association conference last week, Martyn Glover, partner at Gallagher Re, stated MGAs need certainty of capacity.
Underinsurance concerns mount as HNW clients cut cover – Ecclesiastical
Follow-up research among brokers by Ecclesiastical has pinpointed growing worries of high-net-worth underinsurance with a quarter of clients having reduced cover during the past year.
EY records worst motor performance since 2011 with 112.8% NCR
The UK motor insurance market experienced its worst performing year since 2011 last year, recording a loss-making net combined ratio of 112.8%, according to EY’s latest UK Motor Insurance Results.
Verlingue maintains profits as turnover ticks up in 2023
Verlingue UK grew turnover by 8% in 2023 to £21.07m as post-tax profits remained stable.
People Moves: 8 – 12 July 2024
Follow the latest insurance personnel moves.