Motor
FCA’s Brewis warns MPs premium finance action could have ‘waterbed effect’ for consumers
The Financial Conduct Authority’s insurance director Matt Brewis has raised the concern that taking action on premium finance would have little or no impact on the price of motor cover.
Broking profits fall at Saga
Underlying profit before tax in Saga’s insurance broking arm fell to £39.8m for the year ended 31 January 2024, compared with £71.5m in the previous period.
Alan Boswell seals deal for taxi and driving school specialist
Alan Boswell Group has bought The Insurance Centre, a Norwich-based insurance broker with expertise in taxi and driving schools insurance.
Covéa cuts losses but underwriting deficit grows
Covéa Insurance has posted an £87.3m loss after tax for last year with underwriting losses across commercial, personal and speciality lines.
Biba launches electric car scheme
The British Insurance Brokers’ Association and Novo Insurance have launched a motor insurance scheme tailored for electric cars in the UK market.
Broking Success: Weir Insurance managing director Karen Weir
Karen Weir, managing director of Weir Insurance, sees retraining non-insurance talent and retaining control as advantages as her business looks to grow by 15% in 2024.
MGA Blagrove resumes trading after securing Accredited capacity
Blagrove Underwriting Agency and two MGAs it supports with capacity have today resumed offering quotations and renewing polices, Insurance Age can reveal.
MyFirst’s James Noble targets £40m GWP after becoming directly authorised
James Noble, CEO and founder of MyFirst, is targeting £40m gross written premiums in 2024 after the business grew from £1.5m GWP to £19m GWP in three years.
FSCS details £23m MCE Insurance Company recovery from £90m hit
The Financial Services Compensation Scheme has secured £23m from the estate of Gibraltar-based Green Realisations 123, formerly known as MCE Insurance Company, after paying out approximately £90m in compensation to the firm’s customers.
Kingfisher drives further into classic car market with Lynbrook buy
Kingfisher Insurance has bought Lynbrook Insurance to expand its presence in the classic vehicle market.
FOS confirms levy cut but forecasts more insurance complaints
The Financial Ombudsman Service has set its levy for 2024/25 at £70m despite anticipating an increase in operating expenditure and caseload.
Esure posts trading and post-tax losses for 2023
Esure swapped a trading profit of £49.8m in 2022 for a loss of £16.7m last year, the insurer has confirmed.
Motor MGA KGM adds Ciaran Astin as managing director
Ciaran Astin has joined specialist motor managing general agent KGM as managing director, succeeding interim CEO Paul Kneafsey.
FCA warns insurers, again, on undervaluing total loss motor claims
The Financial Conduct Authority has confirmed finding evidence that suggests motor insurers are offering customers less than the full value of written-off or stolen vehicles and, in some cases, only increasing offers when a customer complains.
Markerstudy gets CMA greenlight to complete £1.2bn Atlanta deal
The Competition & Markets Authority has cleared Markerstudy to pursue its proposed £1.2bn acquisition of Ardonagh-owned personal lines broking arm Atlanta.
Ageas ends DLG takeover plans after two rejections
After being rebuffed twice, Ageas has ended its pursuit of Direct Line Group, having valued the business at over £3.1bn.
Takeover target Direct Line posts £189m operating loss
Direct Line Group has revealed a £189.5m loss from ongoing operations as the sale of NIG pushed the insurer into profit for 2023.
Sabre to ride on in motorcycle with broker deals after MCE collapse
Sabre is in discussions with larger motorcycle brokers and confident of adding two new partners towards the end of 2024 and into next year, CEO Geoff Carter told Insurance Age.
Sabre posts record GWP as profits bounce back in 2023
Motor specialist Sabre grew gross written premiums by 31% to £225.1m last year and improved its combined operating ratio to 86.3% from 93.4%.
Broker worries bubbling up on Ageas-Direct Line but one hope trumps all
Brokers have raised concerns about the impact on the sector if Ageas snaps up Direct Line but expressed confidence in the potential buyer’s management should a deal come to pass.
Three MGAs put motor business on pause as capacity crunch continues to bite
Blagrove Underwriting Agency and two MGAs it supports with capacity have informed brokers that they will not be able to offer quotations or renew policies for 1 April, Insurance Age can reveal.
Interview: Henry Topham, Allianz
As Allianz rebrands its digital motor insurance product Flow, Insurance Age caught up with managing director of UK retail Henry Topham to hear about his route into insurance and what benefits brokers get from the provider’s omni-channel approach.
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.
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.