What are the big stories hitting the headlines this week?
Broker consolidator CCV has promoted Rob Simpson to regional managing director for the central region. Rob Pollard has replaced Simpson in his old role as managing director of CCV unit Just Insurance.
Aurum Underwriting, a managing general agency (MGA) focusing on high net-worth motor business, has started trading with several brokers in advance of a full UK roll-out in the fourth quarter of 2012. The MGA is a sister company to RK Harrison-backed agency Aqua.
Cobra has again extended its deadline for offers, until 22 June. The latest extension is to allow the broker’s only suitor, Alto, more time to complete offer arrangements. Alto was set up by Cobra chief executive Stephen Burrows.
Brand Partners, the partnerships division of Direct Line Group, has agreed with Nationwide Building Society to offer home insurance. The agreement builds on an existing 10-year deal.
Financial services firms, including insurers, have paid out about £3.5bn in compensation for mis-sold payment protection insurance claims since 2011, according to the FSA’s 2011/12 annual report.