What are the stories hitting the headlines this week?
Yorkshire Building Society is to sell its insurance broking arm, N&P Insurance Brokers. It will keep the home insurance book, insured by RSA, but will sell the others. No buyer has been announced yet.
Birmingham insurance broker Jobson James has hired Bisma Mahmood to lead a new legal indemnities practice. Mahmood, nabbed from Towergate, will help property lawyers and law firms across the UK.
Specialist insurer Ecclesiastical plans to restructure its UK general insurance business with a distinct focus on the market and customer service. New directors will be hired.
Brit’s pre-tax profits dropped 35% to £75.8m in 2011, compared with £116.4m in 2010. The private equity-owned insurer also trimmed its gross written premium to £1.49bn in 2011, compared with £1.53bn the year before.
Rural Insurance has signed distribution deals with Broker Network, Coversure and Farmers’ Union of Wales. Broker Network will distribute agricultural motor, equine and farm risks until the end of December 2014.