Broker News – Page 146
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NewsMarsh appoints new global placement vice chair
Global insurance broker and risk adviser Marsh, a subsidiary of Marsh & McLennan Companies (MMC), has appointed Jeremy Cooke as vice chairman of global placement. Cooke will focus on critical growth areas including complex market negotiations on facilities, quota shares and key accounts. He was previously ...
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NewsGallagher buys majority stake in Swedish broker
Arthur J Gallagher has bought an 85% stake in Swedish specialist insurance and reinsurance broker Brim. Gallagher said it is extending its investment in Scandinavia as it is an area of strategic development for the company. Brim was founded in 2001 and provides commercial property/casualty, credit/political risk ...
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NewsTowergate names new chief risk officer
Towergate has hired former Chubb Europe executive Brian Hardwick as its new chief risk officer. He replaces Sarah Dalgarno, who was appointed head of a new unit to tackle the broking group’s old liabilities in May. Hardwick has been chief risk officer at insurer Chubb Europe ...
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Online onlyIT Awards: David Newman on why being a specialist is key to growth
Previous Personal Lines Broker of the Year and IT Pack Member of the Year tells Insurance Times why it is ‘humbling’ to win two awards
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Online onlyIT Awards: Past winner Stevie Jeffrey on why passion is vital
Previous IT Pack Member of the Year winner tells Insurance Times why she won and why others should enter
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NewsBrightside to launch online van product on aggregators
Brightside will launch its online van product on price comparison site Compare the Market tomorrow (6 July). The broking group’s van proposition director Neil Laird said the company is expecting to sign deals with other major price comparison sites “during the next few months”. Brightside launched ...
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NewsBrightside to sell and lease back Bristol HQ in £7.7m deal
Broking group Brightside is to sell and lease back its headquarters in Aust, Bristol (pictured) to free up cash, Insurance Times has learned. The property agent for the deal, Jones Lang LaSalle, said it has been instructed to seek offers of more than £7.68m for the ...
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NewsBrightside loses Co-op commercial vehicle deal to Miles Smith
Brightside has lost the deal to arrange van, taxi and minibus cover for Co-op customers to Lloyd’s broker Miles Smith, Insurance Times can reveal. Previously, Brightside brand Commercial Vehicle Direct (CVD) arranged the van cover, while the broking group’s One Insurance Solution brand arranged the taxi ...
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NewsBrexit: Lloyd’s says no need for extra capital after Pound slump
Lloyd’s of London has ruled out asking insurers to pledge extra capital after the pound fell to a 31-year low following the vote for UK to leave the EU. Each of the underwriters in Lloyd’s have to deposit money in a communal pot called Funds at ...
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NewsBrexit unlikely to dilute Solvency II rules
Brexit is unlikely to lead to a big dilution of the EU’s Solvency II capital rules, insurance experts have warned. Last week, Lord Turnbull, a former board member at Prudential, told the Treasury select committee that Solvency II was “an absolutely dreadful piece of legislation”. He ...
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NewsSolicitor's premiums cut by 90% after switching to Bar regulation
A solicitor who set up an entity with the Bar Standards Board (BSB) claims the move has cut his insurance costs by 90%. Specialist consumer credit lawyer David Bowden is the latest practitioner to ditch the Solicitors Regulation Authority (SRA) by regulating his Hertfordshire business, David ...
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NewsTowergate completes sale of majority stake in Broker Network
Towergate has completed the sale of its majority stake in Broker Network to Highbridge Principal Strategies (HPS) for £46m. The broker announced in March that as part of the deal Towergate would retain 19.9% of Broker Network’s shares. adding that there would be no Towergate involvement ...
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NewsInsurance is 'playing catch-up' to other industries: LMG chief exec
London Market Group (LMG) chief executive Ben Reid has said the insurance industry is “playing catch-up” to other industries and needed to embrace modernisation. Reid said the LMG’s agenda is to “build and maintain London’s position and reputation as the global centre of insurance excellence”. Reid ...
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NewsIFED warns Scottish residents of ghost brokers
Detectives from the City of London Police’s Insurance Fraud Enforcement Department (IFED) have warned Scottish residents about ghost brokers targeting their addresses. IFED officers will visit residents in Aberdeen, Inverness and the Isles of Skye and Harris as part of an investigation into suspected ghost brokers ...
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NewsHenderson buys Sunderland broker
Henderson Insurance Brokers (HIBL) has bought Sunderland-based Branch Insurance Brokers as it plots further expansion in the North East. HIBL has two other purchases in the pipeline as well as investment in existing business. Chief executive Joe Henderson said: “HIBL’s prime growth is organic and this ...
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News'True independence after MBO will drive growth': Compass MD Lincoln
Compass managing director John Lincoln said that becoming independent would drive growth for the network as it targets £1bn in gross written premiums over the next three to five years. Speaking with Insurance Times following the management buyout (MBO) of Compass from Arthur J Gallagher, Lincoln ...
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NewsCompass completes MBO from Gallagher
Broker network Compass has completed its management buy-out (MBO) from broking group Arthur J Gallagher, Insurance Times can reveal. The MBO was backed by Close Premium Finance, a subsidiary of merchant banking group Close Brothers. The companies did not disclose what Compass’s management team paid Gallagher to ...
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NewsTowergate appoints Zurich's Martin as commercial director
Towergate named Kay Martin as its new commercial director. She joins from Zurich UK, where she was a member of the UKGI executive and chief marketing officer since 2010. Martin will join Towergate’s executive committee, reporting to chief executive David Ross. She recently assumed interim responsibilities ...
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NewsMarkerstudy buys telematics broker Drivology
Insurance and broking group Markerstudy has bought app-based telematics broker Drivology. The acquisition will add over 6,000 policyholders to Markerstudy’s retail division. Drivology specialises in smartphone app-based car insurance. The company’s app monitors how safe a driver is to determine motor insurance premiums. The app determines ...
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NewsAA sells Irish insurance-led business for €156.6m
The AA said it has agreed to sell its Irish business to the Carlyle private equity firm for €156.6m (£130m) in cash. AA Ireland provides personal and commercial insurance and motoring services. “As an insurance broker-led business, AA Ireland differs significantly from the AA’s UK business, ...
