Broker News – Page 153
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NewsBroker Network extends partnership with RSA
Broker Network has signed a new three-year deal with insurer RSA, extending the two firms’ current partnership. Under the new deal, RSA will offer exclusive personal lines products to Broker Network members, in addition to new commercial lines products. The first launch under the new deal ...
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NewsTowergate staff in £30m incentive scheme deal
Towergate has entered its staff into an incentive scheme worth more than £30m. One part of the scheme is worth £30.4m and Towergate has already made two payments to staff, with a final tranche due later this year, The Telegraph reports. Under Towergate’s old reward scheme ...
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NewsAXA unveils broker tool to tackle underinsurance in mid-market
AXA has launched an online tool to help brokers calculate the business interruption risk for individual commercial clients. Tool will help firm tackled underinsurance in mid-market AXA BI calculator is web-based tool that assesses a businesses’ BI exposure Tool intended to support prompt claim settlement The ...
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NewsCPP hires new chief executive after boardroom coup
Credit card insurer CPP has hired Jason Walsh as its new chief executive to replace Stephen Callaghan, who has left following a boardroom coup by asset management firm Schroders. The move marks a return to CPP for Walsh. He worked for CPP between 2002 and 2014, ...
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NewsWillis GB profit and revenues fall in first quarter
Willis Towers Watson’s UK broking division Willis GB made an operating profit of $20m (£13.8m) in the first quarter of 2016, down 4.8% on the $21m it made in last year’s first quarter. The division, which comprises Willis’s UK retail broking and London market speciality business, ...
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NewsMarkerstudy ends capacity deal with Brightside
Markerstudy has ended its capacity agreement with Brightside. The insurer is one of Brightside’s major capacity providers alongside Ageas. Markerstudy and Brightside have declined to comment. Last October Insurance Times revealed the scale of Brightside’s troubles as executive chairman Mark Cliff vowed to fix the problems ...
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NewsEnterprise Bill gains Royal Assent
The Enterprise Bill has gained Royal Assent, and will pass into law in a year’s time. The Bill, now known as the Enterprise Act 2016, will have several implications for the insurance industry. One key change is that the Enterprise Act amends the Insurance Act 2015, ...
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NewsEsure reports 15.5% increase in GWP
Esure has reported a 15.5% increase in gross written premium (GWP) to £151m for the first quarter of 2016. This is made up of a 17.1% increase in motor GWP to £128.9m, while home GWP was also up 7.3% to £22.1m as a result of the ...
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NewsCompass ‘doesn’t really work inside Gallagher’
Arthur J Gallagher group chief financial officer Douglas Howell has played down the importance of its UK broker network Compass, telling analysts that the network “doesn’t really work inside Gallagher” and that Compass’s planned exit from the group “is not a big deal”. Insurance Times revealed ...
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NewsMarsh-owned SMEi’s joint chief executives leave roles
Marsh-owned broker SMEi’s joint chief executives Jason Gandy and Roger Snowden have left their current roles. Gandy has left the business altogether, while Snowden will continue at the company in a consultancy role. Jonathan Webber and Lee Tetley have replaced them. Webber, formerly SMEi’s finance director, ...
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NewsTowergate owner eyes Autonet deal
Towergate owner HPS, formerly known as Highbridge Principal Strategies, has been tipped as a frontrunner to acquire a stake in van broker Autonet Insurance Brokers, Insurance Times can reveal. According to market sources, Autonet is close to agreeing terms with HPS. Autonet and HPS have declined ...
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NewsGRP makes second retail broking investment
Peter Cullum-backed consolidator Global Risk Partners (GRP) has funded subsidiary Abbey Bond Lovis’s acquisition of Northern Ireland broker McGrady. GRP backed the management buyout of Abbey Bond Lovis in August 2015 and the company has since been plotting to expand in Northern Ireland. McGrady is GRP’s ...
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NewsCarrot's telematics 'warning' initiative improves young driver behaviour
Telematics firm Carrot Insurance has used its telematics box to improve the driving behaviour of its young policyholders, director Ed Rochfort has said. The firm which won an award last year for reducing accident frequency by 42% among its young drivers, through a strategy of intervention ...
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NewsHome premiums up sharply while motor stalls in Q1, says AA
Home insurance premiums have increased sharply over the past three months, while motor premiums have stalled, according to the AA. The AA’s benchmark British Insurance Premium Index shows that premiums for the average quoted Shoparound premium (average of the five cheapest quotes for each ‘customer’ in ...
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NewsBroker Network names Ian Clark as executive chairman
Broker Network has appointed Ian Clark (pictured) as executive chairman. Clark’s appointment follows last month’s appointment of former Canopius UK specialty chief executive Tim Rolfe as chief product and underwriting officer, and the announcement in March that former Brightside boss Des O’Connor was joining as ...
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NewsAon broking unit reports 4% profit rise and 3% organic growth
Aon’s Risk Solutions division made an operating profit of $429m (£294.5m) in the first quarter of 2016, up 4% on the $412m it made in last year’s first quarter. The profit increase came despite a 1% drop in revenue at the division to $1.87bn (Q1 2015: ...
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NewsCarole Nash opens new Dublin office
Motorbike broker Carole Nash has opened a new office in Dublin. 2015 World Superbikes champion Jonathan Rea was at the launch to meet local bikers. The company opened its first Irish office in 1999. Carole Nash’s Irish team has grown to 30 full-time employees from a ...
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NewsApprenticeship levy needs radical rethink – CBI head
Business lobby group The Confederation of British Industry (CBI) is urging the government to “radically rethink” its apprenticeship levy, the Financial Times reports. The paper said that CBI director general Carolyn Fairbairn (pictured) is expected to say in a speech in London today: “Firms want to ...
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NewsBrightside appoints Graham Donoghue as non-executive director
Graham Donoghue, formerly chief product officer and director of MoneySuperMarket, has joined Brightside Group as a non-executive director. Donoghue (pictured), who left MoneySuperMarket at the end of 2015 after eight years, joins fellow non-executive Neil Macmillan on Brightside’s board. Donoghue’s appointment is subject to regualtory approval. ...
