Broker News – Page 154
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NewsBroker fee for FSCS levy falls as insurers pay more
General insurance brokers will pay £8m for the Financial Services Compensation Scheme (FSCS) in the 2016/17 year – down £11m on the £19m that was forecasted in January. General insurers will pay £91m – a £3m reduction on the £94m that was expected. However, it is ...
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NewsCullum consolidator GRP backs Lonmar MBO
Peter Cullum’s broking consolidator Global Risk Partners (GRP) has agreed to back the management buy-out (MBO) of Lloyd’s broker Lonmar Global Risks. The deal means GRP now manages gross written premium of more than £350m and Cullum, GRP’s chairman, says the company wants to grow this ...
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NewsBexhill launches peer-to-peer premium finance platform
Premium finance provider Bexhill UK has launched a peer-to-peer lending platform for premium finance called Orchard Lending Club. The platform matches people who want to lend money with brokers that require capital to offer their clients premium financing. Bexhill said that the new platform offers brokers ...
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NewsPRA to sharpen focus on how insurers manage property and liability exposure
The Prudential Regulation Authority (PRA) is planning to increase its focus on how well insurers are managing and measuring their exposure to property or liability risks. The PRA said the move had been driven by the continued rate reductions and widening of terms and conditions in ...
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NewsInvestment in insurance tech start-ups triples to $2.6bn
Investment in insurance tech start-ups more than tripled last year. Investments in insurtech rose from $800m in 2014 to more than $2.6bn in 2015, according to data from management consultancy Accenture. While much of the money has come from traditional sources such as venture capital and ...
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NewsJLT wins lead broker account for Singapore Airlines
JLT has won the account as lead broker for Singapore Airlines (SIA) Group’s aviation insurance programme. Under the terms of the deal the agreement will run for a period of three years for policies beginning 1 July 2016. It is another big win for the national ...
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NewsFSCS announces £337m levy for 2016/17
The Financial Services Compensation Scheme (FSCS) has announced its levy for 2016/17 will be £337m - £26m less than forecasted in its plan and budget for 2016/17. The levy in 2015/16 totalled £319m. The calculation of the FSCS annual levy is made up of several different ...
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NewsJLT expects one-off costs of £34m in 2016
Jardine Lloyd Thompson (JLT) expects that the restructuring of its employee benefits arm and the settlement of its legal dispute with Willis will result in one-off costs of £34m in 2016. The broker has said that the restructuring of its UK and Ireland employee benefits division ...
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NewsJLT Group commercial director James Twining to depart
Jardine Lloyd Thompson (JLT) Group commercial director James Twining is stepping down from his role. Twining joined the broker in January 2011 and has been a member of the board since 2012. His role will not be replaced. The broker has also appointed Bruce Carnegie-Brown as ...
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NewsCompass plotting MBO from Gallagher
Broker network Compass is in talks with owner Arthur J Gallagher about a management buyout to create an independently-owned network, Insurance Times can reveal. Compass managing director John Lincoln (pictured) said that the network had reached a size where the next phase of its growth could ...
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NewsPIB opens Leeds office and hires three
Broking group PIB has opened a new office in Leeds as part of its expansion plans. Michael Eardley has joined the new Leeds branch as director of professional risks and head of the branch. He has specialised in professional indemnity (PI) insurance and risk management for ...
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NewsUK General: Technology driving growth in schemes market
Technology is driving growth and change in the UK schemes market, according to the latest survey of scheme brokers by personal lines schemes underwriting agency UK General. The survey 314 broking firms, conducted in association with Insurance Times between 15 February and 27 March this year, ...
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NewsInsurance Times scoops award at CII Public Interest Awards 2016
Insurance Times Fraud Charter won The Best Campaign in the Public Interest – Press award at the CII Public Interest Awards last night. Receiving the award [pictured] from left to right are: Insurance Times brand editor Martin Kornacki, senior reporter Ima Jackson-obot, Covéa head ...
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NewsBrightside names ex-rugby player as head of ProSport business
Brightside has hired ex-rugby player Guy Horchover as head of ProSport, a subsidiary of the broker that places insurance for professional and amateur sports people. Prior to joining ProSport Horchover has held sales and marketing roles at Aegon (2005-2015), Marsh, Willis, GE Insurance and Prudential. In his new role Horchover ...
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NewsPIB completes Fish and Cooke & Mason deals
PIB Insurance Brokers has completed its previously-announced acquisitions of commercial broker Cooke & Mason and specialist personal lines broker Fish Insurance. The deals, which were announced in February, have received regulatory approval. They are the first acquisitions PIB has made since private equity house Carlyle Group ...
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NewsEx-manager to get £45,942 from broker for unfair dismissal
A broker has won an unfair constructive dismissal case against her former employer Abbey Insurance Brokers. Anne McLarnin, who worked had worked for Northern Ireland broker Abbey for 12 years, claimed she felt ‘shafted’ and was forced to resign as manager of Abbey’s Newforge branch. The ...
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NewsCullum's MVP takes stake in broker Kingsway
Peter Cullum-backed investment vehicle Minority Venture Partners (MVP) has bought a stake in commercial insurance broker Kingsway Insurance Services. The size of the stake was not disclosed but MVP typically buys minority holdings in brokers of between 20% and 30%. Kingsway plans to use the new ...
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NewsMarsh-owned Jelf names new direct and network heads
Marsh-owned Jelf has appointed Duncan Carter to the role of Direct and Partnership (D&P) chief executive. The newly created division comprises Jelf’s Purple Partnership and Marsh’s three networks: Marsh ProBroker, Marsh Labyrinth, and Marsh Connections. It also includes Marsh and Jelf’s affinities businesses and online broker ...
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NewsEnterprise to expand in UK following Italy and Ireland exits
Enterprise Insurance Company (EIC) is planning to expanding its niche commercial vehicle products to UK brokers on the Open GI and SSP platforms as it has exited a number of partnership in Italy and Ireland. Underwriting director Martin Kennedy said the exits had provided the insurer ...
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NewsPensioner behind Munich Re agency bomb hoax jailed
A pensioner who carried out a bomb hoax against a Munich-Re owned underwriting agency has been jailed for 16 months. Liverpool Crown Court heard David Norris, 74, had long harboured a grudge against Groves, John & Westrup (GJW), which had rejected his £168,000 claim after his ...
