Broker News – Page 156
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NewsUnrated Gable battles to build broker trust
Unrated Liechtenstein-based insurer Gable has had a tough time recently. Its share price is down 88% from its 87.25p peak in 2014, and profitability has suffered as it has worked to close the gap between the reserves it holds and what actuaries think it should hold. ...
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NewsBollington expands further into motor trade with Scottish hire
Bollington Insurance is planning to expand its motor trade business following the hire of a new motor trade account manager. In his new role Gary Ferguson will service businesses in Scotland. He has joined the broker from TL Dallas in Falkirk. Prior to that he also ...
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NewsBeazley and Munich Re to launch cyber offering with broader cover
Beazley and Munich Re are planning to launch a cyber offering. The insurer and reinsurer will be offering tailor-made cyber policies with double the amount of coverage that was previously available. The policies will cover physical damage to property and bodily injury as well as more ...
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NewsAXA creates separate real estate arm amid push for further growth
AXA Insurance has created a standalone real estate division to take advantage of the double digit growth the division has seen. The real estate business is currently managed as part of the wider London Branch operation. But the insurer said owing to the real estate book ...
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NewsGallagher secures $800m bank loan
Arthur J Gallagher has secured an $800m bank loan to be used for acquisitions or for general business purposes. The deal expires on 8 April 2021. The consortium of banks is led by Bank of Montreal, Bank of America Merrill Lynch, Barclays Bank, Citibank and JP ...
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NewsHyperion’s Stuart Rootham to depart
Hyperion Insurance Group-owned Howden UK Retail joint managing director Stuart Rootham is leaving the company at the end of June. Prior to being appointed joint managing director, Rootham had been the managing director of broker RK Harrison (RKH) Insurance Services since 2011. After the acquisition of ...
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NewsAnaCap sells Simply Business to ERS owner Aquiline
AnaCap has sold insurance broker Simply Business to fellow private equity house Aquiline Capital Partners. Confirming the sale, AnaCap said that it had recouped 4.5 times the amount it invested when it backed Simply Business’s management buy-out in July 2013. News reports put the sale price ...
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NewsSpecialist brokers named in Sunday Times fast-grower list
Two specialist insurance brokers have been named in the Sunday Times ‘Profit Track 100’ list of private companies with the fastest-growing profits. Liverpool-based motor broker Acorn Insurance ranked 53rd in the list, after growing profit by 76.39% over the past three years. Acorn specialises in niche ...
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NewsBroker Network hires Canopius’s Tim Rolfe for new role
Broker Network has hired former Canopius UK specialty chief executive Tim Rolfe as chief product and underwriting officer. Rolfe will take up the newly created role on 1 May, subject to regulatory approval. It emerged in February that Rolfe was leaving Lloyd’s insurer Canopius, which he ...
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NewsJLT pays £22m to settle Willis team lift dispute
JLT will pay £22m to settle its legal dispute with Willis after JLT poached a 22-strong team of specie brokers from Willis. Willis sued JLT Group, JLT Specialty and specie team head David Gordon in April 2015 for “conspiracy and for breach of duty and wrongful ...
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NewsMGA focused on 'minimising' loss ratio to launch with £30m capacity
The chief executive of a claims management firm is planning to launch a new managing general agency (MGA) which will specialise in van and commercial vehicles and will have a focus on “minimising loss ratio to maximise profit”. Pukka Insure, led by Sam White, has secured ...
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NewsAdvertising watchdog raps Ageas Retail over ‘misleading’ mail ad
The Advertising Standards Authority (ASA) has upheld a complaint from a customer about a marketing mail sent by Ageas Retail brand RIAS. Ageas Retail is the broking and affinity division of insurer Ageas UK. It includes over 50s brands RIAS and Castle Cover. The person complained ...
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NewsWunelli’s Penny Searles launches telematics and insurance service
Penny Searles, co-founder and former managing director of telematics firm Wunelli, has launched a connected car service for used cars, which includes an insurance offering. Searles left Wunelli in May 2015. The new service, Smartdriverclub, is telematics based. Members are sent a device called the Smartplug ...
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NewsFCA reviewing GI broker professional indemnity cover
The FCA is reviewing the professional indemnity (PI) insurance protection that general insurance brokers buy to cover the cost of negligence claims made against them by clients. The study is running alongside a separate piece of work the FCA is doing on PI cover for independent ...
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NewsThomas Carroll buys commercial broker Monmouthshire
Broking and advisory group Thomas Carroll has bought commercial insurance broker Monmouthshire Insurance Services (MIS) for an undisclosed sum. MIS, a subsidiary of Monmouthshire Building Society Group, sells a range of commercial insurance products, including shop, office, restaurant and vehicle and fleet cover. MIS’s Tracey George ...
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NewsFCA levy on insurers and brokers to decrease in 2016/17
Funds cover cost of FCA’s regulatory activities
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NewsLondon broker sentenced for commission fraud
Bandagu Manzeke faces jail for selling fake insurance policies following IFED investigation
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NewsAA insurance profits, revenue hit by greater churn in motor
Insurance sees fall in revenue and profit for year to January
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NewsAXA's flood-risk homeowners encouraged to switch to Flood Re cover
AXA Direct customers will be able to secure Flood Re-backed insurance from 20 April
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NewsCooper Gay completes sale of North American business
Sale will enable CGSC to push forward with strategy – Group chief exec Hearn
