Broker News – Page 506
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News
Big consolidators pricing out small brokers seeking to buy
Essex broker RG Ford has hit out at the major consolidators, claiming their spending power is preventing medium-sized brokers from making acquisitions.RG Ford managing director Giles Ford said the big money paid by large groups, such as Towergate and Oval, was pricing them out of the market.He said: “What we ...
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Ten looks to Northern Ireland
Ten Insurance, the fast-growing network for start-up brokers, is targeting businesses in Northern Ireland following its expansion into Wales. The Buckinghamshire-based network, which has members from around the UK, recently added its first appointed representative in South Wales.Kedric Rhodes, Ten director, said the network was now hoping to attract businesses ...
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NewsWhy would a consolidator want a broker network?
As rumours grow about the possible sale of the Broker Network to a consolidator, Danny Walkinshaw assesses the potential value of such an acquisition
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Stakeholder objection blocks JLT’s First City bid
Jardine Lloyd Thompson (JLT) has been unsuccessful in its bid to buy independent Lloyd’s broker First City.The companies have been in talks, but it is understood that a deal could not be struck because a major stakeholder objected to the takeover.Senior sources confirmed that the companies had met, but talks ...
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FSA shuts broker for failing to submit returns
The FSA has shut down Sharp Insurance Services for failing to submit its regulatory returns.The regulator said in a final notice that Sharp’s permission to carry on regulated activities had been withdrawn. Newbury-based Sharp had failed to conduct its business in compliance with proper standards. It had also failed to ...
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VP passes £500m GWP
AXA’s insurance broking arm Venture Preference (VP) surpassed the £500m premium income mark with the acquisition of the Health Insurance Group (THIG).THIG, which was purchased for an undisclosed sum, is an independent UK private medical intermediary generating £45m of gross premium income.The purchase propels Venture Preference into the private medical ...
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R&SA and Munich Re to lead 2012 Olympic cover
Royal & SunAlliance and Munich Re will be the lead insurers for the London 2012 Olympic Games, the Olympic Delivery Authority (ODA) announced this week. The two insurers will provide half of the project-wide construction insurance and just over half the primary third party liability cover.The remaining cover will be ...
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UK insurers face exposure over support for Burma
Insurance action group ready to pressure companies over involvement in Burma regime
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Venture Preference acquires health insurer
Deal for The Health Insurance Group (THIG) takes premium income over £500m
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Iprism sign mega distribution deal
Underwriting agency secures a multi million pound deal with Endsleigh
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Independent Insurance: Who is to blame?
Calls for better regulation as convictions handed down
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Cooper Gay
Lloyd’s broker Cooper Gay is looking to acquire smaller Lloyd’s brokers as part of a “growth play”.The company is focusing on brokers that wished to retain their independence, chief executive Toby Esser said this week.Although he was unable to disclose potential targets, he said the strategy would involve strengthening existing ...
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Cobra set to create hubs in seven regional centres
Broker group in regional drive following Manchester broker buy
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Broker Network rejects takeover bid
Broker Network has rejected an approach from a potential buyer, believed to be Towergate. In a statement to the stock exchange on Tuesday, Broker Network said discussions had been held with a company, but the approach had been rebuffed. It said: “It [Broker Network] has concluded that the terms and ...
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Oval confirms talks of Allianz stake in group
Oval has confirmed that it is in discussions with Allianz about taking a stake in the broker group.Managing director Jeff Herdman said that the company hoped to make an announcement regarding Allianz’s stake – believed to be 10% – in the next few weeks. He would not comment on speculation ...
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Biba launches Islamic committee to aid brokers
First Islamic insurance company set to write business in 2008
