News
SRG launches MX Underwriting MGA with £100m target for 2022
Specialist Risk Group has unveiled managing general agent MX Underwriting bringing together GB Underwriting, CLS Risk Solutions and Blackrock Insurance Solutions with Lime Insurance.
AIG appoints global head of strategy and ESG
AIG has appointed Constance Hunter as executive vice president and head of strategy and ESG.
Ardonagh valued at $7.5bn as Abu Dhabi Investment Authority joins investor roster
The Ardonagh Group has secured investment from the Abu Dhabi Investment Authority and “several other large global institutions”, giving the group a multi-billion dollar valuation.
Interview: Andrew Wallin, Ardonagh Specialty
Ardonagh buying the insurance operations of BGC Partners was a “rocket fuel moment” for both organisations with opportunities abounding after the deal which doubled the size of the specialty business, according to Ardonagh Specialty CEO Andrew Wallin.
GRP holdco sets baseline for Searchlight era with inaugural £42m operating profit
Global Risk Partners’ holding company GRP (Jersey) Holdco has posted turnover of £128.8m in its first set of annual results.
Former and current Fresh owners settle legal case
Kingfisher UK Holdings, NSM Insurance and the sellers of Fresh Insurance have settled the legal dispute over the sale of the business.
José Morago named Allianz Personal risk director
Allianz Holdings has appointed José Morago as risk director for Allianz Personal, with immediate effect.
Catherine Read appointed COO for UK and Ireland at Marsh
Marsh has named Catherine Read as chief operating officer for UK and Ireland taking up the post on 4 January.
Man sentenced to life for murder of former Zurich claims handler Kerry Woolley
A man has been sentenced to life for the murder of former Zurich claims handler Kerry Woolley.
NI to change discount rate in New Year
Northern Ireland’s Justice Minister Naomi Long has welcomed the passing of a Bill that will change how the country’s personal injury discount rate is set.
Allianz in Uber tie-up; Assured Partners acquires SW broker; BGL and Covea to launch new direct brand; and Twelve Capital/Eos unveil insurtech focused growth fund
Post wraps up the major insurance deals, launches and investments of the week
Marsh McLennan appoints Francis Bouchard as managing director of climate
Francis Bouchard has joined the Marsh McLennan Advantage team as managing director of climate.
Bought By Many doubles GWP and reveals now live in 28 US states
Bought By Many owner Many Group wrote £146m of gross written premium in 2020/21 with turnover up 113% at £37.13m, the business has revealed.
Incoming Norgrove praised amid market surprise at Egan's RSA departure
Market specialists were surprised by RSA UK & International CEO Scott Egan’s departure but welcomed Ken Norgrove as the new RSA leader and urged him to push on with making the provider more outward looking.
Concerns flagged as nine in 10 OIC portal claimants still represented
The proportion of unrepresented claimants using the Official Injury Claim portal remained below one in ten for its second quarter of operation.
Ardonagh Advisory adds COO and CTO
Ardonagh Advisory has appointed Marcus Golby as chief operating officer and Tom Clark as chief technology officer.
Sampo buys out RMI to take over Hastings in full
Finnish insurer Sampo has paid Rand Merchant Investment Holdings £685m for its 30% stake in Hastings and now owns the whole business.
IMS files patent breach lawsuit over mobile app product from Cambridge Mobile Telematics
Telematics solutions provider IMS has filed a lawsuit against several companies owned by a German motor insurer over an alleged patent breach in a move that could have implications for the wider use of mobile data to personalise pricing.
'Challenging' changes ahead under consumer duty
The Financial Conduct Authority’s consumer duty proposals are set to 'change the face' of the consumer financial services market, experts have said.
Lloyd's to limit cyber exposures to 'best in class' syndicates as it approves £44bn GWP plans
Lloyd’s will remain open to new cyber business in 2022 but only “best in class” syndicates will be permitted to grow their exposures, its chief of markets Patrick Tiernan has said.
RSA UK&I CEO Scott Egan to exit
RSA has named Ken Norgrove as incoming UK & International CEO with Scott Egan to leave the business at the end of 2021.
FCA's consumer duty to cost firms up to £2.4bn
The Financial Conduct Authority has estimated that businesses will face a one-off bill of up to £2.4bn to comply with its proposed consumer duty rules, with ongoing annual direct costs of up to £176m.
Watchdog seeks views on future of financial services compensation
The Financial Conduct Authority is looking for input on a ‘fair and sustainable’ compensation framework.
FCA unveils consumer duty 'to drive a fundamental shift in industry mindset'
The Financial Conduct Authority has opened a consultation on the introduction of a consumer duty highlighting its concerns that financial services do not currently always work well for consumers.