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In this issue, Towergate’s appointment of industry troubleshooter Tim Redburn to assist in the sale of the beleaguered broker has fuelled market speculation the firm will be sold off piecemeal, despite executive chairman Alastair Lyons’ declaration to the contrary.
Speaking to Post, Lyons stressed that bidders are looking to buy the entirety of the group, leading one mergers and acquisitions expert to suggest this may point to interest from backers such as private equity investors. However, Redburn’s tenure as chairman of Erinaceous saw the company hive off its successful insurance operation, rebranding it as Barbon, with the property and casualty operations ultimately being sold off to Arthur J Gallagher six years later.
In other news, the Association of British Insurers has rejected claims that the Insurance Fraud Enforcement Department operates as its “private police force” and insists it is accessible to non‑insurer organisations, following complaints from the Credit Hire Organisation; the UK motor market is expected to roll out rate rises of up to 10% next year in a bid to counter escalating claims inflation and return the market to long‑term profitability; and the agreement between HM Treasury and Pool Re that will see government pocket half the total premium paid into the terrorism facility has been touted as positive for members and for buyers of terrorism cover.
Chubb Environmental Solutions’ David Barr is in the C-Suite, suggesting that the rise of fracking in the UK means significant opportunities for the environmental insurance market. Caroline Bell takes the Trade Voice seat, lamenting the fact there are still no laws over late payments. And Simpson & Marwick’s Louise Houliston is North of the Border, reporting on the cost of the Health & Safety Executive.
The fifth annual Underwriting Service Awards took place at the Royal Garden Hotel recently; we list all the winners and bring you the best pictures from the awards.
Katie Marriner meets industry stalwart Grahame Chilton. He returned to the sector last December, launching a reinsurance broking partnership with Arthur J Gallagher. He tells Post what keeps him coming back for more.
Our Spotlight shines on the Future of Broking. With few students willing to even consider insurance as a career option, we ask how the industry can persuade young people that it is a viable career choice. Also Zurich’s Ian McManus asks how the sector can make waves in the competitive personal lines market.
With less than 40% of social housing tenants taking out home contents insurance, Post looks at what the insurance industry can do to help those with low incomes protect their belongings. And finally, as the Competition and Markets Authority report on the private motor market is met with criticism over its lack of action on credit hire practices, we ask what action the industry can take.
Enjoy the read!
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