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Broker completes first acquisition since MBO

Hastings Direct has agreed to acquire Renew Insurance Services Limited, the specialist broker with its two main brands: Renew which works to address the insurance needs of the over 40s, and Likewise, which works with younger customers. The acquisition is subject to FSA approval.

Edward Fitzmaurice, Hastings Direct CEO, said: "The deal will bring together Hastings Direct's strong brands and customer base with Renew's specialist broking skills and systems. Together we will be

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FCA and PRA turn spotlight on MGA oversight

The Financial Conduct Authority and Prudential Regulation Authority are sharpening their scrutiny of managing general agents, stressing insurers must take primary responsibility for businesses underwriting on their behalf.

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