UK
Ardonagh to sell Bennetts after CMA ruling
Ardonagh has offered to sell motorcycle specialist Bennetts to address the concerns of the Competition and Markets Authority and avoid a “long, burdensome and expensive phase two enquiry”.
Refinancing costs bite as Ardonagh losses more than double and income drops
Ardonagh has reported a post-tax loss of £94.1m for the first six months of 2020 more than double the £41.8m deficit in the same period of last year.
RSA’s Adele Sumner on the evolving challenge of fraud during the pandemic
Adele Sumner, head of counter fraud strategy and financial crime at RSA, details how fraudsters have been diversifying their techniques during the coronavirus pandemic and the steps insurers can take to fight the scams.
AIG’s Anthony Baldwin steps up as IIL president
Anthony Baldwin, CEO of AIG UK has been elected as president of the Insurance Institute of London for 2020 to 2021.
Government hits out at insurers over grant deductions from BI claims
John Glen MP, economic secretary to HM Treasury, has rebuked insurers deducting government grants from business interruption claims payments and warned of further action.
FCA defends predicted £1.06bn dual pricing compliance cost
The Financial Conduct Authority has estimated it will cost the insurance sector £1.06bn over 10 years to comply with its package of measures designed to tackle dual pricing in the general insurance market.
Clear buying Brokerbility a “huge step forward”, says CEO Lickens
Clear Group has bought Brokerbility Holdings including its broking, network and technology businesses for an undisclosed sum.
Bupa’s CS Healthcare takeover clears CMA hurdle
The Competition and Markets Authority has approved the proposed merger of Bupa Insurance and CS Healthcare with the pair hoping to complete the deal in January next year.
Analysis: Hastings sale - a welcome and a warning
The bid to take motor insurer Hastings back into private hands is a positive move for the company and a stamp of approval for the sector, say market specialists – but, after years of growth, challenges lie ahead
Whatever Google is doing on scams it is not working, says FCA chair
Charles Randell, chair of the Financial Conduct Authority has criticised Google and other social media and technology firms over the continuing proliferation of scams.
Black Lives Matter conversations have been 'raw' and 'revelatory': Dive In panel
The momentum behind diversity and inclusion programmes changing society and the industry for the better continues to build but there remains much more to be done, according to experts at the industry’s Dive In festival.
Gallagher’s Simon Matson on a balance of the old and the new
Brokers should see the hard market as an opportunity to prove their value as trusted advisors, says Gallagher’s UK broking and underwriting CEO Simon Matson, as he also looks at the changes to office life due to the coronavirus pandemic.
A-Plan buy cost 'approaching £700m', Howden confirms
Howden’s purchase of A-Plan for “approaching £700m” has created a business of scale that is a true “challenger broker”, according to David Howden, CEO of Hyperion Insurance Group.
Two potential bidders pull out of race for AA
Shares in the AA opened more than 17% down this morning as private equity firms Centrebridge Partners Europe and Platinum Equity both confirmed they would not be bidding for the business.
Howden buys A-Plan creating £4bn UK GWP business
Hyperion's Howden has agreed to buy UK broker A-Plan Group for an undisclosed sum.
Dual pricing ban 'probably most radical shake-up of GI industry in years': FCA's Woolard
The Financial Conduct Authority has proposed banning retail motor and home insurance dual pricing in a package of measures designed to enhance competition, give fair value to customers and increase trust.
Coverholders upbeat despite lawyer warnings after BI case
Managing general agents and coverholder brokers remain optimistic about the sector’s prospects despite warnings from lawyers on the implications of the recent business interruption court case.
Theo Butt replaces Paul Brand as Convex Insurance UK CEO
Convex Group has appointed Theo Butt as CEO of Convex Insurance UK and Matt Paskin as CEO of Bermuda-based Convex Re replacing co-founder Paul Brand who remains with the business as group deputy CEO.
Ex-Jelf boss Alway and former Aston Scott owner buy RWA
Alex Alway and Andrew Scott have teamed up to form UKGI Group and have bought compliance consultancy firm RWA, Post can reveal.
Peter Hubbard made Be Wiser chairman as Mark Bower-Dyke becomes chief visionary officer
Former Axa and UK General Insurance CEO Peter Hubbard has been appointed as non-executive chairman of broker Be Wiser Insurance, Post can reveal.
GRP makes first purchase in Republic of Ireland with Crotty Insurance Brokers
Global Risk Partners has made its first purchase in the Republic of Ireland taking a majority stake in Crotty Insurance Brokers, Post can reveal.
Covéa leader calls on insurance industry to back new T Levels qualifications
Matthew Metcalfe, senior manager for talent acquisition at Covéa has urged the insurance sector to “reach out” and engage with the government’s new T Levels qualification by registering to offer work experience placements.
CMA warns of potential for market detriment in Ardonagh-Bennetts buy
The Competition and Markets Authority has found that Ardonagh’s purchase of Bennetts could lead to “higher prices, less choice and worse services for motorcyclists in the UK”.
QBE forecasts $70m net hit after BI ruling
QBE has predicted that it faces a $70m (£54.3m) hit net of reinsurance for business interruption claims in the UK after the court ruling yesterday on the BI test case.