Ecclesiastical shakes up property owners market with Crown Estate win - Insurance News Now
Post senior reporter Amy Ellis outlines this week's major general insurance stories including news that new entrant Ecclesiastical has shaken up the property owners market by winning a multi-billion pound portfolio belonging to The Crown Estate, as sources suggest the sector is witnessing business-hungry insurers fight for market share on price.
Ecclesiastical claims to have already won £5m worth of business since its launch in May, in a week that has also seen the former Axa property owners team start to write business for Mitsui Sumitomo at Lloyd's, with the stated aim of becoming a major player within the next few years.
In other news, the European insurance industry is likely to see an investor from the Middle East take a shareholding in an established brand within six to eight months according to a regional expert; DCI David Wood, the detective chief inspector charged with heading up the ABI funded fraud unit will wait for the results of an initial threat assessment before targeting specific areas of vulnerability within the industry; and brokers could gain separation from insurers and bankers as early as April 2013 as BIBA focuses its efforts on the reopened FSCS funding review.
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