Das UK partners with Admiral; IFB partners with GIFC and Ifed; Canopius names head of change

From Post this week

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Kingfisher pair team up to launch motor insurer with net-zero focus

FCA highlights shortcomings in insurers’ handling of BI claims as sum paid out hits £1.5bn

Insurers defend approach to transitioning businesses following Ferma criticism

Campaigners call on insurers not to cover expansion of one of the world’s biggest gas projects

Motor insurers and credit hire companies agree maximum daily settlement rates

US cyber MGA Resilience makes play for UK mid-market business

Editor’s comment – Adios amigos

From people this week

Interview: Hannah Gurga, ABI

Hastings support staff through cost of living crisis with 5% pay increase and £500 cost of living bonus

IIL and Marsh’s Chris Lay calls on the industry to create a more resilient world in these turbulent times

Pick of the week

Das UK Group signs partnership deal with Admiral Insurance

Date announced: 4 October
Deal value: N/A

Das UK Group has signed a partnership deal with Admiral with a bespoke offering for Admiral and its customers.

The product line will include dedicated end to end claims handling on family legal protection, a dedicated landlord and tenant claims hub and access to the Admiral legal depot, an online resource featuring customisable legal documents and business templates.

The deal will provide personal legal protection insurance for their insurance policies.

Mickey Attia, head of new business Das said: “This announcement is a testimony of our hard work and commitment to clients and customers.

“It also demonstrates how we are able to offer business partners a bespoke range of services that really add value to their offering including digitised customer journeys; industry-leading marketing content and support; and a dedicated supply chain.

Noel Summerfield, Admiral’s head of home Insurance added: “At Admiral, we’re committed to offering our customers innovative products and services that meet their needs and deliver great value. The bespoke nature of Das’ approach stood out to us and we look forward to enhancing our customer experience through this partnership moving forward.”

Deals/News of the week

IFB partners wit GIFC and Ifed to help consumers spot the signs of ghost broking scams 

Date announced: 3 October
Deal value: N/A

The Insurance Fraud Bureau, in partnership with the General Insurance Fraud Committee and City of London Police’s Insurance Fraud Enforcement Department, has launched an awareness campaign to help consumers spot the signs of bogus motor insurance deals, following concerns more people will fall for the scam amid the cost-of-living crisis.

The IFB discovered around 55,000 fraudulent motor insurance applications in the past 12 months via its Application Fraud Model, which is more than double the figure previously detected, with ghost brokers linked to thousands of cases.

Ursula Jallow, director at the IFB, said: “Ghost Broking scams are rife on social media and the impact is far reaching. Not only do Ghost Brokers leave victims penniless, without a vehicle and at risk of criminal charges, but these fraudsters are a cyber threat and cost the economy millions.”

David Phillips, chair at the GIFC and claims validations technical manager at NFU Mutual, said: “We know that fraud increases in times of hardship and that impenitent criminals will be looking to prey upon innocent cash-strapped motorists.

“Insurance fraud is a socially corrosive crime and those that create illegal and bogus policies leave young people, often some of the most vulnerable of society, without cover and without a safety net against the far-reaching consequences of driving without a legal policy in place.

Detective Chief Inspector Tom Hill, at City of London Police’s Ifed, added: “Whilst we continue to disrupt Ghost Brokers by cutting off their online resources, we urge the public to look out for the signs that point to a fraudulent policy. A cheap offer may be more enticing now than ever as we head into a tough economic climate, but a bogus policy will end up costing you far more in the long run.”

Ardonagh Speciality to buy Oxford Insurance Group

Date announced: 5 October
Deal value: Undisclosed

Ardonagh Specialty has agreed to acquire Lloyd’s broker Oxford Insurance Group, subject to regulatory approval.

Oxford Group operates across several specialisms including professional indemnity, property, general liability, marine and energy.

Oxford has grown steadily over the last 20 years to place in excess of $250 million of gross written premium each year.

Upon completion, its 125 people and brands will become part of $6 billion GWP Ardonagh Specialty.

Antony Erotocritou, Ardonagh Specialty CEO, said: “In Oxford we have found shared values and true alignment on client service and the role of technology and innovation in delivering for them. We look forward to welcoming our new colleagues and supporting them as part of the largest truly independent broking group.”

Randall Goss, Oxford Insurance Group founder and CEO, said: “I’m incredibly proud of our journey and of all the people who have contributed to this moment. The independent platform Ardonagh has created will give Oxford the scale and even more opportunities to deliver insurance solutions for clients across the globe.”

Aston Lark Ireland acquires Pembroke Insurance

Date announced: 5 October
Deal value: Undisclosed

Aston Lark Ireland, a Howden company, has acquired Pembroke Insurance.

Pembroke Insurance has been providing commercial insurance solutions since 2007.

Robert Kennedy, Aston Lark Ireland CEO, said: “They have always shared our vision and culture for insurance broking due to their commitment to delivering outstanding service and building much-valued relationships with clients and insurers alike.

“Our sights are firmly focused on being the broker of choice in Ireland, and the acquisition of Pembroke Insurances today is another step forward in realising that ambition.

Graham Weir, Pembroke Insurances managing director, added: “We feel that we have a shared ethos and goals and that this move will further strengthen our ability to provide world-class service and value to our customers while retaining our culture. Since Pembroke was set up in 2007, we have steadily developed our customer and insurer relations, and joining the Aston Lark group makes sense as the next logical step on our journey.”

Pen Underwriting agrees multi-year strategic partnership with Aviva in new capacity deal

Date announced: 5 October

Deal value: N/A

Pen Underwriting agrees a new multi-year strategic partnership with Aviva in support of its personal lines and property owners’ business, which will see Aviva providing capacity for over £100m in premium per annum.

Under the deal, Aviva will provide 100% capacity across these business lines within Pen’s personal lines division from 1 April 2023 for risks placed with Pen via both coverholders and brokers.

The agreement will utilise Pen’s capabilities as a virtual insurer in underwriting, distribution but also insight and pricing, risk and governance and claims handling.

Furthermore, the deal also benefits Pen’s distribution partners, and end customers, through enhanced trading efficiencies, bringing new products more quickly to market and providing first-class security on a long-term basis.

This deal builds on Aviva’s existing partnership with Pen where it currently provides reinsurance capacity for its personal lines business.

Jennifer Martin, chief underwriting officer for Pen Underwriting, said: “This is an absolutely fantastic deal for all stakeholders, combining the power of the Aviva brand with that of Pen and bringing together two parties with a shared vision of ambitious, sustainable growth. To have secured long-term capacity for our personal lines and property owners’ business so many months ahead of inception is a huge endorsement of the quality we have built within Pen and our professional approach to capacity management.”

Jon Santer, MD personal lines broker at Aviva, said: “This deal builds on our strategy to target and invest in profitable segments of the personal lines insurance market and grow our business by choosing specialist provides to partner with.

“As an existing partner, Pen is a great strategic fit for Aviva and this deal will enable us to extend our reach into other property risks and offer insurance products to a broader range of customers. We look forward to working with them over the next few years.”

And finally:

• Canopius Group, a global specialty reinsurer, has appointed Tracey Corrigan to the role of group head of change, effective 3 October 2022.
• Howden has named Philippe Lutgen as chief operations officer for Europe, effective immediately. Lutgen will report to Luigi Sturani, CEO, Howden Europe and will be based in London.
• Applied Systems and NFP, a property and casualty broker, benefits consultant, wealth manager, and retirement advisor have expanded their relationship, with Applied to bring Applied Epic to its UK broker operations. There are more than 2,600 NFP users in the US and Applied Epic serves as the foundation of NFP’s digital broking operations strategy.
• PIB Group has made further inroads to building a retail presence in the Spanish market and acquired Engloba, its fourth investment in Spain, pending customary regulatory approval. The brokerage focuses on personal lines insurance with an emphasis on savings, investment and personal products.
• Allianz Engineering has appointed Peter Milton as chief engineer, effective 3 October, to succeed Peter Carless who retired at the end of September.
• Zego partners with road safety charity Brake to promote safer driving amongst fleets and help fleet businesses reduce risk.
• Caroline Stone joins Dual UK as chief risk officer, effective immediately. In her new role Stone is responsible for DUAL UK’s risk and compliance teams and reports to Richard Clapham, CEO, Dual UK and Dual Group. Stone also joins the board of Dual Corporate Risks Limited.