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Kwik Fit's comeback; London Market’s world record; Ageas’ risk officer
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Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
From Insurance Post this week
Martyn’s Law included in King’s Speech
How can home insurance avoid a motor-like PR disaster?
FCA issues warning as it continues to identify ‘low value’ products
LexisNexis accused of price increases despite limited product improvements
Fronting insurers and traditional carriers vie for MGAs’ favour
From People this week
Big Interview: Andy Bord, Flood Re
Q&A: Ann Waite, Association of Average Adjusters
Kelsall leaves Allianz for sweet role at Marshmallow
HW Kaufman raids AIG for UK CEO as expansion plans take off
Diary of an Insurer: Peach Pi’s Nick Dinsdale
Pick of the week
Kwik Fit launches motor insurance through Kwik-Fit.com
Deal value: N/A
Date announced: 15 July
Since Monday (15 July), Kwik Fit has been offering motor insurance to car owners via its website.
Kwik Fit re-entered the UK motor insurance sector last year, offering policies through price comparison websites. Kwik Fit is now enabling motorists to get a quote and purchase cover via Kwik-Fit.com.
Kwik Fit is offering its insurance cover in partnership with Aioi Nissay Dowa Europe; a subsidiary of MS&AD. AND-E’s UK based subsidiary, Aioi Nissay Dowa Insurance UK Ltd, is underwriting and administering the policies.
Andy Lane, marketing director at Kwik Fit, said: “We have launched Kwik Fit Motor Insurance cover to provide drivers with greater choice and cover with a company they already trust to keep their cars safe on the road.
“We’ve had a great response from customers obtaining cover through price comparison websites but we know that many car owners like to go direct to their provider.
“We have worked to make the process of getting a quote and confirming cover via our website as simple as possible. We are confident that many drivers will be interested in a Kwik Fit motor insurance policy when they come to their renewal date and compare us with their existing provider.”
Lemonade expands home insurance offering in the UK
Deal value: N/A
Date announced: 16 July
Lemonade has announced the launch of buildings and contents insurance in the UK.
“The UK has proven to be an exciting market for us with a large digitally-savvy population who appreciate an easy, personalised experience,” said Daniel Schreiber, Lemonade CEO and co-founder. “Growing our home insurance offerings this quickly is a tribute to our incredible team and our thriving partnership with Aviva.”
In addition to base coverage (rebuild costs, temporary accommodation, civil and property liability) and flexible contents coverage up to £100,000, Lemonade’s Buildings and Contents insurance also provides a suite of add-ons to provide full-scope coverage and flexibility, including:
- Home emergency: Emergency assistance provided in case of events such as a broken boiler, burst pipes, broken locks or electrical failures.
- Accidental damage: Coverage provided for unexpected accidental events that damage your content or home.
- Theft and loss: Theft and accidental loss in and outside your home is covered; bikes, laptops, and phones are included.
- Legal protection: Specialised legal assistance provided in handling disputes about the insured home, clinical negligence, and contracts of employment.
“We’re excited to expand our partnership with Lemonade in the UK, building on our first product launch in 2022,” said Jon Marsh, managing director of partnerships and transformation, personal insurance at Aviva. “Aviva and Lemonade share common values and by working together we can create compelling new propositions and experiences for customers.”
JMG Group cements latest acquisition
Deal value: N/A
Date announced: 18 July
Kent-based Howe Maxted has become the latest addition to the JMG Group.
The general business insurance division of the Howe Maxted Group was acquired by JMG this week in a deal that will see the firm sit alongside JM Glendinning Insurance Brokers’ 12 offices across the UK.
Run by directors Graham Smith and John Maxted, Howe Maxted’s insurance business has been helping clients identify risks and minimise the impact on their business and private lives for over a century. Under its new ownership, all the firm’s 14 staff will continue to operate from its Sidcup headquarters, headed by the existing leadership team.
Howe Maxted director Graham Smith said: “We know the numbers need to work to run a successful business, but I believe that people are the top priority.
“The numbers will work when your people are happy, which is why there has always been a ‘people first’ approach at the heart of our business.”
JMG Group CEO Nick Houghton added: “I am delighted to welcome Graham, John and the team to the group. Their business has a rich history and they’ve built an enviable reputation and a loyal customer base by putting their clients and their team first. Howe Maxted is exactly the kind of business we are keen to bring into the group, and I look forward to seeing the firm continue to thrive.”
Gracechurch releases 2024 London Leading Underwriter report
Deal value: N/A
Date announced: 16 July
Gracechurch has unveiled the 2024 London Leading Underwriter Report, a comprehensive analysis of the top underwriting performers in the London market.
The annual nomination-based survey conducted by Gracechurch – featured on Insurindex – is an independent ranking of underwriters operating in the London Market.
The report reveals a notable decline in the number of underwriters over 50, accompanied by a surge in younger professionals.
Gracechurch’s report also shines a spotlight on gender representation within the industry. While there has been a slight increase in the presence of women in the rankings and some prominent female leaders have emerged, progress toward gender balance remains slow.
The 2024 London Leading Underwriter Report is based on extensive research conducted by Gracechurch, with the data collection process spanning six months.
Ben Bolton managing director of Gracechurch said: “Our demographic data show a significant loss of older underwriters in the market, so 2024 represents a new group of new future leaders. The 2024 cohort is slightly younger but sadly still not very diverse; we hope this changes over the next few years as new faces emerge from the 24-35 age group.
“All these underwriters now face a changing work and global risk environment where tech, climate change and geopolitical risk are the norms, so new skills and capabilities are going to be the focus for all. It will be fascinating to see how this impacts the underwriter profiles over the next two-three years.”
“The bench strength leaders this year include many ‘challengers’; brands with previously microscopic visibility are now much more prominent. The incumbents still rule but the challengers abound, which should make for healthy competition in the near term. It also means that talented underwriters have all sorts of choices in terms of the best places to work.”
To access the full report, follow this link.
And finally…
- The London market has officially set a new Guinness world record for the most participants in a static cycle relay with its EC3 fundraiser and has so far successfully raised £62,000 for Cancer Research. Insurance Post editor Emma Hughes was among the 560 riders.
- Aurore Lecanon has been appointed as Ageas UK’s new chief risk officer. Aurore will take over her new role in September 2024, subject to regulatory approval.
- CFC has announced the appointments of Bryan Joseph and Oliver Corbett to the company’s board of directors as independent non-executive directors.
- Gallagher has named Simon Brookes as head of financial lines.
- Aviva’s exposure management capability has been boosted after the insurer started partnering with Symfos and using its exposure management software, Orchestra, to visualise risks and automate data processing.
- Road Angel Group has joined Brokerbility as an affiliate partner member.
- Addresscloud has announced three new hires. Chris King has been appointed as product director, Jessica Rowe as client account manager, and Vasileios Katziouras as engineer.
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