News
UK motor broker launches; Ardonagh’s management reshuffle; Polaris’s £1.5m investment
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Lloyd’s delays launch of Blueprint Two’s second phase
Lloyd’s and Velonetic have delayed the launch of the second phase of Blueprint Two until April 2025 – six months after the previous go-live date of October 2024.
Aviva’s Blanc and Axa’s Foley join ABI board
Aviva’s group CEO Amanda Blanc and Axa UK&I’s CEO Tara Foley have been appointed to the board of the Association of British Insurers.
Zurich warns of US-style litigation developments in Europe
Zurich has warned that, as a result of incoming EU regulation, Europe could soon become more of a litigation environment, akin to that which exists in the US.
RSA sells direct PL business to Admiral
RSA and its parent company Intact Financial Corporation has this morning confirmed the sale of its UK personal lines operations to Admiral Group Plc for an initial cash consideration of £82.5m, as reported by Insurance Post earlier this week.
E-scooter legislation not expected until after election
Frustration grows in the industry at the lack of movement in e-scooter regulation, with predictions there will be no update until after a general election.
Unison extends LV agreement following UIA run-off
Insurance Post can reveal Unison has entered into a partnership with LV, in which the insurer will provide the trade union's members with home, travel, and pet insurance.
Ombudsman expects complaints about hollowed out insurance
The Financial Ombudsman Service is bracing for more complaints next year from consumers who didn’t realise cheaper insurance premiums often result in reduced cover.
Pool Re’s treaty reinsurance plans present SME cover opportunity
Proposals to make Pool Re a treaty reinsurer could lead to a greater proportion of UK SMEs taking out terrorism cover, senior industry figures have said.9
Whiplash exodus continues as 53% of law firms pull out of sector
Over half of law firms are ditching low-value RTA claims as a result of the whiplash reforms, with only one firm saying this area of business is profitable.
Lloyd’s D&O book expected to shrink
Directors’ and officers’ insurance is set to contract as a class of business at Lloyd’s next year, as the market keeps up its strong messaging on what it expects of underwriters.
Significant growth of non-standard market forecast
More modular homes, climate change plus increased sales of high performance cars will lead to "unprecedented, dynamic growth in the non-standard market," according to a report from Prestige Underwriting.
Admiral tipped as preferred bidder for RSA home and pet books
Admiral is the preferred bidder for the RSA household and pet insurance books, Insurance Post can reveal.
Howden pleads for protection of climate-vulnerable countries
Speaking at the COP 28 summit, David Howden, founder and CEO of Howden emphasised the power the private sector has to protect vulnerable countries against the effects of climate change and unlock future investment opportunities.
Flock to target larger fleets with NIG partnership
Flock has announced a partnership with NIG, which CEO Ed Leon Klinger says will allow the insurtech to target larger fleets as it aims to “evolve” the commercial motor insurance market.
Axa and Synectics partner; Tesco to offer non-standard home; Markerstudy's three NEDs
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Government to launch Martyn’s Law consultation after Christmas
The government will launch a consultation on proposed counterterrorism measures that smaller premises will have to take as soon as possible, according to a Home Office official.
Cyber has reared its ugly head again – time to have it as part of due diligence?
News editor view: As another cyber hack is revealed, and as it was Computer Security Day on Thursday, Scott McGee reiterates the importance of staying cyber vigilant, while bringing all your partners to a level of cyber security that you find acceptable.
CII asked for answers about finances ahead of AGM
Former Personal Finance Society board member Vanessa Barnes has raised concerns about the Chartered Insurance Institute Group’s 2022 annual report ahead of the professional body's annual general meeting this afternoon.
Walsh and Newman to leave CFC following Lloyd’s investigation
David Walsh and Graeme Newman will leave CFC Underwriting in 2024 following a Lloyd’s investigation into allegations of non-financial misconduct at the company.
Mapfre calls for AI regulation and improved cyber collaboration
Antonio Huertas, chairman and CEO of Mapfre explained why AI regulation is needed and how cyber continues to leave the industry at a crossroads.
Animal Friends’ 2022 profits take £12m customer refund hit
The 2022 financial accounts for Animal Friends have revealed that the company paid out nearly £12m in “voluntary remediation payments” in 2022 – almost three quarters of the original £16m of profit it made that year.
UK develops secure AI guidelines
The UK has published guidelines to ensure the secure development of artificial intelligence technology.
Saga boss Sutherland steps down after four years
Saga has announced that group CEO Euan Sutherland is to be stepping down after four years in the role.