News
Combined UK General and PPL business to pursue ‘substantial’ growth and acquisitions
The combined business formed by the bringing together of managing general agents UK General and Precision Partnership is to pursue “substantial” short-term growth, CEO Tim Smyth has told Post.
Acrisure acquires Sutton Winson and SSR; One Family to acquire Beagle Street and Many Pets expands to the US
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA launches discussion on competition impacts of big tech firms entering insurance sector
The Financial Conduct Authority is seeking views on the competition benefits and harms from big tech firms’ entry into a range of retail financial services sectors.
Trade Voice: Apil’s John McQuater on why the law on bereavement damages is out of step with modern society
John McQuater, president of the Association of Personal Injury Lawyers, says the case for an overhaul of the law on bereavement damages has only grown stronger in recent years, and it needs to be updated to reflect today's modern society and family…
Direct Line Group creates two offices to enhance customer and commercial focus
Direct Line Group has revealed the establishment of a Chief Customer Office and Chief Commercial Office to lead the Group’s brand, customer and trading strategies.
Avian flu outbreak could hit insurers hard: McLarens' Smout
With avian influenza prevention zone declared across Great Britain, an agriculture loss adjuster warns claims could be costly for insurers.
UK 'veering off course' with ESG as public rank cost of living as their top concern
According to a report on environmental, social and corporate governance issues from communications consultancy SEC Newgate, the UK public rank the cost of living crisis as their primary concern.
MS Amlin Underwriting slapped with almost £10m fine for historic governance failings
The Prudential Regulation Authority has fined MS Amlin Underwriting £9.7m for failings in its governance, controls and risk management in the period between 1 September 2014 and 31 December 2019.
Aon launches Work Insights Programme to help provide students work experience opportunities
Aon strengthens efforts to support college students from lower socio-economic backgrounds with new career prospects with the launch of its Work Insights Programme.
Amazon partners with three insurers to launch home and contents ‘Insurance Store’
Amazon has partnered with Ageas, Co-op and LV to launch the Amazon Insurance Store, offering home and contents insurance to UK customers.
Allianz poaches mid-market boss from Aviva in further commercial reshuffle
Allianz Commercial has appointed Aviva’s David Carey into the newly created position of managing director of mid-market.
Mark Steward to step down from the FCA
The FCA’s executive director of enforcement and market oversight will leave the regulator in spring 2023 after seven years.
Judge hands insurers win in ‘far from conclusive’ Stonegate, Greggs and Various Eateries BI cases
Justice Butler, one of the two judges on the FCA test case last year, has handed insurers a win today when passing down judgment on the three cases relating to the Covid-19 business interruption losses of Stonegate, Greggs and Various Eateries.
Lloyd’s first CEO Ian Hay Davison passes away
Former CEO of Lloyd’s of London who took on a task of reforming scandal-ridden Lloyd’s of London in 1983 of its reputation, has passed away aged 91.
Insurtech unicorns Zego and Marshmallow reveal large losses
The holding companies of UK insurtech unicorns Zego and Marshmallow have both reported losses for the financial year ending on 31 December 2021.
Hemming to leave Aviva and be replaced with Dave Martin
Aviva's Gareth Hemming is to "pursue new opportunities outside of Aviva" at the end of the year.
Perils pegs London’s 2021 summer flood losses at £281m
Perils has pegged insurance and reinsurance industry losses for London floods that took place between 12 and 14 July 2021 at £281m.
FCA expects to grow staff headcount by '400 to 500 this financial year'
Financial Conduct Authority CEO Nikhil Rathi expects the staff headcount to grow by 400 to 500 this financial year, “challenging set of reforms” to its career, pay and grading which resulted in two strikes action.
FCA dealt with less than a quarter of whistleblower cases received in 2021/22
For the period between April 2021 and March 2022, more than three quarters of the whistleblower submissions received by the Financial Conduct Authority are still under assessment.
Protect Duty legislation likely to push up the price of liability cover - RSA UK's Harrison
Forthcoming counterterrorism legislation is likely to push up the price of liability insurance and make higher limits harder to obtain for some businesses, says RSA UK Specialty's casualty head Steve Harrison.
Pool Re makes case for becoming treaty reinsurer
Pool Re’s proposed move to a treaty reinsurance model would be “the most fundamental reform” in the government-backed terrorism reinsurer’s history, CEO Tom Clementi claimed.
Axa's Tara Foley: Moja is already attracting younger customers than other brands
During its first month of trading Axa’s new digital start-up Moja has attracted customers that are on average a decade younger than its other brands, Insurance Post can reveal.
Isle of Man hosts insurtech 'accelerator'
A four-month ‘accelerator’ programme that kicked off in late September is at the centre of the Isle of Man’s plans to position itself a “centre of excellence” for insurtechs.
Unrepresented claimants continue to sit below 10% according to OIC
The fifth tranche of data from Official Injury Claim portal shows that unrepresented claimants still make up less than 10% of its users, while the time taken to settle claims increases yet again.