UK
PE driving market consolidation but private ownership still dominates
Exclusive: Private equity houses and PE backed firms were behind more than 50% of UK insurance distribution mergers and acquisitions activity last year in the £5m plus category, Imas Corporate Finance has calculated.
Andy Fairchild to lead Applied in UK
Former Broker Network CEO Andy Fairchild has been appointed to the newly created role of CEO of Applied Systems Europe.
Analysis: Reinsurance hikes add to motor pricing pressure
The UK motor market had the unwanted title of the biggest riser in the annual global reinsurance renewal season this January, adding another reason for intense scrutiny on insurance pricing in the loss-making sector
Crawford appoints Caroline Poppleton as D&I inclusion leader in UK
Caroline Poppleton has been appointed diversity and inclusion leader for Crawford’s UK operation alongside her current role as head of business development.
Former Skyscanner chief Rice-Jones to chair Admiral’s aggregator network
Admiral-owned Penguin Portals Limited has picked up ex-Skyscanner chair Margaret Rice-Jones as board leader of the aggregator network.
Ex UK General boss Karen Beales made MD at Financial & Legal
Former UK General CEO Karen Beales has been appointed managing director of Financial & Legal Insurance, replacing Mike Timmons who has stepped down.
M&A volume grows in 2019 but mid-sized targets scarce
Exclusive: The number of UK insurance distribution mergers and acquisitions rose from 82 in 2018 to 93 last year, driven by a surge in deals valued under £5m, industry specialists Imas Corporate Finance has revealed.
'Massive opportunity' for more acquisitions, says incoming GRP CEO Bruce
Global Risk Partners will continue with its focus on regional broker acquisitions, buying niche managing general agents and developing its wholesale business, incoming group CEO Mike Bruce told Post as New York-headquartered PE firm Searchlight Capital…
Aon 'in position of strength' as reaches $11bn of revenue with 6% organic growth in 2019
Aon has posted a 35% leap in profit from $1.13bn (£857m) in 2018 to $1.53bn last year.
Integration headwinds hit UK growth in 2019, says Marsh
Marsh & McLennan Companies has reported revenue of $16.65bn (£12.66bn) and profits of $1.74bn for 2019.
Gallagher posts 5.6% group broking and risk management organic growth in 2019
Gallagher delivered revenue and margin growth across all four UK trading units of retail broking, specialty broking, Pen Underwriting and Capsicum Re last year, Simon Matson has stated.
This week: The wait is over
The wait began in 2017, and many of us felt that the agonising limbo might never end. But after two and a half years, the wait is finally over. That’s right: Kesha’s new album is out today.
RFIB CEO Steven Beard departs
Steven Beard is stepping down as CEO of Integro-owned specialist Lloyd’s broker RFIB with immediate effect, the business has confirmed.
Insurtech funding hits record $6.35bn in 2019
Research by Willis Towers Watson has revealed that $1.99bn (£1.52bn) of global investment into insurtechs in the final quarter of 2019 propelled the yearly total to a record $6.35bn, a leap of 52% on the previous year.
Members voice support for Marsh’s network merger plans
Members of Marsh Probroker, Purple Partnership and Bluefin Network have welcomed the plans to combine the three into one single proposition called Marsh Networks.
Trade Voice: Biba CEO Steve White on the ‘dark art’ of lobbying
The CEO of the British Insurance Brokers’ Association explains how the trade body picks the topics to lobby on and how the organisation seeks to get members’ views heard by decision makers to change the landscape.
RSA aims to have 500 apprentices by 2022
RSA has pledged to double the number of apprentices in the business by 2022.
Hiscox to move 300 jobs across UK from London
Hiscox has confirmed it will move 300 roles out of London over the next two to three years.
Ecclesiastical buys minority stake in Lloyd & Whyte
Exclusive: Ecclesiastical Insurance Group has bought 20% of Lloyd & Whyte for an undisclosed sum.
IoT law ‘step in the right direction’
Legislation announced yesterday to protect internet-connected household devices from cyber-attacks sits at the “baseline” of what could be done but is a “step in the right direction,” insurers said.
CII underwriting society launches cyber guide
The Chartered Insurance Institute’s Society of Underwriting Professionals has launched a good practice guide on cyber covering data, coverage, cyber incidents and basic precautions.
Saga sees boost in three-year policy sales
Saga faced up to claims inflation and a £4m Thomas Cook hit, according to a trading update ahead of its annual results, as it forecast a 3% yearly fall in branded home and motor policies.
Biba’s Graeme Trudgill joins ELTO board
Graeme Trudgill, executive director of the British Insurance Brokers’ Association has joined the board of the Employers’ Liability Tracing Office.
Banks push further into UK SME insurance
Banks have nearly doubled their share of the UK SME insurance market in two years, according to research published by Globaldata.