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The Financial Conduct Authority has been, and will continue to be, proportionate in its approach to supervising the Consumer Duty, according to Sheldon Mills on the one-year anniversary of the rules. from Insurer - insuranceage.co.uk https://ift.tt/vXfxQrV

Moonrock Drone Insurance has upped its broker engagement in its first year as an MGA, with a network hook-up, agriculture sector expansion and test flights for passenger drones all part of the equation, boss Simon Ritterband tells Insurance Age along with what comes next in this fast-evolving niche. from Insurer - insuranceage.co.uk https://ift.tt/V6DUKM0

The total general insurance distribution compensation costs the Financial Services Compensation Scheme paid out dropped to £600,000 in the year ended 31 March 2024, from £2m the year prior. from Insurer - insuranceage.co.uk https://ift.tt/VMB7TLZ

Aviva is moving its trading offices in Glasgow’s city centre financial district to accommodate 26 employees and serve as a base for its mid-market, distribution, schemes and GCS teams. from Insurer - insuranceage.co.uk https://ift.tt/YV7p2co

Tara Foley, CEO of Axa UK and Ireland, told Insurance Age the insurer is looking to enter the “white space” between Axa and Axa XL. from Insurer - insuranceage.co.uk https://ift.tt/TUSLNWd

The Financial Conduct Authority has launched a review which it claimed could streamline the rules governing financial services to reduce burdens on businesses. from Insurer - insuranceage.co.uk https://ift.tt/Ua1RsQX

The Financial Conduct Authority has launched a discussion paper on the regulation of commercial and bespoke insurance business. from Insurer - insuranceage.co.uk https://ift.tt/7Fn0DJx

Zurich Insurance Group has invested $60m (£46.65m) in Cowbell, a provider of cyber insurance for SMEs. from Insurer - insuranceage.co.uk https://ift.tt/KW0JDTQ

Dual is targeting Bristol and Manchester for the two regional offices previously promised this year, Insurance Age can reveal. from Insurer - insuranceage.co.uk https://ift.tt/yq8O2i1

Keep up to date with the latest insurance personnel moves. from Insurer - insuranceage.co.uk https://ift.tt/gCMLv9z

Charles Manchester shares his reflections on the challenges and achievements during his time in the market as well as the outlook for MGAs and opportunities for the sector. from Insurer - insuranceage.co.uk https://ift.tt/0sgX5IC

Insurance rates in the UK fell 3% in the second quarter of 2024, continuing on the downwards trajectory from the previous three months, according to the latest research by Marsh. from Insurer - insuranceage.co.uk https://ift.tt/yY7LxBQ

UK insurers reported a 6% rise in ghost broking activity on social media last year, according to the Insurance Fraud Bureau, as it warned the threat of people being duped would continue to increase with the growth of financial strain. from Insurer - insuranceage.co.uk https://ift.tt/FMOuZp6

Specialist Risk Group has agreed to buy Trilogy Underwriting, a specialist property and casualty managing general agent, to add to its MX underwriting pillar. from Insurer - insuranceage.co.uk https://ift.tt/0zaM4uE

Acturis has partnered with Covéa to make the insurer’s Home IHP product available on its platform, adding to the previously rolled out motor offering. from Insurer - insuranceage.co.uk https://ift.tt/TKjrbnW

OneAdvent has struck a deal with Bridghaven Specialty UK that will see the hybrid fronting insurer provide A-rated capacity to managing general agent Criterion to underwrite waste management and recycling risks. from Insurer - insuranceage.co.uk https://ift.tt/TkebY7I

Bspoke Group CEO Tim Smyth tells Insurance Age about reaching profitability and expanding with brokers through organic growth, hires and new products as well as acquisitions. from Insurer - insuranceage.co.uk https://ift.tt/k8zQm9e

Bexhill UK and Acturis have partnered in a full API integration of Bexhill’s premium finance system and Acturis’s insurance broking system. from Insurer - insuranceage.co.uk https://ift.tt/ayj7qMK

Bspoke Group has “signed heads” on its next deal with a timeframe on an announcement of weeks, CEO Tim Smyth told Insurance Age. from Insurer - insuranceage.co.uk https://ift.tt/m0DvaqG

Insurance Age is delighted to reveal the first panel at the Broker Expo 2024 and it has a lot of insurer star power. from Insurer - insuranceage.co.uk https://ift.tt/Wne4I23

Keep up to date with the latest insurance industry personnel moves. from Insurer - insuranceage.co.uk https://ift.tt/yiDFBJS

The majority of brokers are not talking to clients about insurers’ climate credentials, according to research from Ecclesiastical, Insurance Age can reveal. from Insurer - insuranceage.co.uk https://ift.tt/mJb251C

“We are here for the broker today, and we will very much be here for them tomorrow. There’ll be no change in that strategy,” Ageas chief distribution officer Adam Beckett tells Insurance Age. from Insurer - insuranceage.co.uk https://ift.tt/pQOL1Kn

Comprehensive car insurance premiums fell by 6% (£59) between April and June 2024, the second quarter of decreases according to the latest research by Confused/WTW. from Insurer - insuranceage.co.uk https://ift.tt/LIzGoZh

QBE Insurance has launched QCyberProtect, describing it as a comprehensive and globally consistent cyber policy designed to enhance cyber resilience for a range of clients worldwide. from Insurer - insuranceage.co.uk https://ift.tt/iJVTzAm

The Ministry of Justice has confirmed the start of the 2024 review of the personal injury discount rate in England and Wales with a decision due no later than 11 January 2025. from Insurer - insuranceage.co.uk https://ift.tt/BDlNWfk

The UK motor insurance market experienced its worst performing year since 2011 last year, recording a loss-making net combined ratio of 112.8%, according to EY’s latest UK Motor Insurance Results. from Insurer - insuranceage.co.uk https://ift.tt/0JOXlUw

Arch Reinsurance-owned Somerset Bridge Group trimmed post-tax losses in 2023 to £13m from £32m the year before, as it moved into positive Ebitda territory. from Insurer - insuranceage.co.uk https://ift.tt/STxwZh6

After the hardest but most energising 12 months of his career, Allianz Commercial’s chief distribution officer Nick Hobbs celebrates the insurer’s expanded appetite as he looks to bring even more quotes and solutions to brokers. from Insurer - insuranceage.co.uk https://ift.tt/NeARiYZ

Dene Smith has been appointed regional director for the North at Axa Commercial, replacing Rob Corner who left in March. from Insurer - insuranceage.co.uk https://ift.tt/x381EjT

The managing general agent sector is booming, creating increased demand for specialists who can help would-be MGAs get set up. Edward Murray explores this world of ‘incubators’, and highlights how they can help fledging businesses. from Insurer - insuranceage.co.uk https://ift.tt/dwAmh2b

Hiscox shares closed the day [Monday 8th July] up 13.43% (150 pence) at 1,267 pence giving it a market cap of around £4.3bn after the insurer was linked with a takeover. from Insurer - insuranceage.co.uk https://ift.tt/f5ChtyA

Sompo has opened an office in Manchester. from Insurer - insuranceage.co.uk https://ift.tt/BpbjCGE

Stay in the loop with the latest insurance personnel moves. from Insurer - insuranceage.co.uk https://ift.tt/GqzIEcY

Munich Re has put GrovesJohnWestrup, its high-net-worth managing general agent, into run-off. from Insurer - insuranceage.co.uk https://ift.tt/lnBO3pa

While the event sector has rebounded post-Covid, it still faces a host of challenges. Challenges that offer brokers opportunities to help organisers both manage and mitigate risks to soften the blow if they have to cancel or postpone a planned event due to factors out of their control. Martin Friel reports from Insurer - insuranceage.co.uk https://ift.tt/auGbBDr

Specialist Risk Group has acquired political violence specialist Tristar Special Risks building out SRG’s managing general agent, MX, which was launched in December 2021. from Insurer - insuranceage.co.uk https://ift.tt/KhnrdXs

Sam Franks has been appointed to the newly created role of country manager of UK & Ireland at Beazley, effective immediately. from Insurer - insuranceage.co.uk https://ift.tt/voNbODQ

Ian Anson, MD of Rokstone, highlights talent that passes the ‘BBQ test’, an entrepreneurial culture and deep relationships with capacity providers as key to it achieving its goal of stretching the boundaries of what an MGA can offer. from Insurer - insuranceage.co.uk https://ift.tt/IMrw1JF

A new entrant into the construction insurance market, Tim James, managing director at Phoenix, explains how it is responding to the wide variety of risks that exist within the market in the UK today, with eyes on global expansion in the future. from Insurer - insuranceage.co.uk https://ift.tt/r5ZoRvP

The Bspoke Group has appointed Adrian Ewington as managing director of Bspoke Private Clients, its mid and high net worth specialist managing general agent. from Insurer - insuranceage.co.uk https://ift.tt/VGOteAk

AM Best has maintained the under review status of fronting business Accredited after the sale to Onex Partners last week. from Insurer - insuranceage.co.uk https://ift.tt/aR9P1AC