Gallagher sued by housing association over coverage disputeUK housing provider Paradigm Housing Group has launched a legal claim in London accusing insurance broker Arthur J Gallagher of leaving it without coverage for an apartment building for a crucial period in 2020, when a storm damaged the property.
FCA says poor broker governance is leading to customer harmThe Financial Conduct Authority (FCA) has said it continues to see evidence of “ineffective governance” within UK insurance intermediaries, with the watchdog warning that poor oversight is leading to “significant risk” of potential harm for policyholders.
PRA claims UK Solvency II overhaul will boost insurer competitivenessThe Bank of England’s Prudential Regulation Authority (PRA) has said capital adequacy rules under the Solvency II regime could be better tailored to make the UK (re)insurance sector more competitive.
FCA expresses “disappointment” in lack of industry progress on oversight and cultureThe UK’s Financial Conduct Authority (FCA) has expressed “disappointment” in what it described as the failure of London market brokers, MGAs and Lloyd’s members’ agents to embrace its key messages on product oversight and firm culture.
Stonegate’s £1.1bn BI claim the “most significant” to enter UK courtsBritain’s biggest pub group Stonegate began its £1.1bn ($1.36bn) London legal suit against insurers MS Amlin, Liberty Mutual and Zurich over lockdown losses on Monday in a case legal experts have flagged as one of the “most significant” business interruption (BI) disputes to hit the courts.
Rebadged London MGA Nexus Group now valued at £270mn+London MGA/intermediary Kentro Global, the recently rebranded Nexus Group, is now worth in excess of £270mn ($328mn), according to venture capitalist firm BP Marsh.
Pen builds tech sector practice with Hiscox’s HydlemanPen Underwriting has hired Dan Hydleman from Hiscox as a specialist technology underwriter in a move the Gallagher-backed MGA said would help meet growing demand for insurance that supports the rise of the technology sector in the UK.
HM Treasury to target insurer’s critical outsourcers with legislationThe government is mulling plans to hand Britain’s financial watchdog new powers to directly regulate so-called critical third parties (CTPs), in a move expected to impact the technology and service providers relied upon by the UK’s (re)insurance sector.
MGAA appoints Richards as technical services managerThe Managing General Agents’ Association (MGAA) has hired Tim Richards to the newly created role of technical services manager as part of its wider growth and development strategy.
Aon hires Joanna Parsons as capital advisory build-out continuesAon has continued the build-out of its global capital advisory platform with the hire of veteran insurance sector analyst Joanna Parsons as strategic growth leader for the UK unit, The Insurer can reveal.
ILS fund Leadenhall: new deputy CEO provides “clarity” on Albertini successionLeadenhall Capital Partners has promoted Lorenzo Volpi to deputy CEO in a move the ILS fund manager said “provides clarity” on its future succession plans.
Newline promotes Pecover to CUO after Beveridge exitOdyssey Group’s London-based subsidiary Newline has named Andrew Pecover as its chief underwriting officer, succeeding William Beveridge, who joined the UK P&I Club last month.
European P&C stocks falter in choppy May tradingThe European P&C insurance benchmark index ended the month of May with notable losses as pressure across wider equity markets from the war in Ukraine, high inflation and interest rate rises pushed (re)insurance stocks lower.
Beazley shuffles international management liability unit as MacCabe retiresLondon-listed Beazley has announced that its focus group leader for international management liability (IML), Catherina MacCabe is to retire and will be succeeded by Oliver (Oli) Wheeler.
Rebadged MGA Nexus sees GWPs climb 19.3% to $461mnKentro Capital Ltd, the recently rebranded holding company for specialty London market MGA Nexus Underwriting, grew GWPs by 19.3 percent in the 12 month ending 31 December 2021.
Pub group Stonegate ups Covid BI claim to £1.1bnThe UK’s largest pub group Stonegate – owner of the Slug and Lettuce chain – has increased its High Court claim to almost £1.1bn ($1.36bn) in its case against MS Amlin, Liberty Mutual and Zurich to recover business interruption (BI) losses suffered as a result of Covid-19 lockdowns
Insurindex to launch leading underwriter event in LondonInsurindex, the ranking platform for the London insurance market, is set to launch the 2022 London’s Leading Underwriter Report in London on 29 June. The event is being held in partnership with The Insurer.
Liiba appoints trio of deputy chairsThe London & International Insurance Brokers’ Association (Liiba) has named three new deputy chairs.
LMG calls for competitiveness objective to be given “teeth”The London Market Group (LMG) has warned that incoming legislation designed to give UK financial regulators a competitiveness objective will be nothing more than a “tick box exercise” unless the rules are given “teeth” by policymakers.
SafePoint looks to upsize cat program as Manatee Re cat bond non-renewsSafePoint and its broker Gallagher Re have been meeting with London reinsurers as the US insurer seeks to significantly increase the limit on its 1 June renewing cat program after taking on a number of portfolios from companies in receivership and being unable to renew its cat bond, The Insurer can reveal.