Insurance Age Briefing
Hello from Insurance Age,
Welcome to our LinkedIn newsletter. A regular update on the biggest topics in UK insurance broking with insightful commentary from our editors.
If you enjoy the articles in this newsletter you can read three Insurance Age articles each month for free — Register now .
March was certainly a Tale of Two Deals.
One that is now a step closer to being finalised; and another that - for now - has been aborted.
Was this ever in doubt?
Although DLG no longer has any broking-related business having sold NIG and Farmweb to RSA last year, the deal was certainly of interest to brokers given that absorbing the firm into the UK arm of Ageas would certainly have been a challenge given the relative sizes of both operations.
Should the deal have happened it would have effectively been a reverse takeover and when Insurance Age spoke to readers the consensus seemed to be one of concern; but also confidence in that the potential buyer’s management to make sure Ageas brokers did not suffer.
Although off the agenda for now, it will be interesting to see whether Ageas pivots to another target; and if anyone else fancies a nibble at DLG.
领英推荐
Talking of deals there were 232 insurance mergers and acquisitions in the UK & Ireland last year, with broking and service providers contributing 203 of the total , according to research by FTI consulting. The overall figure was up 31.1% on the year before with private equity again leading the charge.
However, value of UK insurance distribution deals fell to ￡3.9bn in 2023, down 8% on the year before , despite M&A volume returning to record levels, according to MarshBerry. The deal total jumped from 110 in 2022 to 148 last year matching the record activity seen in 2021.
Elsewhere, Insurance Age broke the exclusive news that Blagrove Underwriting Agency and two MGAs it supports with capacity have informed brokers that they will not be able to offer quotations or renew policies for 1 April, in a further sign of a motor capacity crunch.
Although there was some good news with Sabre admitting it is in discussions with larger motorcycle brokers and confident of adding two new partners towards the end of 2024 and into next year, according to CEO Geoff Carter.
Among the other senior figures to speak to Age this month were Allianz’s managing director of UK retail, Henry Topham who explained what benefits brokers get from the provider’s omni-channel approach ; and Michelle Taylor, Aviva’s new strategic accounts director, who stressed the importance of being responsive and visible for brokers.
Meanwhile, Academy CEO, Gilles Normand explained how buying Premierline has “dramatically” shifted the balance of its book from 50% personal lines to two-thirds commercial with the broker targeting 90% in the sector through a people-first string of acquisitions.
And finally, Mark Thomas, founder of Compare Insurance, shared how he is looking to harness the power of technology even further to continue the pace of 60% growth the business achieved last year; and Ian Lloyd, CEO of Iprism, promised brokers consistency and standout service , having signed up to be the British Insurance Brokers’ Association’s high-value home insurance scheme provider.
Content director, Insurance Age