UK market News

EU, UK Agree Draft Text for Post-Brexit Ties Although Some Wrangles Remain

Britain and the European Union have agreed a draft text setting out a close post-Brexit relationship, though wrangling with Spain over control of Gibraltar must still be settled before EU leaders meet on Sunday in order to rubber-stamp the pact. …

Some UK Insurers May Be Forced to Adjust Motor, Home Insurance Prices: Fitch

Some UK insurers may be forced to change how they set their prices for motor and home insurance as a result of a regulatory investigation next year, according to Fitch Ratings. Insurers have been accused of overcharging customers who do …

UK Confident It Will Form Deal with EU on Post-Brexit Financial Services Trade

The United Kingdom is confident that it is on the verge of reaching an agreement with the European Union to give London’s vast financial center access to EU markets after Brexit, Britain’s financial services minister John Glen said on Monday. …

Gallagher Acquires UK Commercial Broker Portmore

Global insurance broker, risk management services and consulting firm Gallagher announces the acquisition of Portmore Insurance Brokers Ltd. and Portmore Insurance Brokers (Wiltshire) Ltd. in the UK. Terms of the transaction were not disclosed. Based in Southampton, England, Portmore was …

London Market Insurers’ Profits Remain Under Pressure with Excess Capacity: Fitch

The profitability of London market and Lloyd’s insurers is expected to remain under pressure in 2018, despite the fact that rates improved slightly following the catastrophe losses in the second quarter of 2017, according to Fitch Ratings in a new …

AGCS Taps Brewer from AIG, Promotes Tiplady, for UK Broker Relationship Team

Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s specialist carrier for corporate insurance business, announced the appointments of Lee Brewer as senior broker relationship manager and Harriet Tiplady as broker relationship manager. Based in London within the Market Management …

UK Expects 5,000 Financial Services Jobs to Move to Europe by Brexit Day

Despite thousands of jobs set to move to the continent due to Brexit, Britain’s financial services minister said on Wednesday he would do all he can to ensure the City of London remains a major financial center. John Glen told …

UK Regulator to Probe Personal Lines Providers for Overcharging Customers

Telecoms and financial services companies face an investigation by Britain’s competition regulator after consumer body Citizens Advice complained that customers who do not switch providers were being “ripped off” . Such customers were being overcharged 4.1 billion pounds ($5.2 billion) …

SME Law Firms in England & Wales May See Rise in Professional Indemnity Rates: Marsh

Some professional indemnity (PI) insurers are applying greater rigor, are being increasingly selective, or are repricing risks, for small and mid-sized law firms in England and Wales, warned Marsh in a market update. As Oct. 1 approaches – the most …

THB Announces New Strategy, Leadership for UK Wholesale Broking Operation

THB, the London-based specialist insurance and reinsurance broker, announced new leadership and a new multi-sector strategy for THB UK Risk Solutions, its wholesale broking operation which places UK risks on behalf of some 1300 brokers. Declan Durkan, who joined THB …