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UK insurers have now paid out £1.2bn in final settlements for claims relating to pandemic closures. -
The MGA received regulatory approval for its new London and Dublin companies.
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The InsurTech has launched in the UK after previously setting up shop in France, Germany and the Netherlands.
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Sarah Pritchard, executive director for markets at the FCA, set out the regulators’ moves to improve efficiency and enable innovation at a speech.
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The holding company’s approval from regulators means that Dale Underwriting Partners Syndicate 1729 can migrate from Asta to Dale’s own new managing agency.
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The hires follow the launch of the M&A MGA’s operations in the UK in June.
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A sale of the managing agency and Syndicate 1200 would represent tangible progress in Argo’s strategic process.
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The 12.2% shareholder has also proposed appointing founder Ken Randall as a company director, with the intention he would act as an executive director if Spiegel is removed.
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The watchdog will also base its digital delivery centre in the Yorkshire city.
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Ed Gaze, who established and ran the Lloyd’s Lab start-up accelerator programme, is joining the InsurTech backer in August.
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Government reforms to drive competitiveness in regulatory frameworks have been delayed.
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The Bank of England has warned that data gaps and inconsistencies in ESG ratings are impacting insurers’ responses to climate risk.
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