This week has been short but also mighty when it comes to industry news
Wednesday’s big story, from my perspective, is Lloyd’s Market Association taking legal advice on broker remuneration from law firm Reynolds Porter Chamberlain – an announcement spotted by our eagle-eyed assistant editor Saxon East. I’ve followed the broker pay furore with interest since joining Insurance Times a year ago, surprised to find it still in the spotlight, and this latest twist proves that underwriters’ concerns show no signs of abating.
Today’s highlight for me is Towergate’s full-year 2010 results. While the company is still not generating a net profit, its halving of the previous year’s loss shows that it is clearly heading in the right direction.
However, I think the most interesting Towergate story has yet to be told. The 2010 results do not factor in February’s debt refinancing and the impact this will have on the interest the consolidator is paying.
There is no sign of stories drying up this week, with first-quarter results or interim management statements expected for Legal & General, Novae, Admiral and RBSI, to name but a few.