Financial / Results – Page 167
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NewsGibraltar insurer Enterprise goes bust
Gibraltar’s Financial Services Commission (FSC) has ordered Enterprise Insurance Company to stop writing new insurance contracts immediately after the insurer advised it that it is insolvent and has been unable to secure additional funding. The regulator has also issued directions under Section 100 of the Financial ...
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Online onlyBeazley posts $150m profits and reveals fierce pricing competition
Lloyd’s insurer Beazley was first out the blocks for the half-year results season, posting solid profits of $150.2m (2014 h1: $154m) amid fierce pricing competition. Boss Andrew Horton said rates had fallen 2% overall with the biggest fallers being 15% in energy business, 4% in reinsurance, ...
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NewsGable shares rise as trading resumes on Stock Exchange
Gable shares resumed trading on the London Stock Exchange this morning, after the company’s self-imposed suspension was lifted. In early trading, Gable shares recovered to 350 pence, up from 338 at the time of their suspension on 1 July. Gable said that following the release of ...
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NewsR&Q buys run-off reinsurer for $1.4m
Randall & Quilter said it has bought Agency Program Insurance Co, a Bermuda-based reinsurer now in run-off for $1.4m (£1.1m). APIC reinsures SPARTA, Discover, Nova Casualty, Hartford Insurance, AmTrust International, Wesco Insurance, PMA and Arch Insurance for workers compensation, general, commercial auto, inland marine, property and ...
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NewsGable’s Dewsall paid £440k bonus despite £24.3m loss
Gable chief executive William Dewsall was paid his full performance-related bonus of £440,000 in 2015 despite his company making a £24.3m pre-tax loss that year. But the company said in its annual report that it is now reviewing whether the bonus provisions in Dewsall’s contract are ...
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NewsAmTrust buys legal expenses MGA Arc Legal
Insurer AmTrust International has bought legal expenses underwriting agency Arc Legal Assistance for an undisclosed sum. Arc Legal manages more than 14 million legal expenses insurance (LEI) policies covering personal, motor, commercial, affinity, property owners, travel and leisure risks. The agency distributes products in partnership with ...
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NewsGable stops writing new business as capital falls below requirements
Gable has stopped writing new business as part of its plan to bring the company up to Solvency II compliance. The company also admitted in its results this morning that its regulatory funds had fallen below the required level. Gable said that it had instructed its ...
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NewsComparethemarket owner listing could value firm at £2bn - reports
The stock market listing that Comparethemarket owner BGL, is exploring, could value to company at more than £2bn, according to reports. An exact date for the listing has not been confirmed, but it is thought to be taking place in the first quarter of 2017. BGL ...
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Online onlyBrexit risks thousands of London insurance jobs
Up to 80,000 jobs in London’s financial services industry could be relocated because of Brexit, according to Boston Consulting Group. And a signficant chunk of those jobs being moved will be insurance, the consultancy says. The doomsday prediction comes after BCG surveyed the financial servies sector ...
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NewsAviva unveils UK GI profit growth targets for 2020
Aviva has outlined the underwriting profit growth targets it wants to achieve in its UK general insurance business between now and 2020. The insurer told analysts at its capital markets day on Wednesday that it expected its personal specialty business to produce the most profit growth ...
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NewsHastings, Direct Line tipped as best motor performers post-Brexit
Hastings and Direct Line are better-positioned financially for Brexit than some of their motor insurer rivals, according to investment bank Berenberg. “Hastings and Direct Line look set to fare relatively well, while we note increasing pressure on esure’s solvency ratio and dividend,” analyst Iain Pierce wrote ...
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NewsPound falls to new low amid insurer property fund suspensions
The pound has hit a new low after UK fund managers, including insurers Standard Life and Aviva, stopped investors withdrawing money from their commercial property funds. The pound was $1.2798 against the dollar on Wednesday, hitting a 31-year low. The BBC reported that the fall followed ...
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NewsMark Wilson confident of Aviva growth despite Brexit
Aviva group chief executive Mark Wilson has said that his company will continue to grow despite the UK’s pending exit from the European Union. Wilson (pictured) made the comments ahead of Aviva’s capital markets day today, where the company will update investors and analysts on group ...
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NewsBrightside to sell and lease back Bristol HQ in £7.7m deal
Broking group Brightside is to sell and lease back its headquarters in Aust, Bristol (pictured) to free up cash, Insurance Times has learned. The property agent for the deal, Jones Lang LaSalle, said it has been instructed to seek offers of more than £7.68m for the ...
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NewsTowergate completes sale of majority stake in Broker Network
Towergate has completed the sale of its majority stake in Broker Network to Highbridge Principal Strategies (HPS) for £46m. The broker announced in March that as part of the deal Towergate would retain 19.9% of Broker Network’s shares. adding that there would be no Towergate involvement ...
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NewsOsborne aims to cut corporation tax below 15%
Chancellor of the Exchequer George Osborne is planning to cut corporation tax to less than 15% to boost investment following the Brexit vote. In an interview with the Financial Times, Osborne said he wants to slash UK corporation tax from its current rate of 20% to ...
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NewsAnalysis: Diversify into insurance-linked securities 'at your peril'
The evolution of the Insurance-Linked Securities (ILS) sector, combined with excess liquidity globally, has led the asset class to a crossroads, Elementum Advisors founding principal John DeCaro told our sister publication GR. What’s the background of the ILS market? The use of capital markets capacity ...
