Financial / Results – Page 168
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News'True independence after MBO will drive growth': Compass MD Lincoln
Compass managing director John Lincoln said that becoming independent would drive growth for the network as it targets £1bn in gross written premiums over the next three to five years. Speaking with Insurance Times following the management buyout (MBO) of Compass from Arthur J Gallagher, Lincoln ...
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Online onlyGable crisis deepens amid stock market suspension request
The crisis swirling around unrated insurer Gable deepened today as it requested suspension from the AIM stock market. The Liechtenstein-based insurer requested a suspension of its share trading on AIM until the publication of its audited annual report and accounts for the year ended 31 December ...
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NewsEsure says no takeover bids received, after share price spikes
Esure said it has received no approaches about a potential offer for the company. The company was responding to takeover speculation that boosted its share price in morning trading. Shares in the company rose 14% to 297 pence this morning after reports suggested an offer might ...
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NewsAA sells Irish insurance-led business for €156.6m
The AA said it has agreed to sell its Irish business to the Carlyle private equity firm for €156.6m (£130m) in cash. AA Ireland provides personal and commercial insurance and motoring services. “As an insurance broker-led business, AA Ireland differs significantly from the AA’s UK business, ...
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NewsInsurance stocks slump further in market turmoil
Financial markets suffered another major decline yesterday as ratings agency Standard & Poor’s downgraded the UK’s debt rating by two notches from AAA to AA. Financial stocks were among the worst hit, with the FTSE non-life insurance index losing 6% to close yesterday at 2,337. That ...
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NewsMoody’s will cut UK rating if it loses core of Single Market access
Moody’s has will downgrade the UK’s debt and issuer ratings if it fails to preserve “core elements” of its access to the EU Single Market following the country’s decision to exit the EU. The rating agency currently rates the UK Aa1, one notch down from its ...
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NewsGibraltar insurer Elite considering new European unit post-Brexit
Gibraltar-based insurer Elite is considering setting up a new company so it can continue writing mainland European business after the UK leaves the European Union. Elite currently takes advantage of passporting rules, which allow companies to operate across the EU and European Economic Area with a ...
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NewsAviva reassures market on solvency amid Brexit turmoil
Aviva said this morning that its Solvency II coverage ratio “remains close to the top of its working range” of 150% to 180% despite market volatility triggered by the UK’s decision to leave the European Union. The insurance group announced with its full-year 2015 results in ...
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NewsS&P: UK rating faces multi-notch cut over Brexit
The UK’s sovereign rating could be downgraded by more than one notch over today’s decision to leave the EU, rating agency Standard & Poor’s (S&P) has warned. The rating agency gives the UK its highest rating of AAA, although it is on negative outlook, which means ...
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NewsPound slumps, insurance shares track market lower after Brexit vote
Sterling fell to its lowest in three decades and £86bn was wiped off the value of the stock market after Britain voted to leave the EU. The pound plunged 11% in early trading to $1.32, its lowest level since 1985. It recovered to $1.37 in mid-afternoon ...
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NewsCustomers should avoid hasty decisions after Brexit vote - ABI
Customers of UK insurance companies should avoid making hasty decisions about their financial matters in the wake of the UK Brexit vote, according to the ABI. “Customers should remember we remain part of the EU until the process of leaving is complete and they should therefore ...
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NewsAXA Global unveils new five-year plan
AXA Global has revealed its Ambition 2020 strategy. The new five-year plan centres around two strategic priorities: focus and transform. Key points: First priority is continued focus on selective growth, cost efficiencies and technical margin improvement Insurer wants to grow in commercial lines AXA ...
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NewsSaga makes 'good start to year' in core business arms
Saga said it has made a good start to the year across its core trading divisions in the period from 1 February to 20 June 2016. In a trading update announced today, the over-50s insurers said it was also on track to achieve its target for ...
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NewsEY predicts further underwriting losses for UK motor insurers
UK motor insurers will report a 100.1% combined operating ratio (COR) in 2016, which will worsen to 101.7% in 2017, accounting and consulting firm EY predicts. The deterioration will be driven by pressure to cut rates in response to the government’s planned whiplash reforms and the ...
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NewsAirmic to update broker remuneration guide
UK risk manager trade body Airmic is planning to update its guide to broker remuneration. The guide, aimed at commercial insurance buyers, is intended to help clarify the status of brokers and how they are paid for their services. Key points: Airmic says broker ...
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NewsGallagher: our data justifies calls for more commission
Arthur J Gallagher deserves the commission it is paid because it has more and better data than insurers, special adviser Dave McGurn has said. Speaking during an investor call McGurn, Gallagher’s former chairman of risk placement services, said that while insurers were trying to cut what ...
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NewsPRA approves Direct Line Group’s Solvency II model
The PRA has approved Direct Line Group’s Solvency II partial internal model. It means the insurer will be able to use the model to calculate its capital requirements under Solvency II from 1 July this year. The company plans to publish more details about its Solvency ...
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NewsAXA: Brokers upfront on commission will step up transparency agenda
Brokers have to play their part and be upfront with customers about commission levels to show the industry is serious about being transparent, AXA UK and General Insurance chief executive Amanda Blanc has said. She was responding to a speech yesterday by ABI director of general ...
