Financial / Results – Page 169
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NewsAirmic 2016: Insurers must be more efficient to survive low rates
The insurance industry cannot survive indefinitely on flat or shrinking rates, minimal investment income and low levels of natural growth in the market, a panel of leading insurance experts at Airmic have said. During the debate, QBE Euopean Operations chief executive Richard Pryce also questioned how ...
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NewsEsure to review possible demerger of Gocompare.com
Esure announced a strategic review of its Gocompare.com business, including the possible demerger of the price comparison site it acquired full control over a year ago. The company said it has also appointed Matthew Crummack as chief executive of Gocompare.com, subject to to regulatory approval. “Now ...
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NewsGRP buys professional indemnity broker Cavendish Munro
Peter Cullum-backed consolidator Global Risk Partners (GRP) has bought London-based specialist professional indemnity retail broker Cavendish Munro Professional Risks. The acquisition is GRP’s fourth transaction this year following the Lonmar, McGrady and Synergy deals. The new deal will take GRP’s annual gross written premium to over ...
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NewsIngenie a bright spot in tough year for former Quindell
Telematics broker Ingenie was the only division of recovering technology firm Watchstone to report an underlying profit for 2015. Ingenie reported underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of £484,000 in 2015, a turnaround from the £820,000 loss it made the previous year. ...
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NewsTysers chairman questions client value of big broker facilities
Lloyd’s broker Tysers chairman Christopher Spratt has called into question to client value offered by big brokers’ placement facilities. The facilities, which include the Aon Client Treaty and Willis Global 360, grant participating underwriters access to certain sections of brokers’ business on pre-agreed terms. The facilities ...
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NewsBarclays Corporate Banking names new UK insurance heads
Barclays Corporate Banking has named James Morris as head and Dan Broome as deputy head of its UK insurance team. The team manages banking relationships with insurers and brokers and provides financing, banking and financial risk management services. The new roles were created following a team ...
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Online onlyNew entrants put pressure on cost of home cover
The price of home insurance has fallen as competition grows in the market, while over 50s’ growing confidence in buying on comparison websites is also having an effect
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NewsMunich Re insurance arm to axe 1,800 jobs
Munich Re’s ERGO insurance unit is planning to axe 1,800 jobs as part of a cost-cutting drive. The job cuts have been dubbed “ruthless” by a union representative. The job losses will fall in Germany as the insurer tries to lower its gross annual cost base ...
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NewsGable abandons 'inappropriate' £10m sister MGA funding plan
Gable has abandoned plans for sister underwriting agency Hogarth to contribute £10m to the unrated insurer’s regulatory capital after chief executive William Dewsall decided the transaction would be “inappropriate”. According to a stock exchange announcement, Dewsall now intends to use a separate private vehicle, wholly owned ...
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NewsBroker Kingsbridge plots expansion after £4.2m PE firm backing
Broker Kingsbridge Risk Solutions is planning to expand into new sectors after securing backing from private equity firm Dunedin. The deal worth £4.2m means that Livingbridge the mid-market private equity firm that backed Kingsbridge in January 2014 will fully exit the business. This is Dunedin’s second ...
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NewsGable unveils plan to offer Solvency II compliant and A-rated capacity
Gable is aiming to offer Solvency II compliant cover for certain niche lines of business, as well as A-rated capacity across its entire platform by the end of the third quarter this year. The unrated insurer announced to the stock exchange yesterday that it was conducting ...
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NewsTowergate’s Ross plays down effect of Gable woes
Towergate chief executive David Ross has played down the effect that Gable’s difficulties will have on his company, which uses the unrated insurer’s capacity. He pledged to work with Gable while it considers it options, but added that Towergate may seek replacement capacity “should it be ...
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NewsGeneral insurance complaints rise 4% in 2015/16 - FOS
New complaints to the Financial Ombudsman Service (FOS) about general insurance products, excluding PPI, rose by 4% to 31,284 in the 12 months to 31 March 2016, compared with the 30,080 it received in 2014. According to the FOS annual review released today, of the complaints ...
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NewsTowergate profit almost halves in first quarter
Towergate reported earnings before interest, tax, depreciation and amortisation (EBITDA) of £2.8m in the first quarter of 2016, down 48.9% on the £5.5m it reported in last year’s first quarter. Adjusted EBITDA, which excludes exceptional costs, was down 20.6% to £13.6m (Q1 2015: £17.2m). Total revenue ...
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AgendaPRA Returns: Personal lines remain healthy for insurers – for now
Seven insurers analysed reported an average combined operating ratio of 99.7% for 2015
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NewsGable 2015 loss estimate widens to between £13m and £14m
Gable has warned that its 2015 loss will be £6m worse than previously estimated because it will receive a lower payout under an insurance policy than it had expected. The news comes as the unrated insurer is mulling a sale after admitting that it cannot raise ...
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NewsGable mulls sale as raising enough Solvency II funds 'not possible'
Gable has launched a full strategic review of its business after determining that it is “not possible” to raise the additional capital it needs to comply fully with Solvency II in its current form. The company said in a trading update: “Solvency II appears to be ...
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NewsBrokers and insurers warned of soft market perils amid Gable crisis
Insurers and brokers today received a stark warning about the perils of current market conditions as crisis-hit Gable revealed further losses and that it doesn’t have the money to meet Solvency II. Brokerbility chairman Ashwin Mistry said: “This is beyond unrated insurers. The soft market is ...
