Allianz profits flat
Allianz reported first quarter pre-tax profit of £48.6m – a fraction below last year's figure of £48.7m. Net written premium increased by £13.1m to £290.9m over the same period, while the insurer's combined ratio improved to 96.1%. Allianz said intermediated personal lines motor new business was running at double the level of Q1 2006.
Fortis grows GWP 14%
Fortis Insurance reported a 14% growth in gross written premium (GWP) for the first quarter of 2007 to £187.25m, compared to £164.34m in the same period last year. Fortis' retail businesses (RIAS and OutRight) reported 10% growth in commission income. The insurer's private motor book increased in size by nearly 24% to £115.85m in the first quarter.
Travelers buys Galatea
Travelers purchased Galatea Underwriting Agencies, a Lloyd's marine underwriting agency that specialises in protecting companies and people who service the shipping, transport and offshore gas and oil industries. Travelers said Galatea "complements and enhances the current Lloyd's marine activities underwritten through St. Paul Travelers Syndicate 5000".