And also this week ...
Jelf issues £2.5m in shares
Jelf has issued new shares to pay off Jon Manson, who sold his business to the consolidator in 2008. Jon and Avril Manson, who are owed up to £2.8m, will receive just over seven million shares at a price of 36p. The move will make Manson a powerful figure in the Jelf boardroom: he will own nearly 10% of the company. The shares were admitted to the alternative investment market (AIM) on Wednesday last week. Any outstanding money owed to Manson will be paid in cash. Jon Manson is also chairman of Manson Insurance Group, which has moved to a new office in the heart of Manchester. All 100 staff will move into the 15,000 sq ft office. Earlier this year, Jelf received £19m investment from American private equity house Cap Z and institutional investors.
CFC income rises 28%
Underwriting agency CFC, part of the Hyperion Group, increased premium income 28% to £29.8m in 2009, and saw operating profit rise 41% to £2.39m. The underwriting agency is developing into several new areas, including life sciences and a white label technology system for brokers. Managing director David Walsh said: “We have made some large-scale investments to re-engineer the business and to develop its scability. We’ve done this … against the background of a global recession and a very competitive marketplace.”
Zurich reveals Chile costs
Zurich has announced it expects Chile earthquake costs of around $200m (£130m) before tax, net of reinsurance recoverables and including reinsurance reinstatement premiums. The Chilean Insurance Association, Asociación de Aseguradores de Chile, announced that the insurance industry had released $18.5m in claims payments by 24 March. Zurich claimed to have made more than 90% of the early claims payments.