Also in the news this week ...
Aussie suncorp profits up 34% on last year
Australian financial services firm Suncorp’s general insurance division made a net profit after tax of A$557m (£319.5m) in the year to 30 June 2010, up 34% on the A$416m it made in the same period last year. The improvement came despite weather events in Melbourne and Perth. Suncorp, which is run by former Aviva UK chief executive Patrick Snowball, made a group net profit after tax for 2010 of A$780m, up 124% on 2009’s A$348m.
Glacier closes doors
European reinsurer Glacier Re has closed its doors to new business after only six years in operation. It will manage the run-off of the business itself. The decision to close the company follows a review of strategic options after the sale of Glacier Insurance to Torus Insurance in May.
In the Top 50 Broker supplement, we reported that the Lark Group is owned by AXA. It is, in fact, owned by Groupama. In addition, the feature ‘Bare-faced fraudsters’ (26 August) reported that a claim handled by Weightmans’ head of fraud Stuart Smith was worth £100m. The correct value was £1m.