Run-off business shrinks
The UK non-life run-off market has shrunk to its smallest size since 2002, according to a survey for the Association of Run-Off Companies. Run-off accounted for 18% of the entire UK non-life insurance market in 2006, equivalent to £32.7bn – £5.5bn less than in 2005.
Reasons for the decline in the market include significant acceleration of run-offs through commutations and settlement activity, the absence of significant new run-offs and the £1bn reduction made so far from winding up insolvent estates.
Tyser MBO completed
Tysers chief executive Chris Elliott said the company was poised for growth following the completion of a manage-ment buy-out (MBO). Senior managers will take control of the Lloyd’s broker through new holding company Hawkes Bay Holdings.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
