Financial Ratings – Page 83
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NewsMarsh parent’s broking profit rises 7% in first half
The broking division of Marsh & McLennan Companies (MMC) made an operating profit of $1.03bn (£781m) in the first half of 2016, up 7% on the $960m it made in the same period last year. The division, which comprises insurance broker Marsh and reinsurance broker Guy ...
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NewsStorms drive up Lloyds Bank general insurance COR by 16 points
Lloyds Banking Group’s general insurance business experienced a 16 percentage point deterioration to 89% in its combined operating ratio (COR) in the first half of 2016 (2015: 73%), partly driven by adverse weather in the first half of 2016. The bank said it helped more than ...
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NewsEnterprise parent’s bond ratings suspended
Rating agency Creditreform Rating has temporarily suspended its ratings of Enterprise Holdings’ two bonds following the collapse of subsidiary insurer Enterprise Insurance Company. Enterprise Holdings has two bonds listed on the Frankfurt stock exchange. One, which expires next year, was rated BBB by Creditreform, while the ...
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NewsLancashire profit drops 36% as earned premiums fall
Specialist London-based insurer Lancashire Holdings made a profit before tax of $56.6m (£43.1m) in the first half of 2016, down 36% on the $88.6m profit it made in the same period last year. The main cause of the profit reduction was a 16% drop in net ...
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NewsParent of stricken insurer Enterprise unveils MGA plans
The parent company of failed Gibraltar insurer Enterprise is planning to expand its managing general agency (MGA) in a bid to replace some of the revenue it will lose. Enterprise Holdings, which owns 100% of the recently collapsed Enterprise Insurance Company (EIC), also owns an established ...
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NewsJLT reports 46% profit drop and 1% organic growth for first half
Broking group Jardine Lloyd Thompson (JLT) made a profit before tax of £55.2m in the first half of 2016, down 46% on the £101.5m it reported in the same period last year. The main cause of the drop was one-off costs of £34m. These included £10.2m ...
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NewsHiscox UK and Europe profits up 42.4%, appetite for larger risks grows
Lloyd’s insurer Hiscox’s UK and Europe division made a profit before tax of £65.2m in the first half of 2016, up 42.4% on the £45.8m in the same period last year. The division’s combine ratio improved by 6.9 percentage points to 79.9% (2015: 86.8%). Gross premium ...
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NewsGibraltar insurer Enterprise goes bust
Gibraltar’s Financial Services Commission (FSC) has ordered Enterprise Insurance Company to stop writing new insurance contracts immediately after the insurer advised it that it is insolvent and has been unable to secure additional funding. The regulator has also issued directions under Section 100 of the Financial ...
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NewsGable shares rise as trading resumes on Stock Exchange
Gable shares resumed trading on the London Stock Exchange this morning, after the company’s self-imposed suspension was lifted. In early trading, Gable shares recovered to 350 pence, up from 338 at the time of their suspension on 1 July. Gable said that following the release of ...
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NewsR&Q buys run-off reinsurer for $1.4m
Randall & Quilter said it has bought Agency Program Insurance Co, a Bermuda-based reinsurer now in run-off for $1.4m (£1.1m). APIC reinsures SPARTA, Discover, Nova Casualty, Hartford Insurance, AmTrust International, Wesco Insurance, PMA and Arch Insurance for workers compensation, general, commercial auto, inland marine, property and ...
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NewsGable’s Dewsall paid £440k bonus despite £24.3m loss
Gable chief executive William Dewsall was paid his full performance-related bonus of £440,000 in 2015 despite his company making a £24.3m pre-tax loss that year. But the company said in its annual report that it is now reviewing whether the bonus provisions in Dewsall’s contract are ...
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NewsAmTrust buys legal expenses MGA Arc Legal
Insurer AmTrust International has bought legal expenses underwriting agency Arc Legal Assistance for an undisclosed sum. Arc Legal manages more than 14 million legal expenses insurance (LEI) policies covering personal, motor, commercial, affinity, property owners, travel and leisure risks. The agency distributes products in partnership with ...
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NewsGable stops writing new business as capital falls below requirements
Gable has stopped writing new business as part of its plan to bring the company up to Solvency II compliance. The company also admitted in its results this morning that its regulatory funds had fallen below the required level. Gable said that it had instructed its ...
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NewsComparethemarket owner listing could value firm at £2bn - reports
The stock market listing that Comparethemarket owner BGL, is exploring, could value to company at more than £2bn, according to reports. An exact date for the listing has not been confirmed, but it is thought to be taking place in the first quarter of 2017. BGL ...
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Online onlyBrexit risks thousands of London insurance jobs
Up to 80,000 jobs in London’s financial services industry could be relocated because of Brexit, according to Boston Consulting Group. And a signficant chunk of those jobs being moved will be insurance, the consultancy says. The doomsday prediction comes after BCG surveyed the financial servies sector ...
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NewsAviva unveils UK GI profit growth targets for 2020
Aviva has outlined the underwriting profit growth targets it wants to achieve in its UK general insurance business between now and 2020. The insurer told analysts at its capital markets day on Wednesday that it expected its personal specialty business to produce the most profit growth ...
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NewsHastings, Direct Line tipped as best motor performers post-Brexit
Hastings and Direct Line are better-positioned financially for Brexit than some of their motor insurer rivals, according to investment bank Berenberg. “Hastings and Direct Line look set to fare relatively well, while we note increasing pressure on esure’s solvency ratio and dividend,” analyst Iain Pierce wrote ...
