Financial Ratings – Page 88
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NewsCullum consolidator GRP backs Lonmar MBO
Peter Cullum’s broking consolidator Global Risk Partners (GRP) has agreed to back the management buy-out (MBO) of Lloyd’s broker Lonmar Global Risks. The deal means GRP now manages gross written premium of more than £350m and Cullum, GRP’s chairman, says the company wants to grow this ...
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NewsCompass plotting MBO from Gallagher
Broker network Compass is in talks with owner Arthur J Gallagher about a management buyout to create an independently-owned network, Insurance Times can reveal. Compass managing director John Lincoln (pictured) said that the network had reached a size where the next phase of its growth could ...
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NewsR&Q returns to full-year profit in 2015
Run-off buyer Randall & Quilter (R&Q) made a profit before tax of £2.8m in 2015 compared with a loss of £1.6m in 2014. An improved performance in the second half of 2015 helped the company cancel out the £4.5m loss it made at the half-year stage. ...
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NewsHenry Engelhardt and Peter Wood rise up Rich List
Outgoing Admiral chief executive Henry Engelhardt is the richest insurance executive in the UK, according to the latest edition of the Sunday Times Rich List. According to the list, Engelhardt and his family are worth £700m, up from £590m in 2015’s list. This has pushed them ...
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NewsPIB completes Fish and Cooke & Mason deals
PIB Insurance Brokers has completed its previously-announced acquisitions of commercial broker Cooke & Mason and specialist personal lines broker Fish Insurance. The deals, which were announced in February, have received regulatory approval. They are the first acquisitions PIB has made since private equity house Carlyle Group ...
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NewsCullum's MVP takes stake in broker Kingsway
Peter Cullum-backed investment vehicle Minority Venture Partners (MVP) has bought a stake in commercial insurance broker Kingsway Insurance Services. The size of the stake was not disclosed but MVP typically buys minority holdings in brokers of between 20% and 30%. Kingsway plans to use the new ...
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Online onlyHiscox poaches UK finance chief from Pru
Hiscox has landed a recruitment coup by poaching Prudential’s UK and European financial officer. Hiscox has landed Hamayou Akbar Hussain, known as Aki, to head up its finance. Hussain will lead the and development of the financial team and oversee the insurer’s investments. Bronek Masojada, chief ...
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NewsRSA planning to halve UK staff redundancy payouts
RSA is planning to halve the amount of redundancy pay for staff who joined the company before April 2013. The insurance group is also planning to stop paying new contributions into its defined benefits pension schemes from 31 October 2016. RSA will consult staff on the ...
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NewsJohn O’Roarke gets £10m share of £39m award to LV= GI bosses
LV=’s outgoing general insurance managing director John O’Roarke has been paid a £10.1m share of a total £39.4m long-term incentive award paid to “certain key management personnel” of the company’s general insurance (GI) division. This meant O’Roarke had a total pay package from LV= of £10.7m ...
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NewsAmTrust to buy Lloyd’s insurer ANV for £154m
US financial services group AmTrust has agreed to buy Lloyd’s insurer ANV for $218.7m (£154m) in cash from its current owner, Ontario Teachers’ Pension Plan. The deal is awaiting regulatory approval and is expected to be complete in either the third or fourth quarter this year. ...
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NewsDecline in reserve releases to hit motor insurer profits
A slow down in premiums in the first quarter of 2016 will hit motor insurer profits as prior year reserve releases from the highly profitable 2011-2013 period come to an end, analysts from investment bank Macquarie have said. Yesterday, the Confused.com price index showed that prices ...
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Online onlyEcclesiastical renews charity scheme and appeals for more brokers
Ecclesiastical is keen to strike more scheme partnerhsips withi brokers after its latest successful partnership. Ecclesiastical and Watson Laurie will provide an office risk scheme for the Carers Trust, the UK’s largest carers’ charity. The scheme provides the charity’s 160 network partners with coverage on important parts of ...
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NewsDirect home and motor exit to punch £84m hole in Allianz GWP
Allianz UK’s planned exit from direct home and motor business will punch a £84m hole in the insurer’s gross written premium (GWP), according to chief executive Jon Dye. Speaking to journalists this morning about the planned change, which will put 170 jobs at risk, Dye also ...
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NewsBeazley completes return of its head office to the UK
Beazley has completed the transfer of its head office to the UK from Ireland. The Lloyd’s insurer announced plans for the move in its 2015 results in February. A new UK-domiciled company, called New Beazley, is now the holding company for the group. The completion of ...
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NewsGallagher secures $800m bank loan
Arthur J Gallagher has secured an $800m bank loan to be used for acquisitions or for general business purposes. The deal expires on 8 April 2021. The consortium of banks is led by Bank of Montreal, Bank of America Merrill Lynch, Barclays Bank, Citibank and JP ...
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NewsAnaCap sells Simply Business to ERS owner Aquiline
AnaCap has sold insurance broker Simply Business to fellow private equity house Aquiline Capital Partners. Confirming the sale, AnaCap said that it had recouped 4.5 times the amount it invested when it backed Simply Business’s management buy-out in July 2013. News reports put the sale price ...
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NewsSpecialist brokers named in Sunday Times fast-grower list
Two specialist insurance brokers have been named in the Sunday Times ‘Profit Track 100’ list of private companies with the fastest-growing profits. Liverpool-based motor broker Acorn Insurance ranked 53rd in the list, after growing profit by 76.39% over the past three years. Acorn specialises in niche ...
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NewsJLT pays £22m to settle Willis team lift dispute
JLT will pay £22m to settle its legal dispute with Willis after JLT poached a 22-strong team of specie brokers from Willis. Willis sued JLT Group, JLT Specialty and specie team head David Gordon in April 2015 for “conspiracy and for breach of duty and wrongful ...
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NewsEsure chief’s pay rises 11% as company hits target
Esure chief executive Stuart Vann was paid a total of £824,425 in 2015, up 11% on the £746,021 he was paid in 2014. The insurer’s chief financial officer Darren Ogden enjoyed a 13.1% increase in total pay to £501,763 (2014: £443,631). The total pay increases reflect ...
