Financial Ratings – Page 89
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NewsFall in investment income eats into Covéa Insurance profit
Covéa Insurance made a profit before tax of £15.7m in 2015, down 26% on the £21.3m it made in 2014. The profit drop was caused by an £8m drop in investment income, which offset an improvement in underwriting results, driven by personal lines motor. Key points ...
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NewsCo-op GI aims to connect to Flood Re by third quarter
Co-op’s general insurance (GI) business aims to connect to Flood Re by early in the third quarter this year, according to products, pricing and propositions director James Hillon. He also did not rule out the insurer selling its book of run-off business after its transformation plan is ...
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NewsCo-op GI crashes to £66.1m loss and 108.7% COR in 2015
Co-op’s general insurance (GI) business made a £66.1m loss before tax in 2015, compared with a loss of £6.8m the previous year. The insurer’s combined ratio (COR) increased by 3.4 percentage points to 108.7% (2014: 105.3%). Key points Profit hit by £47.4m transformation costs ...
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NewsNeil Utley sells 3.6 million Hastings shares
Former Hastings chairman Neil Utley has sold 3.6 million Hastings shares, taking his holding in the insurance and broking group to 6.59%. Utley previously owned 46.9 million Hastings shares, giving him a 7.13% stake in the company’s available shares. After the transaction on 4 April, he ...
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NewsThomas Carroll buys commercial broker Monmouthshire
Broking and advisory group Thomas Carroll has bought commercial insurance broker Monmouthshire Insurance Services (MIS) for an undisclosed sum. MIS, a subsidiary of Monmouthshire Building Society Group, sells a range of commercial insurance products, including shop, office, restaurant and vehicle and fleet cover. MIS’s Tracey George ...
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NewsFCA levy on insurers and brokers to decrease in 2016/17
Funds cover cost of FCA’s regulatory activities
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NewsAA insurance profits, revenue hit by greater churn in motor
Insurance sees fall in revenue and profit for year to January
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NewsGallagher blames David Ross exit for misfiring UK performance
Gallagher suffered after management talent left the business for Towergate
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NewsRSA completes sale of Colombian operation
Insurer expects to complete sale of remaining Latin American units in next six months
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NewsGable misses Solvency II capital deadline
Insurer has entered transitional measures which gives an insurer until 31 December 2017 to fully comply
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NewsGable expects up to £8m pre-tax loss in 2015
Claims bill from December floods is expected to be between £2m and £3m after reinsurance arrangements
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NewsGlobal disasters cost insurers £26bn in 2015
Level is well below £43bn average despite record number of natural catastrophes, according to Swiss Re data
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NewsSaga to pass 75% of its motor risk to Munich Re subsidiary
Three-year quota share deal will lead to capital reduction at Gibraltar-based Acromas Insurance Company
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NewsAviva boss Mark Wilson’s 2015 pay more than doubled to £5.7m
Insurer’s executive directors to get 3% rises in base salary from April
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NewsAllianz sells UK employers’ liability run-off book
Deal is first significant UK employers’ liability acquisition for run-off buyer Catalina
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NewsBerkshire Hathaway backs London MGA’s motor fleet foray
Unicorn MGA set up by US broking group AmWINS
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NewsAIG Europe reports flat 2015 profit in tough market
Insurer cuts back in personal accident amid “challenging conditions”
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NewsRandall & Quilter buys Rank run-off company
R&Q will amalgamate acquisition into its Capstan consolidation vehicle in Guernsey
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NewsInsurers expect profits to slip over next three months
CBI-PwC survey sees profits under pressure from rising costs, low investment returns
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NewsRSA pays new finance boss Scott Egan £1.6m ‘golden hello’
Payments compensate Egan for bonuses he forfeited on leaving Towergate
