Results – Page 101
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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 ...
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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
