Results – Page 96
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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 ...
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NewsPound falls to new low amid insurer property fund suspensions
The pound has hit a new low after UK fund managers, including insurers Standard Life and Aviva, stopped investors withdrawing money from their commercial property funds. The pound was $1.2798 against the dollar on Wednesday, hitting a 31-year low. The BBC reported that the fall followed ...
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NewsMark Wilson confident of Aviva growth despite Brexit
Aviva group chief executive Mark Wilson has said that his company will continue to grow despite the UK’s pending exit from the European Union. Wilson (pictured) made the comments ahead of Aviva’s capital markets day today, where the company will update investors and analysts on group ...
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NewsBrightside to sell and lease back Bristol HQ in £7.7m deal
Broking group Brightside is to sell and lease back its headquarters in Aust, Bristol (pictured) to free up cash, Insurance Times has learned. The property agent for the deal, Jones Lang LaSalle, said it has been instructed to seek offers of more than £7.68m for the ...
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NewsTowergate completes sale of majority stake in Broker Network
Towergate has completed the sale of its majority stake in Broker Network to Highbridge Principal Strategies (HPS) for £46m. The broker announced in March that as part of the deal Towergate would retain 19.9% of Broker Network’s shares. adding that there would be no Towergate involvement ...
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NewsOsborne aims to cut corporation tax below 15%
Chancellor of the Exchequer George Osborne is planning to cut corporation tax to less than 15% to boost investment following the Brexit vote. In an interview with the Financial Times, Osborne said he wants to slash UK corporation tax from its current rate of 20% to ...
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News'True independence after MBO will drive growth': Compass MD Lincoln
Compass managing director John Lincoln said that becoming independent would drive growth for the network as it targets £1bn in gross written premiums over the next three to five years. Speaking with Insurance Times following the management buyout (MBO) of Compass from Arthur J Gallagher, Lincoln ...
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Online onlyGable crisis deepens amid stock market suspension request
The crisis swirling around unrated insurer Gable deepened today as it requested suspension from the AIM stock market. The Liechtenstein-based insurer requested a suspension of its share trading on AIM until the publication of its audited annual report and accounts for the year ended 31 December ...
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NewsEsure says no takeover bids received, after share price spikes
Esure said it has received no approaches about a potential offer for the company. The company was responding to takeover speculation that boosted its share price in morning trading. Shares in the company rose 14% to 297 pence this morning after reports suggested an offer might ...
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NewsAA sells Irish insurance-led business for €156.6m
The AA said it has agreed to sell its Irish business to the Carlyle private equity firm for €156.6m (£130m) in cash. AA Ireland provides personal and commercial insurance and motoring services. “As an insurance broker-led business, AA Ireland differs significantly from the AA’s UK business, ...
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NewsInsurance stocks slump further in market turmoil
Financial markets suffered another major decline yesterday as ratings agency Standard & Poor’s downgraded the UK’s debt rating by two notches from AAA to AA. Financial stocks were among the worst hit, with the FTSE non-life insurance index losing 6% to close yesterday at 2,337. That ...
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NewsMoody’s will cut UK rating if it loses core of Single Market access
Moody’s has will downgrade the UK’s debt and issuer ratings if it fails to preserve “core elements” of its access to the EU Single Market following the country’s decision to exit the EU. The rating agency currently rates the UK Aa1, one notch down from its ...
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NewsGibraltar insurer Elite considering new European unit post-Brexit
Gibraltar-based insurer Elite is considering setting up a new company so it can continue writing mainland European business after the UK leaves the European Union. Elite currently takes advantage of passporting rules, which allow companies to operate across the EU and European Economic Area with a ...
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NewsAviva reassures market on solvency amid Brexit turmoil
Aviva said this morning that its Solvency II coverage ratio “remains close to the top of its working range” of 150% to 180% despite market volatility triggered by the UK’s decision to leave the European Union. The insurance group announced with its full-year 2015 results in ...
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NewsS&P: UK rating faces multi-notch cut over Brexit
The UK’s sovereign rating could be downgraded by more than one notch over today’s decision to leave the EU, rating agency Standard & Poor’s (S&P) has warned. The rating agency gives the UK its highest rating of AAA, although it is on negative outlook, which means ...
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NewsPound slumps, insurance shares track market lower after Brexit vote
Sterling fell to its lowest in three decades and £86bn was wiped off the value of the stock market after Britain voted to leave the EU. The pound plunged 11% in early trading to $1.32, its lowest level since 1985. It recovered to $1.37 in mid-afternoon ...
