SCOR scrutiny
Fitch Ratings has placed SCOR Group's BBB insurer financial strength rating on Rating Watch Negative.
Lloyd's rating
AM Best has affirmed the A (excellent) rating for ...
SCOR scrutiny
Fitch Ratings has placed SCOR Group's BBB insurer financial strength rating on Rating Watch Negative.
Lloyd's rating
AM Best has affirmed the A (excellent) rating for Kiln-managed Lloyd's Syndicate 510.
Fidelity ups stake
Fidelity International and its subsidiaries added nearly 630,000 Amlin shares to its holdings, taking its total stake to nearly 51 million shares, or 13% of the insurer.
Lonsdale profit drop
Lonsdale Insurance Brokers grew its top line in 2002, but reported pre-tax profits down by 44%.
Turnover, at £906,000, was up 6.8% on the £848,000 reported in 2001.
Pre-tax profit, at £7,000 was down against the £12,500 made in 2001.
Folgate boots up
Folgate subsidiary Byas Mosley Risk Solutions became the first part of the group to start using its long awaited bespoke version of Sirius for Broking IT system at its Fareham, Hants, base.
Folgate plans that all 26 of the acquisitions it has made to date will use the system.
Cameron loss
Cameron Richard & Smith Insurance Services, a Lloyd's broker, reported falling profits in 2002, as its accounts reflected an acquisition and one-off costs.
Pre-tax profit fell by 78% to £414,000 in the year from £1.9m in 2001, despite its turnover increasing by 13% to £3.7m from £3.3m.
Non-executive director Max Gladwyn said the broker, which specialises in marine business with focus on reinsurance and top-end luxury yachts, acquired Well Marine Reinsurance Brokers Ltd during the period.
He said: "Because of the time that we acquired them, which was after the season, we had expenses in there we otherwise wouldn't have had, and it threw up an odd set of numbers."
The company also took on two new yacht brokers and undertook a clear-out of old business during the year.
Swinglehurst boost
Swinglehurst, a Lloyd's broker launched in 1999, boosted profits by 80%.
The company reported top line growth of 18% to £1.3m in the year ended 30 June 2003 from £1.1m the prior year.
Pre-tax profit was up to £116,000 from £64,000.
The company also expanded into new offices during the period and grew its headcount to about 30 - roughly double the number from 18 months ago, said finance director John Williams.
Father and son team John and Anthony Swinglehurst started the company after working for Sedgwick and Aon respectively.
The broker's specialities include Korean risks and about 80% of the business comes from outside the UK
Senior Wright rise
Broker Senior Wright reported turnover up by 40.6% in 2002 and pre-tax profit up by 15.5% in 2002. Turnover rose to £7.7m from £5.5m. Pre-tax profit was up to £750,000 from £656,000.
The company was one of five brokers used by The Underwriter before the insurer launched a review of its business plans in March.
The company sold investments worth £477,000 and spent £585,000 increasing its fixed assets during the year. The amount it owed to trade creditors increased in the period to £16.4m from £12.3m at the end of 2001.
