Priest profit surge
Lloyd's broker Priest & Co reported profits up by 70% in the year ended 30 June 2003. Documents filed at Companies House show the company made a pre-tax profit of …
Priest profit surgeLloyd's broker Priest & Co reported profits up by 70% in the year ended 30 June 2003. Documents filed at Companies House show the company made a pre-tax profit of £12,275 against £7,204 the year before.Turnover was up by 18% to £353,000 from £299,000.
Phillips for AANeale Phillips is to become head of AA Insurance, reporting to managing director of AA Financial Services, Clare Salmon.Phillips is an internal appointment having previously led AA's loans partnership with HBoS.Lloyd East will take over as general manager of the HBoS joint venture.
Peace for R&SAGAB Robins' senior London market director, James Peace, is to join Royal & SunAlliance (R&SA).Peace will head up broker service and development arm for R&SA's global risk division. A new client services team working in conjunction with GAB Robins global business unit head John Hall, will take on Peace's responsibilities.
WTC event caseA court case to decide whether the 11 September attacks were a single event or two events began yesterday in the US. Insurers have argued that the terrorist attacks should be viewed as a single event. It is not known how long the trial is expected to last.
Levene criticismLloyd's chairman Lord Levene has criticised the insurance industry for "suicidal behaviour", saying compensation culture is now costing the UK £10bn each year."The cost of the tort system is like a 5% payroll tax; it's a tax without representation at the most basic level and it's growing."
NIG masterclasses NIG is to host a series of nationwide compliance masterclasses for its brokers. It said the one-day seminars would help brokers understand the increased regulation under the FSA regime.