Wellington Underwriting has reduced its stake in the Bermudian-based insurer Aspen Insurance Holdings to just under 20%, or 1.1 million shares.
R&SA reserves enough
Royal & SunAlliance (R&SA) has said it had adequate reserves to meet the increase in asbestos-related compensation. In the third quarter, R&SA set aside a further £250m to meet its growing liabilities.
L&G buys more SVB
Legal & General Investment Management has acquired a further 550,000 shares, or 0.28%, in SVB Holdings, taking its holding to 8.3 million shares.
Budget contact grows
Personal lines intermediary Budget Group is expanding its contact centre capacity. It is opening a new centre in Sunderland with 60 employees.
NW Group sold
Dukes Place, a group that specialises in buying run-off operations, bought NW Group from Norwich Union Holdings, Winterthur and Aioi Insurance Company of Europe. The deal brings Dukes Place's total assets to at least $1.3bn (£790m) and net asset value of $250m (£152m).