Xchanging Ins-sure Services has reported a pre-tax profit of £6.9m on turnover of £47m.
For the first time, Xchanging will return cash to the market through dividend payments to its shareholders, namely Lloyd's (which holds a 25% share of Xchanging Ins-sure), the London Underwriting Association (25%) and the US venture capitalist General Atlantic Partners (50%). An Xchanging Ins-sure spokesman said that Lloyd's and the LUA would receive £3.4m in dividends.
Folgate has acquired Faversham-based broker Rickard Lazenby & Co - its 19th broker. The broker has a premium of income of £4m and will join Folgate's Kent hub, Folgate Risk Solutions, which was formed after the acquisition of Canterbury Insurance Practice and Clarke Cooper.
Beazley Furlonge said the forecasts for its Lloyd's Syndicate 623 for 2001 and 2002 remain unchanged. Beazley said the forecast for 2001 remained breakeven, with the estimate for the World Trade Centre loss remaining at £100m gross and £20m net.
Meanwhile, the 2002 account is forecast to record a profit in the range 10%-15% on £403m capacity.
The insurance industry is failing to offer coverage for nuclear, biological and chemical acts of terrorism as part of insurance policies, says Moody's. The ratings agency's report suggested the failure of insurers to back terror risks indicated the US government's new terrorism insurance legislation, the Terrorism Reinsurance Act (Tria), is failing to meet its targets.
Dawson quits Cox
Cox Insurance Holdings has confirmed Michael Dawson, executive director and former chief executive of the company, has resigned from the board. A Cox statement said Dawson would work with the group on a consultancy basis.