The mid tiers of our Top 50 insurers, from Brit to Pool Re
21. Brit Insurance
Private equity duo Apollo and CVC Capital Partners succeeded in taking over Brit for £10.75 a share in October. The Lloyd’s insurer is now on the acquisition trail itself.
22. FM Insurance
The global property insurer bucked the trend, growing premium by 5.6% last year to $4.7bn (£3bn). Net income was $840m.
23. Esure
Following February’s management buy-out from Lloyds Banking Group, the owner of Sheilas’ Wheels made a £14.2m loss in the first half of 2010.
24. Groupama
With its listing delayed owing to uncertainty over EU directive Solvency II, commercial lines were profitable, but first-half revenues dipped slightly to £57.5m from £57.9m.
25. Genworth Financial
The payment protection insurer cut 1,000 of its 7,300 workforce in January and Q2 2010 premiums fell two percentage points to $1.47bn (£926m).
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26. Co-operative
Extreme weather battered household and motor books in H1 2010, but new business rates were up 40% on January 2009.
27. Tokio Marine Holdings
The Japanese-owned insurer and Lloyd’s business reported a 82% rise in ordinary profit to ¥87.9m (£682,000) for Q2, compared to the same quarter in 2009, and net income of ¥56.4m.
28. Hiscox
The Lloyd’s insurer’s first-half pre-tax profit slumped 31% after return on equity halved and catastrophes took their toll, but it beat many analysts’ expectations.
29. Liberty Mutual
Touted as a potential buyer of Quinn, the US firm postponed a flotation of its property and casualty (P&C) business. Net income fell $48m (£30.3m) year on year to $220m in Q2.
30. HDI Haftpflicht
The owner of global player Hannover Re, whose first-half figures were dented by huge losses. Combined ratio worsened to 99.5% (97.1%) and net income sank 28% to €310.6m (£270.1m).
31. Allchurches
Charity owner of insurer Ecclesiastical, its combined operating ratio rocketed to 111.3% for the first half of 2010, compared with 87.9% in 2009.
32. Travelers
Half-year net income was down to $670m (£417m), from $740m the previous year, following a $239m pre-tax rise in catastrophe losses. It has taken over some of Quinn’s policyholders.
33. Alterra
This Bermuda-based $3bn (£1.89bn) global P&C insurer and reinsurer was created in May through the merger of Max Capital and Harbor Point – expect more Caribbean M&As.
34. Simplyhealth
Down in the rankings from 27 last year, gross written premium for 2009 was £326.3m, a fall from £334.8m the previous year.
35. Pool Re
Pool Re was set up with government support in 1993 to help insurers cover terrorist-related claims. Gross written premium was £381.7m for 2009, up from £324.1m.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
