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.
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.
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).
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.
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).
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.
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.
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.
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.