Danny Walkinshaw looks at the latest insurance stories online
Company results have become a regular feature at insurancetimes.co.uk in recent weeks as insurers and brokers reveal their profits and losses for 2008.
The effects of the financial crisis are felt everywhere, not least in Brit Insurance’s decision to pack its bag and head for the Netherlands for tax purposes. The move, which came as Brit reported strong UK growth in its 2008 results, caused a stir on news sites around the country. It was also the most popular story among visitors to insurancetimes.co.uk.
The market had been anticipating Brit’s relocation, although few would have predicted the Netherlands as its destination. A number of UK insurers are now domiciled outside Britain, including Hardy, Hiscox and Amlin. Lloyd’s insurer Beazley last month confirmed that it was moving to Ireland to take advantage of lower corporation tax rates.
After Brit’s decision, the ABI urged the government to speed up changes to the tax regime in the UK.
The ABI’s Peter Vipond told Times Online that the company’s re-domicile “shows the government cannot take for granted the UK’s position as a global leader in insurance”.
It was vital the government took actions to ensure the UK was an “internationally competitive location”, he said.
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Online top 5
- Brit quits Britain to go Dutch
- CCV acquires £2m GWP broker
- NU pulls capacity from Giles-owned Ink Underwriting
- Hiscox profits tumble
- Days numbered for MGAs