Jackson report may shape Allianz legal expenses business, says CEO
Allianz UK chief executive, Andrew Torrance, admitted the company may restructure its legal expenses business in light of the Jackson report if the expected impact on the ATE market materialised.
The admission came as the insurer reported a 5% increase in operating profit to £203.7m (2008: £193.6m) in 2009 and an improvement in combined ratio to 92.9%. Although the commercial arm of the business performed very favourably, pulling in more than £1bn in premiums and recording a combined ratio of 87.6%, the profitability of the portfolio was boosted by £90m of reserve releases.
The retail division did not perform as well, posting an underwriting loss of £7.8m and although the combined ratio
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