Insurer
Allianz chief sees room for underwriting improvement despite good results
Allianz UK CEO, Andrew Torrance, has conceded that the insurer’s underwriting performance is not good enough despite recording top line and profit growth and producing an overall combined operating ratio (COR) of 95.7% and a commercial one of 94%.
O’Roarke reveals targets for 2012
John O’Roarke, managing director of LV general insurance, has revealed the insurer is targeting an increase in profit of at least 20% in 2012.
Direct Line subsidiary awarded 'A' credit rating
UK Insurance, the main operating insurance subsidiary of Direct Line Insurance Group (DLG), has been assigned an ‘A’ financial strength and counterparty credit rating by Standard & Poor’s (S&P).
Allianz UK sees growth across the board
Allianz UK has revealed increased gross written premium, higher operating profits and an improved combined operating ratio in its 2011 results.
LV doubles insurance profits as COR improves
LV has reported a doubling in general insurance profits before tax to £70m in 2011 from £35m the previous year.
Bids for Groupama due in tomorrow
Bids for Groupama’s UK business are close to being tabled with Zurich, Axa and Allianz all in the frame according to reports.
Hiscox remains in profit despite cat losses as chairman steps down
Hiscox has reported a pre-tax profit of £17.3m for 2011, down from £211.4m the previous year, as the company’s chairman Robert Hiscox announced his intention to step down.
Chartis turns from loss to profit
American International Group (AIG) has revealed that subsidiary insurer Chartis, the general insurance arm of the global business, made an operating profit of $1.12bn (£709m) in 2011 reversing its loss of $1.07bn the previous year.
Credit card insurer faces multi million pound bill over sales process
The credit card insurer CPP, which has been under investigation from the Financial Services Authority (FSA) for the past year, could face a £15m bill as part of a committment to review past sales.
Insurance websites failing customer needs
Insurance company websites are not meeting even the most basic customer experience standards according to a recent survey.
Lloyds Bank losses hit £3.5bn after PPI mis-selling
Lloyds Bank has confirmed that it made a loss of £3.54bn in 2011 the vast majority of which it attributed to the mis-selling of payment protection insurance (PPI).
AM Best confirms RSA's 'A' rating
RSA has had its ‘A’ rating for financial strength confirmed by AM Best.
CCV on acquisitions drive with operations hire
CCV has appointed David Bruce as operations director.
Quinn family closer to avoiding liability for Anglo loans
Seán Quinn’s wife, Patricia, and their five children are one step closer to avoiding liability for loans worth up to €2.34bn (£2bn), the Irish Times has reported.
In conversation with Zurich: Corporate underinsurance for plant machinery repair and replacement
There have been a number of surveys that have highlighted underinsurance in the corporate market, with a heavy emphasis on business interruption and property reinstatement. But another insurable cost is often over-looked, that of plant machinery repair…
Equity owner reports UK loss
Insurance Australia Group (IAG) has reported a loss of AU$7m (£4.77m) for the first half of the financial year 2012 for its UK division.
Markerstudy releases capacity to new MGA
Markerstudy Group has confirmed it is providing £25m underwriting capacity to managing general agent Xpect.
Allianz sees profits rise in UK
Allianz has reported an 11.4% rise in operating profits for its UK arm to €206m (£174.3m) in 2011, up from €185m in 2010.
RSA delivers good 2011 result but commercial continues to drag
RSA UK delivered £310m profit before tax on premiums of over £3bn in 2011 while turning in a combined operating ratio (COR) of 98.2%.
RBSI reports jump in profit and improved COR
RBS Insurance has reported a combined operating ratio (COR) of 100% for the year ended December 2011, an improvement on its COR of 121% in 2010.
RSA appoints CFO from Aspen
RSA has appointed Richard Houghton to the role of group chief financial officer with effect from early June 2012.
HCC reports fall in profits
HCC Insurance Holdings has reported a fall in net earnings in 2011 to $255m (2010: £162.3m) with a deterioration in its combined operating ratio to 90.8% from 84.6% the previous year.
Ageas reveals commercial COR of 110.9%
Ageas Insurance has confirmed it recorded a combined operating ratio (COR) of 110.9% in commercial lines business for the year ended 31 December 2011.
Corporate Underinsurance: Improving understanding of business interruption cover
Last year's riots brought the problem of a lack of business interruption cover to the fore. What are the solutions to underinsurance in this area?