Insurers have revealed the impact from the change in the discount rate to -0.25%.
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Results for the first half of 2019 show decreased profit and an £8.4m Ogden hit as company reports growing GWP.
The “prolific” scammer was caught after Hastings identified a number of incepted policies in 2016.
The much-debated discount rate was reset at -0.25% this week, but how did we get to this point and what is the background to this highly explosive issue? Insurance Age outlines the key touchstones
Company says it had believed the rate would end up between 0 and 1%, as Biba states move to -0.25% is "nowhere near enough".
Hastings relationship key to the deal.
Consumer organisation asked car and home insurance customers to rate their claims experience, with The AA scoring lowest in the car sector and RSA being rated worst in home.
CFO Richard Hoskins hails "solid results" despite competitive market and says broker will continue to invest in data and digital engagement.
Richard Hoskins retiring from the business.
CFO Richard Hoskins says focus is on "disciplined growth" and investing in digital initiatives.
CFO Richard Hoskins says firm is focused on organic growth and digitalising the business.
Firm posts rising GWP and profits as Toby van der Meer takes over as CEO.
Current chairman Mike Fairey to retire.
Insurance education shortfall revealed by FCA creates opportunity for brokers
Hastings was in talks this summer about buying AA’s insurance business, or in their words forming a “partnership”. The talks have since stopped and the deal hasn’t happened.
However, Hastings statement reveals talks between the two motor insurance firms have ceased.
The CFO hails topline growth and “continued momentum” following the half year figures.
The firm posted GWP growth of 28% and noted that the Ogden rate change had generated more activity for the business on aggregators.
Company allows £20m impact of discount rate change.
Investment group to purchase up to 29.9% of shares.
GWP and live customer policies are also up at the broker.
Keep up to date with all the latest people moves.
Group CFO Richard Hoskins says company profits from using price comparison website distribution model.