Company results
Axa reveals 1% growth in UK P&C business
Axa’s results for the first nine months of 2011 have shown a small increase in UK property and casualty (P&C) revenue to €2.82bn (£2.47bn) from €2.79bn in the comparable period of 2010.
Ace posts Q3 loss
Ace has reported a net loss for the third quarter of 2011 of $31m (£19.4m) compared with a profit of $675m in the same period of 2010.
Income down at Willis UK
Willis Group has announced a 4% growth in commission and fees for the third quarter of 2011 to $755m (£472.6m) compared to $723m in the same period of 2010.
Towergate losses accelerate to £21.3m
A Towergate report to bondholders for the second quarter of 2011 has revealed the broking giant lost £21.3m in the first half of 2011, up from £13.7m in the same period of 2010.
Hastings' GWP leaps 52%
Hastings has announced its EBITDA rose to £27m in its full year figures to the end of June, more than double 2010’s total of £11m.
BGL reports 16% growth in profit
BGL Group has reported pre-tax profits of £72m for the year end June 2011, a year-on-year growth of 16%.
Cobra posts loss following sale of broking business
Cobra has posted a £1.74m loss despite growing revenues to over £24m.
Consolidation on the way in robust London Market, says KPMG
Research from KPMG has found that the London insurance market is holding up well despite the high volume of large claims it has faced.
Mazars responds to Lloyd’s results
Mazars has described the £697m half year loss by Lloyd’s as a good result having predicted a £1.5bn loss and combined operation ratio of over 120% for the specialist insurance market.
Lloyd’s losses hit £697m
Lloyd’s has revealed a loss of £697m for the first six months of 2011 compared to a profit of £628m in the same period of 2010.
Mazars predicts £1.5bn loss at Lloyd’s
Accountancy firm Mazar’s has warned that 2011 is on course to be the most expensive catastrophe year on record and that Lloyd’s combined operating ratio is set to exceed 120% for the first half of the year.
Brightside’s H1 pre-tax profit up 80%
Broking group Brightside has reported half-year revenue up 50% to £39.8m (2010: £26.6m) and pre-tax profit up 80% to £7.2m (2010: £4.0m) on the back of its buyout of Ecar and Ebike.
Results improve at Coface
Trade credit insurer Coface has announced an 8% increase in turnover to €764m (£672m) in the first half of 2011 (H1 2010: €708m).
Motor drives combined operating ratios down but it’s not all one way traffic
Rate rises in motor boost half year results but commercial market hardening remains elusive
Underwriting result drags Randall & Quilter's profit down
Randall & Quilter’s Q2 2011 results have revealed a 17.1% increase in group income at £18.8m but profit before tax fell to £3m (2010: £5.8m).
Carole Nash's profit squeezed by recession
Carole Nash has reported a reduction in pre-tax profit for the year ended December 31st 2010, the second consecutive year the broker has done so.
Hardy reports large jump in COR
Bermuda-based Hardy Underwriting has announced a 17% deterioration in its combined operating ratio to 119% for the first six months of 2011.
Ecclesiastical to push COR below 98%
Group chief executive Michael Tripp said he was focused on reducing volatility and getting Ecclesiastical's combined operating ratio (COR) below 98%.
Ecclesiastical reports positive profit swing
Ecclesiastical has continued its yo-yo results trend with a pre-tax profit of £15.6m for the first half of the year(£9.9m loss in H1 2010) but its combined ratio remains above 100%.
Admiral's Engelhardt on Jack Straw and Confused.com
Henry Engelhardt, chief executive officer of Admiral, has welcomed Jack Straw’s intervention on referral fees but with certain crucial caveats.
Bodily injury claims starting to impact, admits Admiral’s Engelhardt
Chief executive officer at Admiral, Henry Engelhardt, has revealed that bodily injury claims have started to noticeably affect the insurer in the past year.
Admiral sees profit boost beyond analyst expectation
Admiral’s half year results for 2011 have revealed a 27% boost in pre-tax profit ahead of H1 2010 to £160.6m with turnover jumping 53% to £1.1bn.
Ageas increases profit four fold in first half of the year
Ageas has delivered a remarkable turnaround in its profits for the first half of the year but its combined ratio remains stubbornly above 100%.
RBS to contend with limited appetite for insurance sell off
It is unlikely that RBS Group will be able to fetch a good price for its insurance arm, according to financial experts.