Friends Provident abandons sale of Lombard
by Gill Montia
Story link: Friends Provident abandons sale of Lombard
Friends Provident has announced that it is abandoning the sale of Lombard, its wealth management business.
The Lombard unit has been up for sale for nine months but according to the group’s chief executive, Trevor Matthews, Friends has now decided to retain and develop the business.
The life and pensions provider began a programme of disposals after […]
BeatThatQuote panel expands again
by David Masters
Story link: BeatThatQuote panel expands again
BeatThatQuote.com has added two of Equity’s insurance products to its price comparison panel.
Equity’s home and breakdown products will be integrated into the list of prices compared at the site.
BeatThatQuote is also teaming up with insure.co.uk and insurepink to offer motor insurance.
Including insurepink in its panel enables BeatThatQuote to support the Pink Ribbon Foundation, because insurepink […]
Towergate appoints new CEO
by David Masters
Story link: Towergate appoints new CEO
Towergate Financial has appointed Ian Darby as its new chief executive.
Darby spent 16 years of his career at John Charcol, working his way up to the position of chairman between 1984 and 2000.
His roles at the company included group distribution director, in which he supervised and oversaw more than 800 Independent Financial Advisors (IFAs).
He then […]
Hartford stock price nosedives
by David Masters
Story link: Hartford stock price nosedives
The value of Hartford Financial Services Group was slashed in half yesterday after the company posted its results for the third quarter.
After hearing of the $2.6 billion quarterly loss investors began to fear that the company would need to raise capital and may have trouble doing so.
Hartford’s stock plummeted to a twelve month low of […]
Standard Life cuts final bonuses
by Gill Montia
Story link: Standard Life cuts final bonuses
Standard Life has become the latest insurer to announce cuts in its final bonus payments on with-profits policies.
Around two million customers could be affected by reductions of between 9% and 13%.
In the case of a 25-year £50-a-month mortgage endowment policy, the maturity value will fall to £32,932 from £34,701 prior to the cut; the maturity […]
Fiscal H1 loss for Leo
by David Masters
Story link: Fiscal H1 loss for Leo
Leo Insurance Services has posted its results for the six months ending 31st July 2008, with a loss of £15,078, or 0.21 pence per share.
This is compared to a profit of $18,180 in the same period last year.
Operating loss for the six months was £45,000, an increase on the operating loss of £41,000 in […]
Hurricanes wipe $600m off Zurich balance sheet
by David Masters
Story link: Hurricanes wipe $600m off Zurich balance sheet
Switzerland-based Zurich Financial Services Group has estimated its pre-tax aggregate claims payouts from hurricanes Gustav and Ike at $600 million (€466.1 million).
The figure, to be included in Zurich’s nine month interim results, is net of reinsurance recoverables, and includes reinsurance reinstatement premiums.
The vast majority of the payouts, $545 million, relate to Ike, whilst $55 million […]
Advent profit plummets 99%
by David Masters
Story link: Advent profit plummets 99%
Lloyd’s of London insurer, Advent Capital Holdings Plc, has reported its nine month interim results, with profit for the period almost completely wiped out by catastrophe payouts for hurricanes Ike and Gustav.
Net income for the period fell by over 99% to £26,000, compared to £7.8 million in the first nine months of 2007.
Gross written premiums […]
Biba and AIFA may forge closer links
by Gill Montia
Story link: Biba and AIFA may forge closer links
The British Insurance Brokers’ Association (Biba) has indicated that it may be looking to forge closer links with the Association of Independent Financial Advisers (AIFA).
In the early part of this year, both organisations denied rumours that they could merge but about a fortnight ago the London Market Insurance Brokers’ Committee (LMIBC) announced that it […]
ABTA advocates airline policy for independent travellers
by Gill Montia
Story link: ABTA advocates airline policy for independent travellers
Travel association, ABTA, has responded to the collapse of Sterling Airlines A/S, the Icelandic-owned carrier, by calling once again for Government action to ensure that all airlines provide financial protection for their customers.
Sterling, which is a low-cost operation based in Denmark, has stated that it is filing for bankruptcy today and is unable to provide […]
Giles completes acquisition of Dickson Insurance Brokers
by Gill Montia
Story link: Giles completes acquisition of Dickson Insurance Brokers
Giles Insurance Brokers has completed its acquisition of independent insurance intermediary, Dickson Insurance Brokers.
Watford-based Dickson was established in 1986 and employs 20 full-time staff.
The firm placed gross written premiums of £7.2 million in its last financial year, providing services to individual and corporate clients.
According to its founder, Paul Dickson, the business has a […]
FSA assembles insurance task force
by Gill Montia
Story link: FSA assembles insurance task force
The Financial Services Authority (FSA) is reported to be bringing together a team of independent advisers who can respond to potential crises in the insurance sector, as turbulent markets and a slide in the values of investment portfolios threaten capital positions.
According to The Times, the regulator is also working with the Government to look at […]
Aegon taps Dutch Government rescue fund for €3bn
by Gill Montia
Story link: Aegon taps Dutch Government rescue fund for €3bn
Dutch insurer, Aegon, has reported that a rise in impairment charges and weak markets have been instrumental in the group posting a third-quarter net loss of around €350 million.
The result compares with a net profit of €541 million a year earlier.
The group, which owns US insurer, Transamerica, says it is seeking to strengthen its […]
JML cautions against cutting costs on insurance
by Richard Kilner
Story link: JML cautions against cutting costs on insurance
Over the course of the last year the global economy has been hit first by the credit crunch, and is now in the grip of a worldwide downturn and probable recession.
In the midst of the economic gloom, jml insurance.co.uk has embarked upon a campaign entitled “Insurance is one essential you can’t afford to be without […]
Montpelier Re posts $55m Q3 loss
by David Masters
Story link: Montpelier Re posts $55m Q3 loss
Bermuda-based reinsurer Montpelier Re Holdings Ltd has posted its third quarter results with an operating loss of $55 million, or $0.65 per share.
Net loss for the quarter was $142.2 million, or $1.69 per share, compared to a profit of $101.3 million in the same period last year.
Loss ratio for the quarter was 119.9%, compared to […]
Aviva seeks to reassure investors
by David Masters
Story link: Aviva seeks to reassure investors
London-based Aviva Plc, the biggest insurer in the UK by assets, sought to reassure investors today as it posted sales results for the third quarter.
The insurer told shareholders that its capital reserves are ‘very strong’ and reported a 12% rise in life and pension sales during the first nine months of 2008.
New business for the […]
Lancashire posts first ever quarterly loss
by David Masters
Story link: Lancashire posts first ever quarterly loss
Marine and energy insurer Lancashire Holdings Limited has reported its results for the third quarter, with a net loss of $119.4 million or $0.69 per share.
This is the first ever quarterly loss since the company was set up in 2005, and is compared to a net profit of $105.2 million, or $0.51 per share, in […]
No US assistance for UK insurers
by David Masters
Story link: No US assistance for UK insurers
US Treasury Secretary Henry Paulson has told British insurers that they are not entitled to state aid from the US government.
Paulson said that government funds would be given to ‘federally regulated financial institutions that lend money’, meaning that only banks are eligible for rescue packages.
AIG, the world’s biggest insurer, was nationalised by the US Treasury, […]
Aon Consulting appoints West Regional Director
by Richard Kilner
Story link: Aon Consulting appoints West Regional Director
Aon Corporation’s human capital consulting business, Aon Consulting, has announced the appointment of Chuck Longiotti as the Central West region’s new director.
He brings with him over a quarter of a century of experience, and joins the firm from Mercer where he led the US west retirement business as well as the western United States region […]
Hiscox and AEGIS work together to protect customer data
by Richard Kilner
Story link: Hiscox and AEGIS work together to protect customer data
Hiscox and AEGIS (an energy mutual based in Bermuda) have joined forces to offer the hundreds of members of AEGIS with privacy and confidentiality risk protection.
The alliance enables AEGIS members access to the Privacy Protection Policy of Hiscox which offers privacy loss (and subsequent breach of data) coverage.
In addition, the notification costs for those affected […]
