The world’s biggest insurance broker, Aon Corporation, has reported its 2008 results with net income up 71%. Net income for the year was $1.48 billion, or $4.91 per diluted share, compared to $864 million, or $2.69 per diluted share, in 2007. Revenues increased 4% on year to $7.63 billion. The results came despite a 95% [...]
Kwik Fit Insurance is making an appearance on Facebook by providing the social networking site with a “widget” that users can programme to count down the hours and minutes before their next holiday. The site’s 150 million users can search the application directory for Kwik Fit’s “reminder” facility and follow the on-screen instructions to install [...]
Giles Insurance Brokers Ltd has reported that it has been listed in third place in the Sunday Times Buyout Track 100. The independent broker was acquired in a management buyout in 2006 and has since pursued a successful organic growth and acquisition programme, doubling in size every year for the last three years. In March [...]
Lloyd’s insurer and reinsurer, Chaucer, has reported that it has received interest from a number of parties since announcing that it was exploring options to raise capital. At the end of last month the company revealed plans to raise £75 million (net of expenses) “in light of the improving underwriting outlook for the insurance sector [...]
As the Met Office continues to issue severe weather warnings for heavy snow and icy roads, the AA has expressed concern that drivers braving the weather could be risking their lives as local authorities run low on salt for road gritting. The car insurance and breakdown service provider called on the government to lead a [...]
Credit insurer Euler Hermes has told some of Debenhams’ clothing suppliers that they will no longer be given credit insurance cover, according to the Telegraph. Credit insurance covers suppliers if their customers fail to pay for goods. As such, Debenhams may be required to pay its suppliers for clothing up front – a fate that [...]
Somali pirates holding the MV Faina ship to ransom have been paid $3.5 million (£2.3 million) to release the ship, according to media reports. The MV Faina, holding a cargo of Russian tanks, was hijacked four months ago. Andrew Mwangura of the East African Seafarers Association said: “We hear they are counting the money but [...]
Zurich has posted its 2008 results with net income down 47% on year to $3 billion. The Swiss insurer’s fourth quarter profits were hit particularly hard, down 87% to $205 million compared to $1.53 billion in the year ago period. Combined ratio for general insurance worsened to 98.1%, compared to 95.6% in 2007. General insurance [...]
Online broker JML Insurance has launched a new website offering car hire excess insurance. Car hire companies frequently sell insurance with higher than usual excess charges, which can come as a nasty shock to motorists involved in accidents. Rental agreements normally include cover for collision damage and theft and excesses generally apply to both. In [...]
RSA has confirmed plans to acquire the remaining 50% of its Central and Eastern Europe venture, Intouch Insurance Group BV. Currently, RSA shares ownership with Direct Insurance Financial Investments. Multinational insurer RSA – which writes business in over 130 countries – said the acquisition will be made in cash for an expected price of around [...]
Claims for theft will double in 2009, Hiscox has warned. The Bermuda-based insurer said economic gloom will push up theft claims 100%, following a warning from the Home Secretary that burglaries are on the rise. Individuals have more to lose compared to previous recessions because the recent boom was so prosperous, the company said. Consumer [...]
Munich Re has reported its 2008 results, with profits down 62% on year due to writedowns on investments. Full year net income dropped to €1.5 billion, compared to a record €3.9 billion in 2007, the Germany-based reinsurer said. Combined ratio in reinsurance worsened to 99.5%, compared with 96.4% in 2007. On primary insurance, including legal [...]
Berkshire Hathaway has increased its stake in the world’s second-biggest reinsurer, Swiss Re, which has announced that it expects to post net losses of SwFr1 billion for 2008. Swiss Re’s capital cushion remains above regulatory requirements but may not be sufficient to maintain its current “AA” rating and the board has therefore announced plans to [...]
Troubled insurance giant American International Group (AIG) is seeking to sell its AIG Investments subsidiary as a part of an effort to pay off its bailout loan from the US government. Analysts estimate that the global asset-management unit could fetch up to $2.1 billion – a fraction of the $60 billion owed by AIG. The [...]
Small and medium sized businesses (SMEs) are facing increasing numbers of unfair dismissal claims after neglecting to follow the correct statutory procedures when making employees redundant. Small business insurer Hiscox said the last quarter saw a threefold increase in insurance claims from employers being sued by employees for ‘unfair dismissal’. Businesses making redundancies must adhere [...]
Hastings Direct has been acquired from Insurance Australia Group in a management buyout. The purchase includes the personal lines broker’s Advantage business and its insure.co.uk, insurepink.co.uk and insureblue.co.uk brands. The deal was announced in December of last year and has now secured regulatory approval. The new owners say they will be investing in revitalising the [...]
Aviva has reported an 11% increase in life and pension sales in 2008, to £36 billion, with growth driven by UK and North American markets. Life and pension sales in the UK hit £11.9 billion last year, while for Europe this category of sales rose 8%, to £17 billion. In a trading update, Aviva also [...]
Norwich Union (NU) policyholders expecting a windfall from the reattribution of the insurers’ with-profits fund surplus may be disappointed. In July of last year NU’s parent company, Aviva, announced that it was prepared to pay an average £1,000 per policy to around 700,000 customers who had invested in GCNU Life or CULAC with-profits funds before [...]
Bluefin Insurance Services has acquired the general insurance business of Lakeland Insurance Services, which is based in Windermere and has around 2,000 clients. Lakeland specialises in guesthouse insurance, having developed its own scheme for the sector and also provides SME and personal lines insurance. Directors Eileen Holmes, Malcolm Dand and Ruth Dand will continue to [...]
