The British Insurance Brokers’ Association (BIBA) has published new research showing that consumers are reducing insurance cover as a result of the recession, with home and motor insurance taking the brunt. In a survey of its members, the body found 23% of respondents had seen their personal lines customers reduce their level of insurance protection [...]
Plans for 560 job cuts at Legal & General (L&G) have been revealed by trade union, Unite. The cull comes in addition to 450 job losses announced in February and comprises 300 full-time staff and 260 contractor and temporary worker positions. The insurer is promising to keep redundancies among its own staff to a minimum [...]
New research from the British Insurance Brokers’ Association (BIBA) shows the extent to which UK businesses are cutting back on insurance cover during the recession. According to the body, more than half of BIBA brokers surveyed have seen commercial customers reduce their level of insurance protection during the economic downturn. Of this group, 45% reported [...]
American International Group, Inc. (AIG) has announced it is selling a prime real estate holding in Tokyo for $1.2bn, in a deal expected to close in the next quarter. The buyer is the Nippon Life Insurance Company, and the land itself is approximately an acre currently occupied by the AIG Otemachi Building. The property’s value [...]
Credit insurers have ‘severely hampered’ the recovery of the high street fashion industry by withdrawing cover at the time when it is most needed, a leading accountant warned this week. Bobby Lane, partner at charted accountants Shelly Stock Hunter, said the government has done ‘too little, too late’ to protect the industry from the effects [...]
Berkshire Hathaway, the investment firm owned by US billionaire Warren Buffett, this week reported its first loss since 2001. The company posted a first quarter loss of $1.53 billion (£1 billion), compared to profit of $940 million in the year ago period. Revenues dropped 9.5% on year to $22.8 billion. However, of its four key [...]
Lloyd’s underwriter Canopius has reported its results for full year 2008, with increased returns on investments and record profits. The company – one of the biggest privately-owned Lloyd’s underwriting businesses – said the result reflects a solid performance. Investment returns increased £30 million on year, an especially impressive feat considering the general state of financial [...]
The Loss Management Group (LMG) has outlined the benefits of its acquisition of two businesses from Helphire, the vehicle accident replacement group. The Guild Claims Service and The Guild of Valuers and Jewellers have been purchased for £300,000. The former provides jewellery claims services to insurers, including claim validation, repairs and replacement through a retail [...]
Bermuda-based specialist insurer, Hiscox, saw a 51% annual rise in premium income during the first three months of the year, to £486.5 million. The result is the equivalent to year-on-year growth of 25% at constant exchange rates. In the UK, gross written premiums rose to £69 million, up from £60.7 million a year earlier. Other [...]
Motor accident assistance company, Helphire, has sold it E-Register business to Loss Management Group. The unit, which owns a specialist jewellery registration and claims valuation business, has been valued at £0.3 million, which will be payable over 12 months. The disposal is in line with Helphire’s strategy of focusing on its core accident management operations; [...]
A new study from the Chartered Insurance Institute (CII) proposes that large migrant groups are set to join the over fifties as a major market for insurance and other financial services products in the years ahead. The body therefore suggests that more insurance and financial products that apply across Europe’s national boundaries must be developed [...]
Charles Taylor Consulting (CTC) has acquired Axiom, an independent insurance and reinsurance firm that provides support services to Lloyd’s and London insurance market businesses generally. The purchase is being made for up to £7.85 million and is expected to be earnings enhancing this year. CTC is a global provider of management and consultancy services to [...]
American International Group, Inc. (AIG) has reported its financial results for the first quarter of 2009. The troubled insurance giant posted a net loss of $4.35bn, or $1.98 per diluted share. Although a substantial loss, it is a significant improvement on the firm’s performance in Q1 2008, when it incurred a net loss of $7.81bn, [...]
Heath Lambert has announced the appointment of Mark Williams as the firm’s new Midlands based commercial business head, and the hire comes after the broker recently opened a new office in Birmingham. He officially joins the firm on 15 June, and until that date is on gardening leave. Williams is a veteran of the insurance [...]
AIG Financial Products Corp yesterday reported that it has sold its commodity index business, DJ-AIG, to UBS Investment Bank. UBS paid $15 million up front for the unit, and will make payments of up to $135 million over the next 18 months, depending on the future earnings of the business. The sale includes AIG’s rights [...]
RSA Insurance Group yesterday reported that first quarter net written premiums held steady despite a slowdown in UK business. Net written premiums for the three months to 31 March 2009 were £1.85 billion, an increase of 8% on year. International net written premiums increased 12%, whilst emerging markets increased 20% to £195 million. This strong [...]
UK-based Beazley said underwriting conditions improved as expected in the first quarter, although investment markets remained challenging. The specialist insurer and reinsurer saw gross written premiums increase 27% to £256.2 million in the first quarter, compared to £201.2 million in the same period last year. The largest increase was in Beazley’s reinsurance account, which rose [...]
