Endurance Speciality Holdings this week posted its first quarter results, with net income increasing 0.5% despite a 9% drop in net premiums written. Net income for the Bermuda-based insurer during the first three months of 2009 was $78.3 million, compared to $77.8 million for the same period last year. Net premiums written were $582.9 million, [...]
Boat owners have submitted more fraudulent insurance claims this year than during the whole of 2008, boat insurance firm Navigators & General revealed this week. The Zurich-owned company said the total cost of fraudulent maritime claims between January and April 2009 is higher than the total cost for the full year 2008. Navigators blamed the [...]
Comparethemarket.com has added seven new brands to its home insurance panel, as quote volumes for home cover rise sharply. Kwik Fit, Endsleigh, Hiscox, Castle, Aim4agreatquote, Insureitall, and Policyshop now form part of the price comparison website’s resource. The firm’s commercial director, Jeremy Moll, comments: “This year our home insurance quote volumes have increased by 300% [...]
Swiss Re has reported its first quarter financial performance, including a net profit for Q1 2009 of CHF 150m, with earnings per share of CHF 0.45. This compares to a Q1 2008 profit of CHF 600m, although the latest quarter’s figures took place during persistently difficult operating conditions. Annualised return on equity stood at 2.9%, [...]
BGL Group’s affinity partnerships arm, Junction, has named Mark Guttridge as its new financial director. Guttridge joins the firm from Experian Plc where he served for over a decade in a variety of positions, climbing to become finance and acquisitions director in Emerging Markets at the time of his leaving. He succeeds Tim Wingfield as [...]
Stressed Britons trying to cope with the recession are cutting down on exercise and healthy foods; so finds PruHealth in its bi-annual Vitality Index. The insurer has revealed that the health of the nation has declined by two points since July 2008, to a rating of 59%. Eighteen percent of people responding to the PruHealth [...]
Munich Re Group has reported a Q1 profit of €420m, significantly reduced from the €777m profit recorded for the corresponding period in 2008. Gross written premiums rose by 5.3% to hit €10.4bn. Direct comparisons are somewhat difficult to make as the firm is now using a new accounting system, the accounting standard IFRS 8. Chief [...]
Marsh & McLennan Companies, Inc. (MMC) has reported its financial results for Q1 2009. Attributable net income was $176m for the quarter, which is the equivalent of $0.33 per share. This compares favourably with the $210m net loss incurred for the same quarter in 2008, although that quarter was subject to a non-cash goodwill $425m [...]
Helphire has hit out at insurance companies who delay paying their bills. The accident management firm – which provides courtesy cars for no blame traffic accidents – said despite many insurers paying on time, a significant number are still paying too late. According to the firm’s first quarter report, it received 106% of billed invoices [...]
Run-off specialist Randall & Quilter today posted its full year results for 2008 with pre-tax profit up 26% to £8.8 million. All of the company’s three divisions – Insurance Services, Insurance Company, and Liquidity Management – traded profitably for the year. Net assets increased 8% from £74.7 million to £80.9 million. Operating profit increased slightly [...]
Norwich Union (NU) with-profits policyholders who have been waiting patiently for news of the reattribution of surplus funds will be disappointed to learn that parent company, Aviva, has fixed the total payout at £400 million rather than the £1 billion promised earlier. In July of last year, Aviva announced that it was prepared to pay [...]
AIG paid out $454 million in 2008 performance bonuses, it emerged this week. The embattled US insurer revealed the previously undisclosed figure yesterday in answer to questions from a US law maker. AIG told Representative Elijah Cummings, a Maryland Democrat, that the bonuses were paid out to employees in 120 countries. Employees in AIG asset [...]
Hannover Re this week reported first quarter profits up 43%, aided by one-off gains from reinsurance contracts acquired in January from ING Groep NV. Net income increased to €219 million, compared to €158 million in the first quarter of 2008. Pre-tax profits grew 27% to €287 million, whilst premiums increased 17% to €2.66 billion. Operating [...]
Visitors to Jersey can now enjoy a new Travel Insurance Policy courtesy of Jersey Tourism. Recently the insurance arrangements for UK holidaymakers changed, with visitors being required to pay for medical treatment should they fall ill or suffer an injury. In response to this change of affairs the island’s tourism board has collaborated with the [...]
Parliamentary Ombudsman, Ann Abraham, is keeping up the pressure on behalf of Equitable Life policyholders with a new report criticising the Government’s compensation proposals. The UK’s oldest mutual insurance company came close to collapse in 2000 when it could not deliver the returns it had promised. At the time, over one million savers lost up [...]
Young Marmalade has received the endorsement of Business and Economics Minister, Ian Pearson MP, for a new initiative that could stimulate car sales and protect young drivers. The firm operates a “safer car and insurance” scheme which it claims can reduce the likelihood of new drivers being injured in a serious accident. The scheme works [...]
Hastings Direct has announced that it is acquiring Renew Insurance Services Limited, which specialises in a range of cover for the over 40s via its Renew brand and provides for younger customers with its Likewise brand. According to Hastings chief executive officer, Edward Fitzmaurice: “The deal will bring together Hastings Direct’s strong brands and customer [...]
Crawford & Company has announced its financial results for the first quarter of this year, including an attributable net income of $3.1m, down from the $9.1m recorded for Q1 2008. Consolidated revenues were also down from the same period last year, standing at $236.1m, almost $20m less than the $255.5m figure recorded for Q1 2008. [...]
AXA has overhauled its Motor Trade offering in a move aimed at expanding capability for both SMEs and the larger corporate market. The insurer claims the enhanced cover should allow brokers to reach a range of trades operating within the vehicle service, sales and repair sectors. Features include a wider choice of road risk options [...]
Global insurance broker and risk adviser Marsh has named Joe Grogan as the new leader of its Middle Market business in the UK and Ireland. Grogan has been chief executive officer of Marsh’s operations in the Republic of Ireland since 2001, and will retain this position in addition to his new post. He will divide [...]
