RSA reports 5% rise in GWP
by Gill Montia
Story link: RSA reports 5% rise in GWP
RSA achieved a 5% year-on-year rise in gross written premiums in the first quarter of 2012, to £2.2 billion. Growth was driven by a 4% rate and a 1% volume increase and was led by emerging markets, with Latin America turning in an “excellent” performance. In addition, performances seen in personal lines in Canada and [...]
GWP falls 3% as Hiscox walks away
by Gill Montia
Story link: GWP falls 3% as Hiscox walks away
Hiscox saw gross written premium fall 3% year-on-year, to £1.96 billion, in the nine months to the end of September, as the group continued to “walk away” from poorly rated risks. At its London Market business premium income declined 3.2%, to £475.3 million, and the re/insurer says it plans to increase Syndicate 33 2012 capacity [...]
Aon releases 2011 risk study
by Gill Montia
Story link: Aon releases 2011 risk study
Aon Benfield has released its 2011 Insurance Risk Study, which sets out latest parameters for modelling and benchmarking underwriting risk. The data span 47 countries and key business lines, representing more than 90% of global property-casualty insurance premium. According to this year’s figures, property remains substantially more volatile than other major lines. In Germany and [...]
Hiscox post £86.5m first-half loss
by Gill Montia
Story link: Hiscox post £86.5m first-half loss
Hiscox has reported a pre-tax loss of £85.6 million for the first half of 2011, compared with a profit of £97.2 million a year earlier, following “a tumultuous first six months”. The specialist insurer recorded gross written premium of £847.5 million, down slightly from £904.3 million in the first half of 2010, although its UK [...]
Brit profits plummet to £6.8m
by Gill Montia
Story link: Brit profits plummet to £6.8m
Brit Insurance saw first-half 2011 pre-tax profit plummet to £6.8 million, from £77.5 million a year earlier, having faced an unprecedented number of catastrophe events in the first six months of the year. The re/insurer recorded a 2.1% rise in gross written premium, to £845.3 million, and its combined ratio stood at 104.8% (30 June [...]
CEA: European GWP up 5%
by Gill Montia
Story link: CEA: European GWP up 5%
New figures published today by the CEA (the European insurance and reinsurance federation) show a 5% provisional increase in member countries’ gross written premiums for 2010, at current exchange rates. Initial figures for last year put total premiums at €1,115 billion, up from €1,060 billion in 2009, when premiums remained flat. Life premiums rose 6% [...]
IAG outlines growth strategy
by Gill Montia
Story link: IAG outlines growth strategy
Insurance Australia Group (IAG) has reset its priorities with an emphasis on accelerating growth in Australia, New Zealand and Asia, having targeted Asia for 10% of gross written premium, by 2016 In Australia the group will build on its direct business, while in Asia growth will be focused on its existing markets of Malaysia, Thailand [...]
Hardy profit halved by natural catastrophes
by Gill Montia
Story link: Hardy profit halved by natural catastrophes
Hardy Underwriting Bermuda saw pre-tax profit plummet to £10 million in 2010 (2009: £20.1 million), following an “unprecedented level of international natural catastrophes”. The specialist insurer and reinsurer recorded gross written premium of £279.4 million, up from £242 million in 2009. Commenting the drop in earnings, chief executive, Barbara Merry, said: “The geographic distribution of [...]
Amlin GWP up 39.4%
by Gill Montia
Story link: Amlin GWP up 39.4%
Amlin has reported a “mixed” trading environment in the third quarter of 2010, with downward pressure on premium rates persisting in many areas. However, the group’s gross written premium was up 39.4% for the ten months ended 31st October 2010, compared with a year earlier, to £1.92 billion. ACI represented £384.9 million of the £1.37 [...]
Brit board recommends Achilles’ cash offer
by Gill Montia
Story link: Brit board recommends Achilles’ cash offer
Brit Insurance has agreed the terms of a cash offer for the business made by Achilles, a newly-incorporated company formed on behalf of private equity firms, Apollo Management and CVC Capital Partners. The move will give Brit shareholders who accept the offer up to £11 in cash per share, while non-accepting shareholders will receive £10.45 [...]
Amlin’s ACI acquisition boosts GWP by 32%
by Gill Montia
Story link: Amlin’s ACI acquisition boosts GWP by 32%
In a trading update Amlin has reported a 32.1% annual increase in gross written premium, for the four months to the end of April 2010, to £964 million. The group’s acquisition of ACI in July of last year accounted for £246.3 million of the rise, however, the Lloyd’s insurer said it found the first four [...]
Lloyd’s profit surges almost 40%
by Gill Montia
Story link: Lloyd’s profit surges almost 40%
Lloyd’s of London has reported a jump of almost 40% in half-year profit, despite “turbulent financial markets and challenging insurance conditions”. Robust underwriting results and a modest rebound in investment returns fuelled the surge, allowing the market to post pre-tax earning of £1.32 billion for the first six months of 2009, up from £949 million [...]
