Broker/Company results
Tysers and Aquila group sees profits soar
The parent company of Lloyd's broker Tysers and underwriting agency Aquila - Hawkes Bay Holdings - has announced revenues up 6% to £37.6m (2010: £35.5m) and a pre-tax profit that almost doubled to £5.18m (2010: £2.67m).
Jelf reports growth in insurance business
Broker Jelf has reported almost static half year revenues of £35.2m (2011: £35.0m) but said revenues in the insurance business were up 4% to £23.3m (2011: £22.3m) and new business insurance sales were up by 14%.
Geddes eyes imminent job function separation as RBS divestment gathers momentum
Direct Line Group chief executive Paul Geddes remains confident that group separation will be achieved on schedule after announcing that job functions at the business will be operating on a standalone basis by the summer.
DLG records steady Q1 improvement as separation 'progresses well'
Direct Line Group has increased its Q1 operating profit by 25% on the same period last year to £84m, thanks to prior year reserve releases and higher investment income.
Allianz Global Assistance turnover hits €2bn
Allianz Global Assistance has reported a global turnover of €2.1bn, suggesting that it is on target to reach €3bn by 2015.
Airline insurance sector soars to first profit in five years
Profitability returned to the aviation and airline manufacturing insurance markets in 2011 following one of the lowest years for losses and passenger fatalities on record, according to Willis’ Aerospace.
DLG prospectus reveals 2011 COR breakdown
The Direct Line Group has launched a prospectus geared towards tying up its proposed £500m planned subordinated debt issuance, in which it discloses last year's combined operating ratio for the insurer's various lines of business.
Willis UK business down "mid-single digits" in Q1
Willis has again bemoaned the performance of its UK arm as it reported net income from continuing operations for the quarter ended 31 March of $225m compared with $35m in the same period a year ago.
JLT expects to make financial progress in 2012
Broker JLT told shareholders today that the company remains well placed to make financial progress in 2012, despite the uncertain economic outlook.
Hodges hints Towergate readying to float
Towergate has said that, if its "positive" operating earnings continue to grow, it will hold the company in good stead if it decides to float the business.
'Encouraging' Aspen Q1 results affected by Costa Concordia
Aspen has reported Q1 net income after tax of $78.7m (£48.6m), leading chief executive Chris O'Kane to describe his firm's early results as "encouraging" despite insurance results being affected by the sinking of the Costa Concordia.
Towergate results flat but Hodges happy
Towergate has claimed that its full year results for 2011 in line with 2010 was "a positive achievement in a year which was a challenging market for the insurance sector".
Englehardt happy with 'good start' as Admiral turnover increases
Admiral chief executive Henry Englehardt says his full year expectations remain on track following a first quarter which yielded a 9% increase in group turnover from £539m in Q1 2011 to £586m.
Ace CEO marks 'strong start' following big profit rise
Ace boss Evan Greenburg has heralded his firm's "strong start to the year" after the Bermuda-based insurer posted first-quarter results showing a net income jump from $250m (£155m) to $973m (£604m).
GWP of global non-life insurance to reach $2,500bn by 2017
The global non-life insurance industry saw moderate growth during 2006-2011 and the growth momentum is expected to continue, reaching an estimated $2,500bn in 2017 with a CAGR of 4.2% over the next five years, according to Lucintel.
Cooper Gay Swett & Crawford reports 5% growth in first full year accounts
Wholesale and reinsurance broking group Cooper Gay Swett & Crawford has released its first full year results for the year ending 31 December 2011, reporting revenues of $344m, net earnings of $31m and EBITDA of $69m.
RK Harrison more than doubles profit in 2011 to £7.7m
RK Harrison Holdings has more than doubled its group profit for the financial year to 30 June 2011 to £7.7m (2010: £3.5m) on turnover of £76.6m (2010: £67.2m).
NFU Mutual boss 'cleared the decks' to achieve 2011 success
NFU Mutual boss Lindsay Sinclair has labelled 2011 as "the year of cleaning the ship" after scrapping unprofitable non-farming motor business where loss ratios ran as high as 120%.
Brightside launches clarion call against fraud
Bristol-based broker Brightside has issued a stark warning about fraud as it announced its ninth consecutive record year, with revenue up 21.5% to £80.4m (2010: £66.2m) and pre-tax profit up 34.7% to £13.6m (2010: £10.1m).
Post magazine – 22 March 2012
The latest issue of Post is now available to subscribers as a digital and interactive e-book.
Insurance Insight – top 10 stories
The 10 most read stories from www.insuranceinsight.eu over the past seven days.
Groupama UK CEO eases sale concerns with "terrific" results
Groupama UK chief executive Francois-Xavier Boisseau has declared himself "delighted" with his firm's performance after recording a pre-tax profit increase of 84% to £43.5m last year across combined operations.
Groupama CEO blames Greek debt crisis for £1.5bn net losses
Groupama chief executive Thierry Martel has blamed "adverse market conditions" on huge capital losses, attributing the group's net result of a loss of almost €1.8bn (£1.5bn) to the Greek debt crisis.
Aviva eyes commercial improvements by dropping underperforming lines of business
David McMillan, Aviva UK general insurance chief executive, remains confident his firm can recover from a "challenging" year in terms of commercial business, following the decision to drop a number of underperforming lines of motor business.