Company results
CGSC reports $68m ebitda in inaugural financials
Wholesale and reinsurance broker Cooper Gay Swett & Crawford has reported ebitda of $68m (£42.1m) in its inaugural financial results.
Profit up at Brightside after buys
Brightside has reported a profit on continuing operations of £6.5m in 2010, marking a year-on-year increase of £1.8m (2009: £4.7m).
Arista turns profit following 2009 loss
Underwriting specialist Arista has turned a profit of £683 000 for 2010 after recovering from a 2009 loss of £942 000.
Co-op posts 48% profit boost
Co-operative Insurance has announced profits of £31.1m for 2010, up 48% on 2009.
Lloyd’s profits dip after catastrophes
Insurance market Lloyd’s has posted profits of £2.2bn for 2010 – down more than £1.5bn on the sum for 2009.
Brightside reports 48% rise in revenue
Brightside increased its revenue by 48.1% to £66.2m in 2010 (2009: £44.7m).
Go Compare profits soar beyond £30m for 2010
Price comparison site Go Compare has reported a £30.1m pre-tax profit during the 2010 financial year (2009: £12.1m).
Ascot Underwriting records profit of £97.1m
Ascot Underwriting said its 2010 Lloyd’s results recorded a pre-tax profit of £97.1m and a combined ratio of 79.2%.
Tawa posts $6.8m discontinued business loss
Tawa has announced a $6.8m loss from discontinued operations – down from a $12.1m profit for 2009.
Abbey Protection posts profit increase
Abbey Protection has reported pre-tax profits of £9.6m for 2010 – a 9% increase on the £8.6m gained in 2009.
Interview - Janet Connor: targeting the over 50s demographic
Managing director of Rias Janet Connor chats to Amy Ellis about targeting the over-50s demographic, embracing aggregators and non-insurance diversification.
Wood sets sights on underwriting profit
Ecclesiastical has targeted an underwriting profit for 2011, despite its exposure to last month's earthquake in New Zealand.
CBG eschews acquisitions after tough 2010
CBG will not make any acquisitions in 2011, following a challenging year in which the Manchester-based broker's revenue dropped to £7.71m (2009: £8.96m).
CBG to develop schemes to combat revenue slump
CBG has reported a drop in revenue to £7.71m (2009: £8.96m), which, adjusted to add back exceptional operating and non-operating expenses, amortisation, and share option charges, produced a result of £1.17m (2009: £1.39m).
Ecclesiastical profit falls more than a third
Insurer Ecclesiastical has announced profit for 2010 of £50.4m – down 36% on the same figure for 2009 (£79m).
L&G posts £8m insurance loss
Legal and General attributed an £8m general insurance loss for 2010 to “extreme weather conditions” at the end of last year.
Munich Re to revisit earnings target statement
Munich Re's stated objective to earn €2.4bn (£2.1bn) in 2011 may have to be revisited following the devastating earthquake in Japan.
Ageas toughens stance on household insurance rates
Ageas chief executive Barry Smith has said the insurer "needs to do more" to improve its household insurance offering and encourage preventative action following losses amassed during the winter freeze.
Deadline fears raised over Solvency II implementation
Concerns over increasingly tight deadlines in the run-up to the implementation of Solvency II have been raised on behalf of the insurance industry following publication of the European regulator's fifth quantitative impact study.
Generali reports 11.4% drop in GI operating result
Generali has reported an 11.4% year-on-year reduction in its non-life operating result to €1.1bn (2009: €1.27bn) in its 2010 annual results.
Generali reports 11.4% drop in GI operating result
Generali has reported an 11.4% year-on-year reduction in its non-life operating result to €1.1bn (2009: €1.27bn) in its 2010 annual results.
John O’Roarke rules out LV commercial lines acquisitions
LV’s strategy for growth in the commercial market will not involve an acquisition - including NIG - according to the firm’s general insurance managing director John O’Roarke.
Canopius accuses industry of "folly"
Canopius chairman Michael Watson has accused the insurance and markets of “folly” as rates continue falling despite 2010 being “one of the six” most costly years for insured catastrophe losses.
Interview – Peter Halpin: keeping Swinton on the acquisition track
Swinton CEO Peter Halpin had a lot to live up to - following, as he did, in Patrick Smith’s footsteps. He talks to Leigh Jackson about taking the company forward and continuing its impressive acquisition record.