Company results
Lloyd to lead AA’s insurance services following management restructure
The AA has reshuffled its management team as part of its transformation programme in a bid to increase focus on the customer and simplify management structures.
R&Q undertaking business review as H1 loss of £4.5m is recorded
Delays in legacy acquisitions, restructuring and investment costs in US services and a lower investment return have been blamed for a pre-tax loss of £4.5m at Randall & Quilter in the opening six months of 2015.
IPT hike will increase ‘churn’ says AA boss as H1 revenue and trading Ebitda fall
The 58% increase in insurance premium tax to 9.5% from November is likely to increase churn in insurance and roadside assistance, according to AA executive chairman Bob Mackenzie.
Lloyd's FD Parry pessimistic on rate pressures subsiding
Lloyd’s finance director John Parry sounded a cautious note regarding rate pressure after Lloyd’s reported a 28% fall in profit for the first six months of 2014.
Gable supportive of new Liechtenstein GI entrants
Liechtenstein-based insurer Gable Holdings would welcome other general insurance companies entering the principality as it revealed it has spoken to the Liechtenstein regulator about companies interested in positioning themselves in the territory.
Over-capacity and pricing pressure sees reinsurance capital growth stabilise
The growth in global capital dedicated to reinsurance has stabilised during the first half of the year, amid over-capacity and widespread pricing pressure, according to the latest reinsurance market report from Willis Re.
Lloyd's H1 profit drops 28% in ‘intensely' competitive environment
Lloyd's has announced a decreased first half profit of £1.19bn (H1 2014: £1.65bn) alongside a deteriorated combined operating ratio of 89.5% (H1 2014: 87.4%).
Reserving elimination caused Gable to report H1 pre-tax loss of £2.4m
Liechtenstein-based insurer Gable Holdings has reported a pre-tax profit loss of £2.4m for the six months ended 30 June 2015.
LV exploring reinsurance opportunities amid increased market appetite
LV general insurance managing director John O’Roarke says his firm may seek to take advantage of an increased appetite among reinsurers to write primary business amid an uptick in alternative capital entering the reinsurance space.
LV's H1 operating profit leaps 52% to £70m
LV has reported a 52% increase in operating profit for the six months ending 30 June 2015 to £70m from £46m in the same period of 2014.
Co-op's GI business incurs £17m loss due to costs of IBM deal
The costs associated with the £55m deal with IBM to build an integrated insurance platform were behind Co-op general insurance's £17m operating loss in the first half of 2015.
Bluefin delivers £23m statutory loss in 2014 as Ebitda margin narrows
Bluefin Insurance Group’s statutory results for last year, including gross revenue and a goodwill amortisation charge of £16m, show a reported loss of £23m.
Swiss insurer Helvetia increases profits and records dynamic growth
Helvetia has recorded a "very satisfying business performance" for the first half of 2015, which it claims reflects the successful acquisitions of Nationale Suisse and Basler Austria last year.
Peak Re grows strongly in Europe and the US
Hong Kong-based reinsurer Peak Re is growing strongly in Europe and the US.
Bollington back in the black in 2014 with £1.1m profit
Bollington Insurance Brokers has bounced back from a loss of £586,471 in 2013 to record an after tax profit of £1.1m for the year ended 31 December 2014.
Marock defends adjusting business as 'fundamentally sound' despite profit drop
Charles Taylor group CEO David Marock said the company's long-term strategy for its adjusting division will enable it to support its clients once the claims environment returns to a normal level.
Profits up 28% at Charles Taylor as group plots acquisitions
Professional services firm Charles Taylor has reported a 28.1% increase in pre-tax profits to £5.3m (H1 2014: £4.1m) alongside a 21.7% rise in revenue to £69.1m (H1 2014: £56.8m) for the first six months of 2015.
Hastings uninterested in 'international forays', says Hoffman
Hastings has no plans to emulate its rivals and expand into overseas markets, according to CEO Gary Hoffman.
Hastings sees GWP jump 24% in H1
Hastings Insurance Group saw gross written premium increase by 24% to £282.7m in the first six months of 2015 (H1 2014: £227.2m) aided by continued growth in customer numbers.
Towergate reports £58m first half loss
Towergate's operating earnings decreased by 40% to £39m (H1 2014: £65m) for the six months ended 30 June 2015 alongside a 10% drop in revenues to £184m for the period.
Steadfast's full year profits climb 68%
Australian broking group and underwriting agency Steadfast posted an after tax profit of A$42.1m (£19m) for the most recent financial year, up 68% over last year's results.
Ecclesiastical records 92% rise in H1 pre-tax profit
Ethical insurer Ecclesiastical has delivered a 92% increase in pre-tax profit up to £35.3m in the first half of 2015 (H1 2014: £18.4m).
IAG's full year profit declines 41%; Canterbury earthquake claims rise
Insurance Australia Group's after tax profits declined 41% for the full year to the end of June 2015 to A$728m (£338m) compared with A$1.23bn a year earlier.
Admiral calls for fixed IPT levy to level playing field
Admiral has called for a fixed insurance premium tax levy, saying the way the tax is currently collected punishes those who can least afford it.