Company results
Aviation rate rises ‘more muted’ than initially hoped, says Beazley boss
Intense competition in the aviation market - particularly in the area of war risks - has prevented the industry securing the rate rises necessary following a spate of costly plane losses, according to Beazley’s chief underwriting officer Neil Maidment.
Reduced reserve releases impact Beazley profits
Beazley recorded an 18% reduction in profit after tax from $264m (£173.7m) in 2013 to $217.8m for the year ended 31 December 2014.
Broking profits rise $59m at Gallagher as acquisition costs spiral upwards
US giant Arthur J Gallagher’s broking operation chalked up net earnings of $263.8m (£174.1m) for the year ended 31 December 2014, compared to $204.8m over the previous 12 months.
Profits soar at Davies as CEO Saulter eyes growth
Loss adjuster Davies Group has reported a year-on-year jump in operating profits, cash flow and revenue in its latest annual results.
Towergate tipped for future sale despite debt-for-equity deal
There is “no question” Towergate will be up for sale once again in the coming years, according to market insiders, who believe the swift appointment of a CEO is paramount following this week’s debt-for-equity deal.
Low cat losses sees XL record best COR in over 15 years
XL Group has chalked up its best property and casualty combined operating ratio in more than 15 years after benefiting from one of the lowest catastrophe years in recent times.
LV focusing on profitability
LV group CEO Mike Rogers has insisted the firm is focusing on “profitability rather than top line income” after the business recorded a reduction in annual general insurance gross written premium to £1.39bn last year from £1.45bn in 2013.
Towergate's EBITDA down 24% in 2014
Earnings before interest, tax, depreciation and amortisation at Towergate fell 24% last year to £110m from £145m in 2013.
BGL boss Donaldson heralds 'record profits' in 2013/14
BGL Group has chalked up a 6% annual increase in profit before tax to £94m for the year ending 30 June 2014 (previous 12 months: £88m).
Century targets 20% GWP growth and product expansion in 2015
Commercial motor managing general agent Century Underwriting is eyeing a further 20% gross written premium growth in 2015 after chalking up £15m of GWP during the previous 12 months.
NAHL reports 10.4% revenue increase in trading update
NAHL has reported a 10.4% increase in revenue from continuing operations to £43.8m for the year ended 31 December 2014.
Hyperion's revenues leap 19% to £199m
Hyperion Insurance Group saw revenues jump 19% to £199m for the 12 months ended 30 September 2014.
Money Supermarket sees revenues jump 10% in 2014
Price comparison website Money Supermarket expects to report a 10% increase in revenues to £248m for the 2014 financial year, with adjusted Ebitda expected to grow by 13% to approximately £95m.
NIHL claims down by 10% for 2014
Claims for noise induced hearing loss are set to drop to £361m for 2014 for the UK’s most exposed insurers, down marginally from a 2013 equivalent of £402m, according to an investor report.
Henderson Insurance Brokers records 8.7% turnover hike
Henderson Insurance Brokers posted an 8.7% increase in turnover to £24.5m for the financial year ended April 2014.
A&A reports £4.5m loss for 2013
Personal lines broker A&A Group has posted a pre-tax loss of £4.5m in 2013, compared with a profit of £1.17m for the previous year.
Global interest in cyber boosts CFC Underwriting profit by 30%
Cyber specialist managing general agent CFC Underwriting has grown its operating profit 31% and profit before tax 30% according to its latest financial statement for the year ended 30 September 2014 filed with Companies House.
Delays with insurer deals hits Towergate's figures as acquisition discussions continue
Towergate has revealed its income fell by 4% in final two months of the year compared with the equivalent period in 2013, with income from acquisitions partly offsetting the decline in organic income.
Jelf network Purple reaps benefits of market 'turmoil'
Jelf Group CEO Alex Alway says current "market turmoil" has benefited the company's broker network Purple Partnership.
Jelf Group insurance revenues rise 14.4%
Jelf Group has seen revenues from its insurance business grow 14.4% to £55.2m for the year ended 30 September 2014.
Zurich on track for 2016 targets
Zurich has told investors it remains confident of hitting financial targets for 2016 as part of a presentation on performance.
Hastings sees year-to-date profit jump 31%
Hastings has reported a 31% boost in adjusted group profit before tax to £51.8m for the nine months ended 30 September 2014.
Mixed results for Japan's general insurers in first half
For the period April to September, two of Japan's three major general insurers booked record profits but another saw profits fall 47.1%.
Standard Club members face 5% premium hike
Shipping mutual The Standard Club has revealed a 5% general increase in Protection & Indemnity premiums for the 20 February 2015 renewal.