Company results
MSIG notches ‘best ever’ underwriting result for 2013
Mitsui Sumitomo’s Lloyd’s operation has reported record underwriting profits for the year ending 31 December 2013.
GAB CEO Rigby hails 2013 as 'watershed' after pension 'distraction'
GAB Robins chief executive Kieran Rigby has described 2013 as a “watershed” year for the business as it released its first financial results since its pension scheme was accepted into an assessment period for admission into the Pension Protection Fund.
Skuld reports record H1 contingency reserves
Norwegian marine insurer Skuld has reported record contingency reserves of $354m (£217.7m) for the first half of the year.
Gable sees 43% H1 GWP leap
Gable Holdings has reported a 43% increase in gross written premiums for the six months ended 30 June 2014 to £39m (H1 2013: £27.3m).
Go Compare sees turnover rise 4.6%
Aggregator Go Compare has reported a 4.6% increase in turnover for the year ended 31 December 2013 to £109.9m (2012: £105.1m).
Simply Business parent profits dip 9% for 2013
Simply Business parent Xbridge has recorded drooping profits for 2013, while staff numbers surged over the 12 months.
LV’s H1 profits climb 7% but premiums continue to fall
Prior-year claims run off has seen LV notch improved operating profits for the first six months of 2014 in spite of continued decreases in motor insurance rates.
Reserve releases aid insurers in posting first profit since 2006
The UK property and casualty sector is set to post a profit for the first time since 2006, with the average combined operating ratio expected to be around 96.5% for 2013, according to Moody’s.
Co-op Insurance plummets to ‘disappointing’ £7m loss
The Co-operative Insurance has swung to a £7m loss for the first half of 2014, performance described as “disappointing” by chief executive Mark Summerfield.
NCI Vehicle Rescue notches record pre-tax profits
Motor and pet specialist NCI Vehicle Rescue recorded its best ever pre -tax profits for the year ending 31 March 2014.
CGSC rolls out cost cutting plans following year of stunted growth
Cooper Gay Swett & Crawford is working on plans to streamline costs in a bid to address “profit reducing inefficiencies” related to 18 months of organic and acquisitive growth.
Charles Taylor CEO 'quietly confident' despite benign claims environment
Charles Taylor chief executive David Marock said the firm remained “quietly confident” for the full year despite shrinking adjusting revenue as a result of lower than average insured losses in the first half.
Charles Taylor posts 1.2% increase in H1 revenue despite drop in adjusting income
Professional services firm Charles Taylor posted revenue of £56.8m for the first six months of 2014, up 1.2% on the total reached in the first half of 2014.
Hastings CEO Hoffman forecasts rising motor rates
Motor rates are likely increase over the next twelve months, barring any exceptional events, according to Hastings chief executive Gary Hoffman.
Austbrokers racks up 10.5% rise in 2014 after-tax profits
Sydney-based insurance company Austbrokers has chalked up ninth successive year of double-digit earnings growth with a net profit after tax of A$35.5m (£20m) for 2014 (2013: A$32.1m).
Hastings sees 90% increase in Q2 pre-tax profit
UK motor specialist Hastings posted profit before tax of £17.1m for the second quarter of 2014, a 90% increase on the same period in 2013.
R&Q faces large legal expenses from syndicate 102 dispute
The ongoing cost of a "significant" legal dispute on old syndicate 102 and several accounting technicalities were to blame for Randall & Quilter positing a loss in the first half of 2014, according to chairman and chief executive Ken Randall.
R&Q posts pre-tax loss of £600 000 for H1
Insurance investor and underwriting manager Randall & Quilter posted a pre-tax loss of £600 000 for the first six months of 2014 (H1 2013: £3m profit) following an increase in legal expense reserves.
Allianz hampered by strong euro in Asia-Pacific
Allianz profits and revenues were flat in the first half in Asia-Pacific as the strong euro impacted the German insurer.
Iprism scythes away debts despite drooping profits
Iprism Underwriting Agency has revealed a sharply improved debt position in accounts filed with Companies House, in spite of falling post-tax profits.
Organic growth at Quindell sparks 119% rise in H1 revenue
Outsourcing firm Quindell has attributed “strong organic and synergistic growth” for a 119% increase in revenue to £357.3m for the opening six months of the year (H1 2013: £163.3m).
Ecclesiastical turns underwriting profit for first time in five years
Ecclesiastical recorded a reduced a pre-tax profit of £18.4m for the first half of the year (H1 2013: £24.4m) despite achieving an underwriting profit for the first time since 2009.
Analysts criticise insurers’ use of reserve releases for distorting H1 results picture
Admiral boss Engelhardt calls focus on reserves in financial reporting ‘bizarre’
QBE Europe sees GWP drop 13%
QBE Europe's first half gross written premiums fell 13% to $2.69bn (£1.62bn) from $3.1bn in the same period of 2013.