Company results
VIG increases profit but posts fall in premium in Q1
Vienna Insurance Group increased profit before taxes by 5.2% to €159.4m in the first quarter of 2013.
Triple merger takes its toll on Covea's 2012 pre-tax profit
Covea Insurance saw its pre-tax profit plummet by almost 50% last year, as merger activity took its toll on the firm’s full year results.
Towergate sees slight GWP improvement as network division takes a hit
Towergate has seen its gross written premium increase 2% on the first quarter of last year to £757m, but blamed changes in partner insurer relationships for a 50% slump in operating earnings within its network division.
P&I Club anticipates "most expensive year" for International Group pool
The London P&I Club’s result for the 2012/2013 financial year was a surplus across all classes of $9.4m, increasing the free reserve to $154m.
AGM vote represents ‘significant protest’ against RSA directors’ pay
Meeting also sees major shareholders voice disappointment over dividend cut.
Allianz CEO Torrance calls for action on liability rates
Insurers’ liability books need to show profits if firms are to make a reasonable return on capital, Andrew Torrance, Allianz’s chief executive, said.
Allianz unveil improved COR for 2013 Q1
Allianz UK has reported that gross written premium in the first quarter of 2013 was up by 7% at £506.6m over same period in 2012 (Q1 2012: £473.6m).
LV prices £350m of subordinated debt
LV has priced £350m of lower tier two qualifying debt in a bid to improve its capital efficiency and support growth. The subordinated notes will be issued by its parent company Liverpool Victoria Friendly Society on 22 May 2013 with Barclays and HSBC…
GWP up at Amlin's London operation
Amlin’s gross written premium increased 7.1% to £1.54bn for the four months ending 30 April 2013 compared to the same period in the previous year (30 April 2012: £1.44bn).
Zurich reports 7% fall in group income while UK operating profit rises 54%
Business operating profit in Zurich’s UK general insurance business increased by 54.1% to £34.7m in the first quarter of the year, compared to the same period in 2012 (Q1 2012: (£22.6m). The combined operating ratio improved to 96.5% (Q1 21012: 100.8%)…
Aviva reports drop in NWP
Aviva has reported a 5% reduction in net written premium across its UK general insurance operation to £923m in the first quarter of 2013 (Q1 2012: £974m) while group GWP fell 2% to £1.2bn (Q1 2012: £1.7bn).
Scor GWP rises 3.9% in Q1
French reinsurer Scor posted net income of €111m in the first quarter 2013, up 7% on the same period in 2012.
Ageas to become sole provider for over-50s intermediary brands
Ageas-owned over-50s specialist intermediaries Rias and Castle Cover are moving from using a panel of insurers for home and motor products to a solus arrangement with sister business Ageas Insurance.
Strong market competition dents Ageas total income
Ageas UK has reported a 38% increase in net profit to £19.4m in the first quarter of 2013 (Q1 2012: £14.1m) while the combined operating ratio improved to 99.9% (Q1 2012: 102.3%).
Towergate’s Duggan puts market competitors networks in crosshairs
Duggan won’t ‘rule anything out’ in plans for business’s future
UK P&I Club closes year with 104% COR
One of the oldest providers of mutual liability insurance to ship owners, UK P&I Club, has closed its financial year with a surplus of $9.5m increase in fee reserves to $494m (2011: 409m) and a combined ratio of 104% (2011: 98%).
Jelf deal marks return to form, says Alway
"Most if not all" of The Insurance Partnership directors are expected to accept the majority of the purchase price in shares, according to chief executive of the broker's new owner Jelf Group, Alex Alway.
Catlin reports 12% GWP hike in cat-free quarter
Catlin has reported a 12% increase in gross written premium to $1.84m in the first quarter of the year compared to the same period in 2012 (Q1 2012: $1.64m).
Crawford's Q1 profits rise 60%
Loss adjuster Crawford has seen a healthy rise in earnings for the start of the year.
Crawford Q1 net income up 60%
Loss adjusting giant Crawford has reported soaring net income, with UK earnings cited as helping to driving growth in revenues.
ING plots European IPO
Dutch financial giant ING is preparing a case for an initial public offering of its European insurance business, with a target of going to market in 2014.
Esure to re-enter parts of motor market as GWP grows 1.6%
Esure is gearing up to re-enter less profitable parts of the motor insurance market as a result of recent personal injury reforms.
Quindell revenue rises 904% in 2012
Quindell Portfolio has reported a 904% year-on-year increase in revenue to £137.6m (2011: £13.7m) while pre-tax profit increased by 915% to £41.2m (2011: £4.1m).
Hiscox UK reports Q1 GWP up 8.5%
Growth in luxury motor and professional indemnity business has seen Hiscox’s UK operation report improved gross written premiums for the first quarter of 2012, rising 8.5% on last year.