Company results
Axa UK returns to profit with 98.9% GI COR but still at a loss in motor
Axa returned to profit in 2011 reporting underlying earnings of £133m (2010: loss of £63m; restated to exclude the contribution from sold activities).
Bollington reshuffles management team as private equity speculation increases
Joe and Stephen Wall have both left the Groupama-owned firm
Plumeri "not satisfied" with Willis in Q4 as UK sees double digit drop
Willis has declared that it saw a double-digit decline in the Willis UK and Ireland retail business in the fourth quarter of 2011.
Plumeri "not satisfied" with Willis in Q4 as UK sees double digit drop
Willis has declared that it saw a double-digit decline in the Willis UK and Ireland retail business in the fourth quarter of 2011.
Marsh reports bumper profit growth
Broker Marsh's parent MMC has reported revenue up 9% to $11.5bn in 2011 with pre-tax profit up 82% to $1.4bn ($769m). Operating income was up 49% to $1.6bn ($939m).
Lloyd's takes $2.2bn hit for Thai floods
Lloyd's of London estimates its net claims from the flooding in Thailand last year to be $2.2bn.
McGavick remains confident as XL reports $474.8m loss
XL chief executive officer Mike McGavick said his firm would not shy away from "frustrating" 2011 results, but asked yesterday for their broader context to be considered.
Greece not a worry for European insurers, says Eiopa
The chairman of the European Insurance and Occupational Pensions Authority expects little further impact on the insurers from their holdings of Greek sovereign bonds.
Catlin reports reduced profits due to cat losses
Bermuda-based speciality reinsurer Catlin Group reported $71m profit before tax for 2011, down from $406m for the 2010 year.
Legal expenses insurer DAS returns to profit and applies to SRA to buy a law firm
DAS has reported that it increased gross written premiums by 16% in 2011, returning a pre-tax profit of £9.7m compared with losses the previous year.
Claims growth outstrips premium increases in Cambodia
Although premium revenue for Cambodia's six big insurance companies rose 19% last year, total claims grew 178%, according to official data from the General Insurance Association of Cambodia.
Scor takes bigger slice at 1 Jan renewals
SCOR Global P&C said 2011 gross written premiums were up by 8.8% to €3.982bn (up 11.6% at constant exchange rates) and 1 January saw average 2.2% price rises but saw it take a 13.9% growth in business.
Catlin in profit despite £1bn cat claims
Catlin's pre-tax profit was cut by more than 80% to $71m (2010:$406m) on the back of nearly £1bn of natural catastrophe losses last year.
Aspen blames 'challenging year' for operating loss
Aspen Insurance Holdings chief executive Chris O’Kane has bemoaned a near record year for catastrophes for an operating loss of $1.26 (80p) per share in 2011, however, he was eager to point more positive results from the company’s casualty and specialty…
Acquisition-hungry Beazley still in profit
Lloyd’s insurer Beazley reported a profit of $62.7m, down 75%, despite catastrophe losses and said it had a war chest of more than $400m to buy Hardy, other Lloyd’s businesses or European insurers struggling with solvency II.
Amlin reports renewal rates up 4% in 2012
Amlin has written total income to date of £746.4m in 2012, net of brokerage - a 19.2% increase on the prior year.
Markel International combined ratio up 21% due to nat cats
Markel International reported a combined ratio of 116% for 2011, up 21% from 2010.
Uniqa sees 4.4% growth in 2011
Uniqa group as increased it premiums by 4.4% to €5.37bn (2010: €5.14bn) and in the growth markets in Eastern Europe by 6.5% €1.08bn (2010: €1,02bn).
Markel to use investment success to target further Europe expansion
Markel finance director Andy Davies has confirmed the company will seek further European acquisitions this year on top of the German buy of Anglo Underwriting already announced.
Munich Re reports €0.71bn profit despite major losses
Munich Re reported a profit of €0.71bn for 2011, despite major losses and against the backdrop of the Eurozone crisis.
Markel reports investment and GWP growth counters catastrophe claims
Markel International saw gross written premiums rise 16% to $825m for 2011 ($709m) but a combined ratio of 116% (95%) included $123m, or 18 points, from natural catastrophes compared with $17m, or 3 points, in 2010.
Munich Re profits down 70%, GWP up 9%
Exceptional major losses and “burdens from the financial crisis” slashed Munich Re’s profit last year by more than 70% to €0.71bn from €2.43bn in 2010. This was despite gross written premiums being up by almost 9% to €49.6bn (€45.5bn).
Ace boss Greenberg sees "firming rates" in Q4 as 2011 profit falls 49% to $1.59bn
Ace Insurance has reported 49% change in its year end profit having reported net income of $1.59bn (2010: $3.11bn) in 2011.
Fonsai downgraded to 'BB' along with main subsidiary
Italy’s second largest motor insurer Fondaria-Sai has been downgraded from ‘B+’ to ‘BB’ along with its main subsidiary Milano Assicurazioni.