Insurer
US P&C 1H net income up 10%, but competition intensifies
The US property/casualty insurance industry’s net income after taxes rose 10.7% to $32.6bn in first-half 2007 from $29.4bn in first-half 2006, according to figures from ISO and the Property Casualty Insurers Association of America (PCI).
Poor management blamed for workplace bullying
Two thirds of managers believe that lack of management skills is the major factor contributing to bu...
UKGI partners with MMA
UKGI has entered into a new partnership arrangement with MMA Insurance, which will allow UKGI members to gain direct acces to MMA's range of products.
Axa buys fourth major independent broker
Axa UK has acquired independent commercial broker, The Davis Group, its fourth major deal in eight months.
Broker Network unveils buy number 20
Broker Network has completed its twentieth acquisition, Sullivan Garrett.
Hiscox buys into PI broker Allison and Partners
Hiscox has bought 49% of UK Professional Indemnity broker and underwriting agency, Allison and Partners Insurance Services. The deal includes an option to buy the remaining 51% in the future.
Axa puts first half weather loss at £115m as UK GI profit drops £41m
Axa UK reported revenues in general insurance of £1.86 bn for the first half of 2007, up 9% on the same period in 2006 (£1.71bn). However, its profit and combined operating ratio were impacted as a result of £115m weather losses.
RBSI reports 14% drop in partnership and broker business
Royal Bank of Scotland Insurance this morning said results in the first half were held back by the £125m impact of June's floods, with operating profit falling by 27% to £255m.
Cobra makes post AIM acquisition
Cobra Holdings has exercised an option to acquire the share capital of commercial broker Tubbs Insurance Services.
Budget rebrands holding company
The Budget Group of Companies has changed its name to the BGL Group. The name change aims to reflect the increasing number of operating divisions, with six brands including: Budget & Dial, Junction, comparethemarket.com, Bennetts, Fusion and ACM ULR.
NU estimates flood costs at £175m
Norwich Union parent Aviva has warned investors that the recent floods will impact the group's first half result to the tune of £175m.
Willis Re sees heavy competition in 1st July renewals
Reinsurance broker Willis has issued a 1st July reinsurance renewal report citing price reductions of up to 15%-20% for loss-free programmes and increased competition across all lines.
Hiscox in £27.5m swoop for insurer
Hiscox has announced the acquisition of ALTOHA an insurance holding company and its subsidiaries American Live Stock Insurance and Harding & Harding, the affiliated insurance agency for $55m (£27.5m).
Axa chief defends UK broker purchases
UK insurers that have not bought brokers to secure market distribution may have missed the boat in the battle over UK distribution, according to the head of the Axa Group.
UK insurers need to buy brokers to secure distribution says Axa
UK insurers that have not bought brokers to secure market distribution may have missed the boat in the battle over UK distribution, according to the head of the Axa Group.
UK insurers need to buy brokers to secure distribution says Axa
UK insurers that have not bought brokers to secure market distribution may have missed the boat in the battle over UK distribution, according to the head of the Axa Group.
Axa says it can deliver in the UK without major acquisitions
At an 'investor day' presentation on Thursday 21 June outlining Axa's UK strategy, Nicholas Moreau, group chief executive of Axa UK said the French insurer can meet its targets "without any major acqusitions." He added, "Axa UK has built the foundation…
Treasury sets out plan to reform Lloyd's Act
A ministerial statement from Ed Balls, economic secretary to the treasury, made public today in the Commons, has announced the Government's decision to develop legislative proposals to modernise the governance arrangement for Lloyd's.
Aviva wins award for international diversity
Norwich Union's parent Aviva has been recognised for its international diversity programmes at the W...