Tradex has borrowed £7m from its parent to maintain its solvency capital position in the wake of the Ogden discount rate change.
A memo from Lloyd’s of London issued to staff inviting them to register for voluntary redundancy comes as little surprise, experts said, as market carriers are increasingly forced to focus on cost.
Covea has seen its pre-tax profits almost treble from £12.9m to £38.4m last year despite “headwinds” from the Ogden rate change.
Connected devices could help household insurers offer cheaper premiums to responsible homeowners, says Craig Foster, managing director of Homeserve Labs.
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Find out who ranks highest in the Top 100 UK insurers in Post’s 2016 countdown. The data, produced in association with AM Best, lists firms based on their financial returns.
As expected by AM Best, Chinese and Japanese companies ranked high. The largest Korean company was ranked seventh, and the largest Australian company followed at eighth.
A lack of large natural disasters, favourable exchange rates and a number of sizeable mergers have seen many of the top 30 European insurers weather the tough environment and climb the rankings complied by AM Best
The ranking of broking groups is based on research carried out in April and June 2016.