Broker/Company results
Burke predicting financial progress amid speciality focus
Jardine Lloyd Thompson chief executive Dominic Burke is confident an increased focus on specialty business and a growing global reach will enable the broker to achieve year on year financial progress.
CGSC 'disappointed' by Moody's downgrade
Wholesale broker Cooper Gay Swett & Crawford has criticised the decision to downgrade in its corporate family credit rating from B2 to B3.
Gallagher sees Q3 group broker revenue climb 14%
Arthur J Gallagher revealed Q3 group brokerage revenues climbed 14% in figures filed with the US Securities and Exchange Commission yesterday.
Giles acquisition to be completed in November
Arthur J Gallagher will complete the Giles acquisition in early November, after originally anticipating the £233m deal could be completed this month.
Willis reports $27m net loss
Willis Group has posted a total net loss of $27m (£16.83m) for the third quarter of 2013, cutting the broker's profit by 17% for the first nine month of the year.
Motor Insurance: Jumping the gun
Motor insurers’ over-eagerness to reap the anticipated benefits of the Legal Aid, Sentencing and Punishment of Offenders Act has resulted in a sharp drop in rates. With unprofitability increasing, where does the sector go from here?
LV CEO predicting motor rates recovery as GWP continues to fall
LV group chief executive Mike Rogers has blamed falling motor premiums for a £20m drop in the firm’s general insurance gross written premium total for the opening nine months of the year.
Aon increases profit and revenue in Q3
Aon has reported organic revenue growth of 3% with total revenue of $2.8bn (£1.7bn) in quarter three of 2013.
Aon records profit and revenue growth in Q3
Aon has reported organic revenue growth of 3% with total revenue of $2.8bn (£1.7bn) in quarter three of 2013.
BP Marsh reports £1.4m profit after Hyperion sale
Venture capital provider and former Hyperion investor BP Marsh has reported profit after tax of £1.4m for the six months to July 2013, down from the £2.2m reported for the same period last year.
Brokers Link sheds not-for-profit status
Independent broker network BrokersLink has unveiled plans to change its constitution from a not-for-profit association to a for-profit global broking company in a bid to accelerate growth.
Post Intelligence – company profile: Towergate Partnership
Towergate says it will continue its aggressive acquisition strategy (FY12: 27 acquisition; 1H13: 10) focused on networks, retail and underwriting. The challenge is to turnaround falling operating earnings in the retail business.
Post Intelligence – company profile: Esure Group
As part of its strategy to diversify its earnings, Esure Group is working to expand its home, broker and additional service offerings.
Post Intelligence – company profile: LV=
Within general insurance, LV= is looking to maintain its position as a top five general insurer in its target markets and to be active in all major channels.
Arthur J Gallagher files £13m pre-tax profit for 2012
Arthur J Gallagher has revealed a pre-tax profit of £13.1m for the year ending 31 December 2012 in figures filed with Companies House this week.
Interview: Jon Dye - The Dye is cast
Jon Dye’s appointment as Allianz UK CEO did not come as a surprise to many, including himself. And while he is not daunted by his new role, he is certainly not complacent about the task ahead.
Cooper Gay posts organic growth of 5% for 2012
Cooper Gay and Company posted organic growth of 5% for the full year 2012.
Brightside profits remain flat in H1 as net assets increase 5%
Brightside Group has recorded stable half-year post-tax profits of £5.5m (H1 2012: £5.6m.
Rivals set to take advantage of Swinton’s downsizing plans
Firm to close 100 of its 500 branches by end of 2014
Editor's comment: Don’t count your (fried) chickens
In my 10 years working on Post and with the insurance sector, I have lost count of the number of times the death knell has been sounded for the high-street broker.
Swinton profits to remain flat until 2015: Bardet
Swinton chief executive Christrophe Bardet said the broker may not post improved figures until 2015 after a steep drop in profits and turnover for 2012.
FCA fine not to blame for profit slump as Swinton plots job cuts
Swinton has attributed changes to its sales practices following regulatory action over the mis-selling of add-on products to a drop in its annual turnover last year, which sunk to £301.4m from £329.1m in 2011.
Post Intelligence – company profile: Kraft Foods
In October 2012 Mondelez International spun off Kraft and it listed on Nasdaq. Valued at around $32bn, Kraft has implemented a restructuring programme to help it survive as a standalone company.
Post Intelligence – company profile: Yum Brands
Yum has nearly 37 000 restaurants globally, including Taco Bell, KFC and Pizza Hut.