Broker/Company results
JLT seeing “increasingly soft market”
Broker JLT held its annual general meeting on 29 April, stating its outlook is “encouraging” for the 2010/11 financial year.
CFC reports 28% rise in gross premium income
CFC has announced a 28% rise in gross premium income on 2008, taking it to £29.8 million. The specialist lines underwriting agency also revealed operating profit increased by 41% to £2.39 million.
Willis international arm hit by "weak" UK and Ireland
Willis has reported net income from continuing operations for the first quarter of 2010 was $204m, compared with $192m in the same period a year ago.
Willis international arm hit by "weak" UK and Ireland
Willis has reported net income from continuing operations for the first quarter of 2010 was $204m, compared with $192m in the same period a year ago.
BPO firm expects to see growth in second half of 2010
Xchanging, the business processing company, today said it expected growth to be weighted towards the second half of 2010 due to the time it takes to conclude deals in its markets, including the London insurance market.
Brown & Brown Q1 profit down 8%
US (re)insurance broker Brown & Brown has reported a quarterly profit that narrowly beat market estimates, helped by low expenses.
Carole Nash takes £629 000 legal costs hit
Carole Nash's 2009 results were hit by costs arising from a legal dispute with a third party.
Cooper Gay revenue grows 29%
Cooper Gay has reported its annual results for the financial year ending 31 December 2009.
Aon Benfield: Reinsurers see capital recovery
Global reinsurance capital recovered to $396bn at year end and nearing the record levels set in 2007, according to Aon Benfield’s latest research report.
Growth plan at Brightside
Brightside has targeted 20% growth in 2010 after posting a record revenue of £44.7m for 2009. Overall revenue increased by 35% (2008: £33.2m).
Brightside delivers £4.7m post tax profit
Brightside Group revenue increased by 35% to £44.7m (2008: £33.2m) in 2010. EBITDA before exceptional items and share based payments expense increased by 26% to £9.7m (2008: £7.7m).
GI market to suffer
The UK general insurance market is likely to suffer from a decrease in investment returns and greater claims inflation in 2010, according to Pricewaterhouse Coopers.
CBG reacts to drop in profits with rebrand
CBG is to undergo a “total rebrand” and change of chairman after posting a reduced profit for 2009. The Manchester-based broking group saw adjusted pre-tax profits halve to £1.02m (2008: £2.46m) while revenue fell to £8.96m in 2009 (2008: £11.15m).
CBG chair steps down as revenue and profits dip
Broking group CBG Group saw revenue drop to £8.96m (2008: £11.15m) with adjusted pre-tax profits also falling from £2.25m to £1.026m.
Aviva UK GI book shrinks by over £1.1bn in 2009
Aviva UK's general insurance operating result fell to £520m (2008: £642m) in 2009. Its combined operating ratio remained static at 99%.
Aviva UK GI book shrinks by over £1.1bn in 2009
Aviva UK's general insurance operating result fell to £520m (2008: £642m) in 2009. Its combined operating ratio remained static at 99%.
JLT restructures UK business to capitalise on new MGA unit
News comes as broker reported a 14% rise in fees and commissions to £612.9m (2008: £536.1m) and a 28% jump in underlying profit excluding exceptional items to £97.1m (2008: £76.2m).
JLT restructures UK business to capitalise on new MGA unit
News comes as broker reported a 14% rise in fees and commissions to £612.9m (2008: £536.1m) and a 28% jump in underlying profit excluding exceptional items to £97.1m (2008: £76.2m).
Jelf looks to raise a further £17m after reporting a £9.7m loss in 2009
It is expected that any placing would be conducted at or around the price of 36 pence per ordinary share and would be subject to shareholder approval at a general meeting.
Moneysupermarket sees insurance transactions fall 14% in 2008
However, insurance made up 55% of the revenue (£75.7m), compared to 44% in 2008 despite a slight drop from £77.7m that year.
Axa UK GI earnings dip 63% after £157m fire and weather losses.
Globally, Axa Group reported underlying earnings down 6% to €3854m versus 2008, adjusted earnings down 8% to €3468m and net income up 283% to €3606m (on a comparable basis).
Kerry London winding-up order an "oversight" as firm looks to buy
Kerry London group chief executive Damian Kissane has dismissed a recent winding-up order from Companies House as an "administrative oversight", after it avoided being struck off the register through remedial steps.
Insurecom is 'go-to' firm
The chief executive of insurance software specialist Insurecom has boasted that his firm is now the 'go-to' technology company for insurers looking to distribute new products to brokers.
Zurich UK reports £2bn GWP
Zurich UK General Insurance has reported gross written premiums and policy fees of £2.03bn ($3.18bn). Net earned premiums and policy fees were £1.96bn ($3.07bn) and the business operating profit was £146m ($229m).