Broker/Company results
Ecclesiastical ducks to £59.7m loss for H1 2020
Insurer Ecclesiastical made a loss before tax of £59.7m for the first half of 2020 as the Covid-19 impact bit.
Abbey and Autoline merger to create £119m GWP acquisitive firm
The merger of Northern Ireland brokers Abbey Insurance and Autoline Insurance as Abbey Autoline on 1 September will create a £119m gross written premium growth focused firm that has an eye for striking takeover deals, managing director of the newly…
Second quarter performance pushes Ageas UK COR below 100%
Ageas UK has reported a post-tax profit of £22.8m for the first half of 2020 reversing a loss of £2.7m in the first quarter.
Aviva planning aggregator motor roll out after Confused pilot
Aviva is targeting this autumn for the next stage of its move onto aggregators after a trial with Confused, Colm Holmes, Aviva CEO of general insurance, told Post.
Aon/Willis combination not ‘good for clients or good for the market’: MMC CEO Dan Glaser
In a half year results call, Marsh and McLennan CEO Dan Glaser aired a “personal” view that the Aon and Willis Towers Watson merger will be negative for clients and the market .
Complete Cover deal saw £108.7m written off
The net liability position of Complete Cover’s ultimate holding company Key Topco improved from a deficit of £93.4m at the end of 2018 to just £1.7m by the end of March 2020 after the takeover by Sun Capital Partners at the start of this year.
PIB reveals £75.6m acquisitions bill for 2019
PIB Group’s bill for buying five companies last year was £75.6m, according to a filing at Companies House, which also revealed the results of stress tests to assess the impact of Covid-19.
Profits and turnover shrink at CDL in 2019
CDL Group has reported a 5.1% fall in turnover to £52.9m along with a 31.4% drop in post-tax profit to £4.7m for the year ended 30 September 2019.
Ardonagh outlines coronavirus lockdown impact
Ardonagh Group has revealed a 1% drop in income year-on-year in April, pointing to a limited impact from the Covid-19 crisis as adjusted Ebitda rose to £20.7m.
Allianz and LV's £68m weather hit edges first quarter COR above 101%
Allianz Holdings, comprising of LV General Insurance and Allianz Insurance, saw £68m in claims relating to storms and flooding in the first quarter of 2020 as Allianz unveiled a global property and casualty €400m (£351m) Covid-19 hit.
Hiscox looks to capital raise through share placement
Hiscox has announced an equity placing for up to just under a fifth (19.99%) of its issued share capital.
Iprism growth on track after restructure, says MD Ian Lloyd
Iprism Underwriting Agency is growing its underwriting and bottom line profits after its restructure last year despite the impact of the coronavirus pandemic, according to managing director Ian Lloyd.
Investment returns push Covéa into profit after underwriting loss
Covéa delivered an underwriting loss of £22.3m in 2019 compared to a profit of £1.8m the year before, with the insurer hit by high levels of motor claims inflation and flat market premiums along with a lower level of reserve releases.
Hastings pushes ahead with dividend payment plan
Hastings Group has confirmed it will propose a final dividend of 5.5p per share at its AGM on 21 May despite calls from regulators for the industry to suspend payments during the coronavirus pandemic.
Saga leans on insurance arm as coronavirus halts travel operations
Saga’s in-house underwriter saw profits slide in 2019/20 as its travel operations face continued coronavirus disruption.
Ardonagh posts Ebitda surge as it sees £74m loss for 2019
The Ardonagh Group reported a loss after tax of £74m and an increase in Ebitda to £115.3m for the year ended 31 December 2019, up from £29.7m in 2018.
Insurance prelim results delayed in line with FCA market request
The AA and Sabre Insurance Group have both delayed the publication of their preliminary financial results after a request from the Financial Conduct Authority to all UK listed companies last week.
LV COR slips to 94.9% in 2019
LV General Insurance Group has posted a 13% fall in operating profit to £93m for the year ended 31 December 2019 as Ogden took another bite out of the insurer’s performance.
Hiscox profits dive 61% in 2019
Hiscox Group has reported a slump in pre-tax profits to $53.1m (£41.6m) in 2019 as catastrophe costs of $165m took their toll despite a significant rise in investment income.
ERS posts record profit under Aquiline ownership of £13.9m
ERS has recorded profit of £13.9m for 2019, its best performance since being bought by Aquiline in 2013.
Hastings sees profit slide 42%
Hastings’ share price took a tumble as it revealed operating profit fell 42% in a year that the insurer was hit by the Ogden rate and claims inflation.
Operating profit down one third at Allianz UK
Allianz UK has reported profit of £138.1m for 2019 supported by investment gains as operating profit fell.
Aon 'in position of strength' as reaches $11bn of revenue with 6% organic growth in 2019
Aon has posted a 35% leap in profit from $1.13bn (£857m) in 2018 to $1.53bn last year.
Integration headwinds hit UK growth in 2019, says Marsh
Marsh & McLennan Companies has reported revenue of $16.65bn (£12.66bn) and profits of $1.74bn for 2019.