Broker/Company results
Brit cuts UK private motor book by 60% as it reports £72.8m profit
Brit Insurance this morning reported that profit before tax excluding the effect of foreign exchange on non-monetary items increased by 12.2% to £72.8m for the first six months of 2010 (30 June 2009: £64.9m). It recorded a profit before tax of £77.5m (30…
AI Claims to beat forecast
Credit hire operator AI Claims Solutions said it expects turnover, profit before tax and earning per share for the financial year ending 30 June 2010, to beat market forecasts.
Brokers at war over contingent commissions
Aon has become embroiled in a war of words with rival Willis after it signalled its intent to once again accept contingent commissions in the US.
NIG looks to exit personal lines after sale ruled out
Royal Bank of Scotland Insurance has unveiled a plan to close its loss-making NIG personal lines business after ruling out a trade sale as "unviable" in the current market.
Heath and BDML wait on Admiral
Admiral has signalled its intent to underwrite household products from 2011, in a move that is set to impact its current white label arrangements.
Aggregator set to prosper
Go Compare chief executive Hayley Parsons has claimed profits will double this year after the aggregator moved into the black for the first time since inception and repaid its loan facility early.
Prime Professions operating profit up fourfold
Prime Professions has announced its financial results for the year ended 31 March 2010.
Broker Direct sees profit fall by three quarters
Broker Direct saw its profit fall by three quarters in 2009, and chief executive Roy Green predicted the firm’s profitability will be “under pressure” for the remainder of 2010.
NIG slips into the red as RBSI brands all suffer
Royal Bank of Scotland Insurance subsidiary NIG was the only one of its major four brands to record a loss in 2009, Post has discovered.
KFI reaps benefit of non-motor book growth
For sale-intermediary Kwik Fit Insurance's move away from its motor heartland helped it increase pre-tax profits by 24% to £10.93m in 2009.
Government budget cuts impacting UK, claims THB
THB group chief executive Frank Murphy has said that the sale of the majority of underwriting agency Unicorn and recessionary pressures accounted for the broker's UK business making a loss.
Broker share set to fall
The market share of national brokers is expected to decline to 50% in 2010 and is forecasted to continue falling until 2014.
THB profits up in first half
THB this morning reported a 21% rise in broking profit to £3.9m on fees and commissions of £24.6m (H1 2009 £23.3m).
Jelf CEO optimistic asnew hires reap rewards
Jelf group chief executive Alex Alway has said the broker's investment in account executives has been key to growing the business despite recording a £616 000 loss for the six months ended 31 March 2010.
Broker Jelf records £616 000 interim loss
For the six months ended 31 March 2010, insurance broking group Jelf this morning reported a loss of £616 000, an improvement on the same period in 2009 when this was £994 000.
BP Marsh boss hints Hyperion may delay flotation
Specialist private equity firm BP Marsh and Company, a key backer of broking and insurance group Hyperion, has said it would not be surprised to see the company delay its plans to float in 2012.
Hyperion backer posts profit for 2009
Venture capitalist BP Marsh has posted a consolidated profit on ordinary activities after tax of £0.3m for the year ending 31 January 2010 (31 Jan 2009, loss of £1.7m).
US investors ready to back second bond push
Towergate believes that there is a healthy appetite among US investors if it goes ahead with a bond issue in the near future. The consolidator postponed its original £665m placing last week, and will bide its time until the beginning of July to see if…
Towergate reports £28m loss in 2009
Towergate has reported losses on ordinary activities for 2009 of £28m compared to £18.89m in 2008.
Towers Watson results hit by heavy merger costs
Net income falls $32m from the third quarter of 2009 due to transaction and integration costs from the merger.
Interview - Alex Alway: A real sense of community
Jelf chief executive Alex Alway speaks to Stephanie Denton about market speculation, Quinn, consolidation and why he still has a lot to learn about insurance.
Fortis UK CEO pleased with lot despite £1.8m Q1 net loss
Fortis UK this morning reported non-life and life premiums increased by 18.4 per cent to £234.9m (Q1 2009: £198.4m) in the first quarter of 2010.
SSP reveals profits rise
Technology firm SSP has revealed that its profit had risen 5% to £17m on revenues of £75m (up 2%) for the 12 months ended 31 March 2010.
Aon Q1 net income and reinsurance commissions drop
Net income attributable to Aon stockholders was $178m, compared to $280m for the prior year quarter. Retail commissions rise but reinsurance commissions drop.