Commercial
DLG improves combined ratio to 99.2%
Direct Line Group has reported a 9.3% rise in operating profit for ongoing operations to £461.2m (2011: £421.9m) including an underwriting profit of £28.2m compared to a loss in 2011 of £72.3m and a combined operating ratio of 99.2% (2011: 101.8%).
Rate hikes the only answer to CL market’s poor results
The dismal state of the UK commercial lines market can only be remedied by insurers inputting rate rises in 2013 and resisting their natural urge to compete on price, the heads of major firms have said.
Editor's comment: Stop me if you’ve heard this one...
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Claims Club: Axa’s Williams calls for improvements for ‘undervalued’ claims teams
The tide could soon turn for claims professionals who are “underpaid and undervalued” compared to their underwriting peers, according to Axa commercial lines and personal intermediary underwriting managing director David Williams.
Post magazine – 28 February 2013
The latest edition of Post magazine is now available to subscribers as a digital and interactive e-book.
Independent midwives seek cover ahead of legislation
An organisation representing independent midwives is in discussions with a broker over plans to secure affordable professional indemnity insurance, ahead of the launch of new legislation.
Bluefin Ebitda increases 27.5%
Bluefin Insurance has reported a 27.5% rise in Ebitda to £22.7m (2011: £17.8m) and a 54.3% pre-tax profit of £17.9m (2011: £11.6m).
Top five European news stories
The top five European news stories from www.insuranceinsight.com over the past seven days.
Zurich warns firms to tackle rising levels of workplace stress
Stress levels, low morale and staff absence look set to continue to negatively impact the workplace unless the economic environment improves, Zurich has warned.
Allianz UK profit slides 4.3% to £161.5m
Allianz reported a 4.3% fall in operating profit to £161.5m in 2012 (2011: £168.7m). The insurer's combined ratio also deteriorated to 96.3% from 95.7% in 2011.
AIG income falls to $3.4bn in 2012
AIG's net income fell to $3.4bn (£2.23bn), or $2.04 per diluted share, in 2012 compared with $20.6bn, or $11.01 per diluted share, the year earlier.
Axa UK CEO "happy" with 9% commercial lines growth
The UK boss of Axa has admitted that he is “happy” with its performance in a “tricky” commercial market, although he stopped short at revealing its combined operating ratio for the 2012 financial year.
IAG to write off $260m following Equity sale to Aquiline Partners
Insurance Australia Group has announced that it recorded a loss of $182m in respect of its "discontinued" UK operations in the six months to 31 December 2012.
Europe View from the Top: Testing times for European real estate
It goes without saying that the financial crisis has had an adverse and enduring effect on the global economy.
Industry mulls Matras’ options after Ageas shake-up sees high profile exits
Past and present colleagues of Laurent Matras have paid tribute to the outgoing Groupama Insurances managing director, with one suggesting he could seek to further his career at a smaller firm in a bid for more dynamism.
RAC intermediary arm reveals growth plans after post-Aviva sale overhaul
The commercial director of RAC’s intermediary arm has outlined the firm’s plan to make up competitive ground lost under its last ownership, almost 18 months after Aviva sold RAC to private equity firm Carlyle Group for £1bn.
Scottish Independence: Scot free?
With a referendum on Scottish independence due next year, will an independent Scotland cause problems for the insurance sector, or is it business as usual?
RSA's Brown: Commercial lines needs double-digit rate strength
RSA's chief executive of UK & Western Europe Adrian Brown has claimed the UK commercial market is "broadly underpriced by 10% to 15%".
Tesco Underwriting COR fails to drop below 100%
Tesco Underwriting’s combined operating ratio has remained above 100% despite seeing net profit rise in line with where it should be, according to Ageas chief executive Andy Watson.
RSA's UK profit falls 37% as commercial losses take toll
RSA blamed adverse weather in the first half of 2012 and a weak marine and commercial liability performance on UK underwriting profit tumbling to £39m (2011: £62m) while the combined ratio was 98.2% (2011: 97.3%).
RSA increases premium by 5% and cuts dividend
RSA Group has reported operating profit of £684m (2011: £727m) for 2012 including an entirely flat underwriting result of £375m.
Besso recruits aviation boss from Gibbs Hartley Cooper
Independent broker Besso has swooped for a new head of aviation from Gibbs Hartley Cooper.
Covéa looks to extend commercial lines growth following schemes hire
Covéa Insurance has appointed former Hiscox regional manager Bill Guiney as schemes account manager.
Claims Awards 2013: Do not miss out, start your entry today
There is just under two weeks to go until the deadline for the 2013 Claims Awards (Friday 1 March), so do not waste any time if you want to be considered for these prestigious accolades.