News
Allianz UK arm sees benefit of 4.6% rate increases with H1 GWP uplift
Allianz’s combined written ratio has depreciated slightly to 96.2% (2010 - 95.3%) for its half year results for 2011.
RBS Insurance Q2 COR improves to 99% and profit doubles to £139m
Royal Bank of Scotland Insurance this morning reported that its operating profit has doubled to £139m from the previous quarter and improved even more from the corresponding period last year (Q2 2010: £203m loss).
Groupama UK arm reports decline in fleet driven by taxi book
Groupama today revealed that premium income for its UK arm rose by +0.9% to €276m (£240m) at 30 June 2011.
Giles confirms redundancies may be needed to "achieve benefits" of CBG deal
Giles has today admitted that in order to achieve the planned benefits of the acquisition of CBG, some operational restructuring will be required following completion of the deal, which may lead to some redundancies.
Ernst & Young makes three senior appointments to London & Bermuda insurance
Global financial services provider Ernst & Young have appointed three people to senior roles in the London & Bermuda Insurance team.
Fitch downgrades Groupama’s IFS
Fitch Ratings has downgraded the Insurer Financial Strength rating of Groupama SA and four of its core insurance subsidiaries to ‘A-‘ from ‘A’.
Aon Benfield issues weather warning
Aon Benfield’s catastrophe modelling centre, Impact Forecasting, says July saw an increase in global tropic cyclone activity ahead of the Atlantic hurricane season reaching its peak.
CII names disciplinary committee chairman
Peter Taylor has been appointed as the new lay chairman of Chartered Insurance Institute’s disciplinary committee.
Canopius appoints underwriters to sabotage and terrorism team
Canopius has appointed Tim Davies and Jennie Beard as underwriters to its sabotage & terrorism team.
Swiss Re teams with Aon Benfield to implement Acord
Swiss Re and Aon Benfield have worked together to implement automated technical accounting, claim and cash transactions using Association for Cooperative Operations research and Development (Acord) messaging standards in the US and Canada.
Lloyds Bank reports GI profits up 10%
The insurance division of Lloyds bank has reported a half year profit before tax of £543m – up 16% compared with £469m in the first half of 2010.
Aviva reports 21% jump in European profits in first half of 2011
Aviva this morning reported that its European business reported an IFRS operating profit up 21% to £525m in the first six months of 2011 (HY10: £434m).
Oval appoints three to board in restructure
Executive board members at Oval have moved quickly to explain the firm’s ongoing restructuring process amid suggestions that former group managing director Jeff Herdman had been demoted.
Axa sees P&C revenue up 3% to Euros 15.4bn in first half of 2011
Axa Group has revealed that underlying earnings are up 10% to Euro 2.2bn (£1.34bn) in the first half of 2011.
Munich Re's losses slow in second quarter
Munich Re posted a consolidated loss of €210m for the first half of 2011, compared with a profit of €1194m in the same period last year.
RSA sees growth in Scandinavia, Ireland and Eastern/Central Europe
RSA this morning said its international arm - which includes most of Europe - saw a jump in premium of 11% to £2089m (8% at constant exchange) in the first half of 2011.
Swiss Re reports second quarter P&C COR of 78.4%
Swiss Re has reported a net income of $960m (£587m) in the second quarter of 2011, compared to $812m in the same period of 2010.
Munich Re's losses slow in second quarter
Munich Re posted a consolidated loss of €210m for the first half of 2011, compared with a profit of €1194m in the same period last year.
Swiss Re reports second quarter P&C COR of 78.4%
Swiss Re has reported a net income of $960m (£587m) in the second quarter of 2011, compared to $812m in the same period of 2010.
Aviva hails UK GI performance as overall operating profit rises 5%
Continued strong motor rate increases in the first half of 2011 have helped Aviva post a combined operating ratio of 96% for its UK general insurance business (H1 2010: 98%), with personal motor pushing through 21% alongside a net written premium rise of…
Novae hurt by catastrophe losses
Novae said half-year catastrophe losses added 20% to its combined ratio, taking it to 111% and causing a pre-tax loss of £30.1m (H1 2010: profit £13.8m).
Axa 100% COR prompts attack on legal fees
Axa UK has claimed its direct personal lines business revenues rose 22% in the first half of 2011, taking total UK & Ireland property & casualty revenues to £2bn, up 4%.
RSA UK personal lines result helps offset £19m commercial loss
RSA has reported a rise in UK premiums of 7% to £1570m for the first six months of 2011.
Catlin warns of catastrophe losses
Catlin has said $534m in losses from catastrophes added 32% to its combined operating ratio, taking it to 117% for the first half of 2011.