Company news
AGCS embarks on €200m cost-cutting restructure
Allianz Global Corporate & Specialty will look to reduce its global headcount by a further 400 as it embarks on a transformation programme.
Briefing: Gefion hopes to go out with a whimper as brokers predict a bang
News that Danish unrated insurer Gefion had entered run-off and solvent liquidation left us and others in the industry feeling somewhat underwhelmed.
Aon u-turns on salary cuts
Aon will repay colleagues in full, plus 5% of the withheld amount, after cutting the salaries of 70% of its workforce.
Profits nearly quadruple at Ecclesiastical in 2019
Ecclesiastical delivered £58m in post-tax profit last year, more than treble the £15.2m achieved in 2018, according to a filing at Companies House.
Byrom Clark Roberts to rebrand as Smithers Purslow
As part of the acquisition by Smithers Purslow, Byrom Clark Roberts will rebrand to its owner’s name, using a fresh logo.
Zego beefs up debt with Triplepoint
Insurtech Zego has taken on additional funds from venture capitalist debt provider Triplepoint.
Ardonagh moves forward with $500m notes offering
Ardonagh has placed $500m (£401m) of senior payment in kind toggle notes.
Analysis: Unpacking the Ardonagh deal
Broker Network members have given a resounding shrug of indifference to the news that after four years away the network is set to return to Ardonagh’s ownership as it buys up Bravo Group.
Markerstudy’s board directors take 50% pay cut
Amid almost 500 redundancies at Markerstudy, the group's board has taken a 50% pay cut, Post can reveal.
Ardonagh acquires Bravo and Arachas as it launches $500m notes offering
The Ardonagh Group has launched a $500m (£401m) notes offering, having agreed the purchase of Bravo Group and Arachas.
Primary Group buys back UK General
Primary Group has bought back a majority stake in UK General Insurance having sold the business to private equity house JC Flowers in 2017.
Former RSA Ireland CFO fined €70,000 and barred for eight years
Rory O’Connor, former executive director and chief financial officer of RSA Ireland Insurance, has been fined €70,000 and disqualified for eight years and four months by the Central Bank of Ireland.
Fidelis takes total 2020 financing past $1bn with debt raise
Fidelis has again increased its capital reserves through a $300m debt raise, meaning the specialty insurer and reinsurer has now raised in excess of $1bn in capital this year.
Das underwriting profit declines as it recovers £3.7m from ex-CEO legal proceedings
Gross written premiums at Das Legal Expenses Insurance dropped from £117.9m in 2018 to £114.8m last year according to the firm’s 2019 Solvency and Financial Condition Report which also revealed a £3.7m “recovery” from its involvement in a private…
BGL CEO Matthew Donaldson to step down this week
BGL CEO Matthew Donaldson will leave the business on 19 June after 20 years at the broker, to be succeeded by the former CEO of RBS’ digital banking app.
Mike Bruce ascends to GRP CEO as Searchlight deal completes
Searchlight Capital’s GRP deal has completed, with former group managing director Mike Bruce becoming group CEO of the broker.
Lancashire and Fidelis secure capital boosts
Lancashire has raised £277m through the placing of 39.6 million new shares at a price of 700p per share – a 3.6% discount on its stock price at the close of Tuesday trading, while fellow specialist insurer and reinsurer Fidelis has announced that it has…
Lancashire to raise £287m in anticipation of accelerated hard market return
Lancashire will look to raise £287m through the placing 39.6 million new shares, representing 19.5% of the company’s existing issued share capital, in order to take advantage of a return to hard market conditions.
Atradius appoints Stuart Ramsden as UK and Ireland regional director
Credit insurance provider Atradius has promoted Stuart Ramsden to regional director of UK and Ireland succeeding Alun Sweeney who is set to retire.
Liberty Mutual and AIG donate to anti-racism charities in support of Black Lives Matter
Following tragic events of the recent weeks Liberty Mutual and AIG have pledged donations to help fight the injustice for black community.
Arch names Simon Williams as active underwriter
Arch Insurance International has appointed Simon Williams as active underwriter of Syndicate 1955 and confirmed David Slade as deputy active underwriter after the parent company’s takeover of Barbican.
Call Connection administration timeframe extended due to coronavirus pandemic
The administration deadline of failed broker lead generator Call Connection has been extended until 12 July 2021.
Royal London to absorb Police Mutual
The Police Mutual Group will become part of life and pensions mutual Royal London, a move driven by a need to bolster its financial position, according to Police Mutual CEO John Perks.
Nearly 500 people set to lose their jobs at Markerstudy
Markerstudy has opened a “redundancy consultation exercise”, the insurer has confirmed.