Company news
‘Light at the end of the tunnel’ on claims inflation says Admiral CEO Stevens
Admiral saw profits rise in 2019 as its UK insurance results were buoyed by positive development in prior year claims costs, reserve releases and commission.
L&G pegs sale of loss making GI business to Allianz at £255m
Legal & General has booked an estimated consideration of £255m for the sale of its general insurance business to Allianz as the division reported an operating loss of £35m for 2019.
Best Insurance Employer Winner: Prina Mashru, head of human resources, Konsileo
Konsileo was voted as the best company to work for in the insurance industry. Post spoke to its head of human resources Prina Mashru to find out why
Best Insurance Employer: Sharon Juleff, people director, LV General Insurance
LV General Insurance was voted as one of the top four companies to work for in the insurance industry. Post spoke to Sharon Juleff, its people director, to find out why.
Best Insurance Employer: Steve Collinson, head of HR for Zurich UK
Zurich was voted as one of the top four companies to work for in the insurance industry. Post spoke to Steve Collinson, head of HR to find out why.
Covéa agrees $9bn deal for Partner Re
Covéa has signed up to buy Bermuda-based global reinsurer Partner Re from the Ferrari-owning Agnelli family for $9bn (£7bn) in cash in a deal scheduled to complete in the fourth quarter of this year.
Interview: Aon’s Jane Kielty, Tracey Threlfall and James Fell
Just over two years since the takeover of Henderson by Aon its leaders met with Emmanuel Kenning to discuss how the deal came about, why now is the right time to rebrand after the heavy lifting of the integration has been completed and what comes next…
Aviva puts 30 digital roles at risk
Around 30 people are at risk of redundancy at Aviva's 'digital forge' in Sheffield.
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.
Jon Hancock to become AIG international GI CEO after leaving Lloyd's
Jon Hancock has been appointed CEO of AIG’s international general insurance division, and will join the company this spring.
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.
Egan hails UK underwriting profit at RSA
UK & International CEO at RSA, Scott Egan, has hailed the provider’s underwriting profit for 2019, its first since 2016.
RSA moves back to underwriting profit in UK
RSA has delivered an underwriting profit of £3m in the UK for 2019, reversing the underwriting loss of £93m the year before.
Direct Line to cut 800 jobs
Direct Line Group is cutting 800 jobs over the next two years, the insurer has confirmed.
Michael van der Straaten appointed QIC Global CEO
Qatar Re CEO Michael van der Straaten has been appointed CEO of QIC Global.
FSCS declares CBL Insurance Europe in default
The Financial Services Compensation Scheme is now stepping in to protect the majority of policies sold in the UK to individuals and small businesses by CBL Insurance Europe having declared the insurer to be in default.
Arch to pay £400m for Coface minority stake
Arch Capital Group has agreed to pay Natixis €480m (£401.8m) for a 29.5% stake in France-based trade credit insurer Coface.
Allianz UK operating profit drop driven by 'large number of factors': Jon Dye
There was “a very large number of factors” behind the significant drop in operating profit at Allianz UK in 2019, according to CEO Jon Dye.
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.
Gunter replaces Hendrick as Axa XL CEO
Scott Gunter has been appointed as CEO of Axa XL joining from Chubb to replace Greg Hendrick who is leaving to pursue other opportunities.
Restructuring costs weigh on Ageas' 2019 profits
Ageas UK saw its profitability slump by 21% last year, reporting full-year profits of £60.3m compared to £76.7m in 2018.
Call Connection creditors set to share £246,000 as claims hit £4.7m
Call Connection creditors will share a payout of around £246,000 as claims from secured and unsecured creditors total £4.7m, administrators BDO have estimated.
Bollington still offering all lines after Gefion suspension, Patterson confirms
Bollington’s decision to stop trading with unrated Danish insurer Gefion has not changed the firm’s insurance footprint, group managing director Chris Patterson told Post.