Company results
Quindell auditor slapped with £4.5m fine over misconduct
KPMG has been handed with a £4.5m fine as a result of its audit of controversial insurance services firm Quindell.
Insurance intermediaries saw revenue grow in 2017
The average revenue earned by insurance intermediaries increased in 2017, according to figures from the Financial Conduct Authority.
Interview: Steve Treloar and Jon Dye, LV and Allianz
When Allianz acquired 49% of LV’s general insurance business, it set the market talking. Martin Croucher talked to the CEOs of both businesses to chart their progress
Ageas' Bart De Smet on the limitations of quarterly reporting
Quarterly results don't always reflect a company's performance, notes Ageas CEO Bart De Smet, explaining why the focus must be on its consistency over time.
Ardonagh MGA division to exit loss-making personal lines
Ardonagh’s underwriting division will exit unprofitable parts of its personal lines book after it reported a £5.2m loss in the first quarter 2018.
RSA backtracks over no bonus for UK staff
Exclusive: RSA has backtracked over a decision to not award bonuses to UK staff, after employees claimed it was unfair that group CEO Stephen Hester received a bonus of almost £5m.
Ageas uses full weather reserves on 'Beast from the East'
Ageas used its full weather damage claims allowance for the year during Q1 2018 after the fallout experienced by the Beast from The East.
L&G announces two deals as it looks to ramp up GI premium
Legal & General is now the majority capacity provider for a £550m five year binder with Pen Underwriting, as the general insurance business aims to grow its premium by double digits in the coming year.
Ogden rate revision spurs GWP growth for Covéa
Covéa Insurance saw a 10.8% increase in gross written premiums in the financial year to 3 May, up to £739m from £666.3m in the previous year.
Lancashire profit jumps 48% in Q1
Property and casualty insurer Lancashire Holdings saw a 48% jump in pre-tax profit for the first-quarter.
Direct Line hit with £50m bill for Beast from the East
Direct Line Insurance Group reported a 5% drop in quarterly gross written premiums and faces a £50m bill as a result of Britain's long, icy winter.
R&Q profits jump after Lloyd's managing agency disposal
Randall & Quilter saw a 176% jump in pre-tax profit in 2017, up to £23.5m from £8.5m in the previous year.
Watchstone losses continue as group prepares for divestment
Watchstone made an underlying Ebitda loss of £3.6m in 2017, compared to a loss of £4.9m in the previous year.
Shares in Hastings fall owing to rising claims costs
Hastings Direct said it experienced an unforeseen increase in claims costs due to adverse weather conditions experienced during the beginning of 2018.
Markerstudy capacity owner QIC sees profit fall
Markerstudy capacity owner, Qatar Insurance Company, has reported a 24% fall in profits.
GBGI profit takes a nose dive in 2017
GBGI has reported a sharp decrease in its pre-tax profits during the year 2017, which fell from $11.2 million in 2016 to $3.6 million in 2017.
Co-op Insurance reports £12m operating loss
Co-op Insurance has reported an operating loss of £12m for 2017, compared to a loss of £18m in the previous year.
LV to remain ‘vigilant’ on home business ahead of Allianz deal
LV will take a cautious approach to the home market following the acquisition of Allianz’s personal lines portfolio.
LV GI sees huge profit rise from underwriting discipline
LV’s general insurance business saw a pre-tax profit of £164m in 2017, up from a loss of £30m the previous year.
Wilson sees earnings slashed despite Aviva profit
Aviva CEO Mark Wilson has seen total earnings fall despite the company returning to profit this year, continuing a trend of ongoing executive pay cuts.
RSA’s Hester takes home £5m package
RSA CEO Stephen Hester took home a £5m package from the business last year, despite the firm suffering losses last year in the UK.
This week in Post: Why insurers should head to a Maths Jam
This week I attended my first Maths Jam, a gathering of self-confessed maths enthusiasts who get together in a pub and share stuff they like.
Sabre delivers COR of 68.5% following IPO
Sabre made an underwriting profit of £59m in 2017, with a combined ratio of 68.5%.
Munich Re to cut 900 jobs as reinsurer targets profits surge in 2018
Munich Re is to axe 900 jobs as part of cost saving efforts in its reinsurance business.