Mutuals
Britannia and UK P&I Club in merger talks
The boards of the Britannia Club and the UK P&I Club have entered into merger talks.
Blog: Plentiful capital, soft markets and the case for the specialist mutual
In an insurance market where seemingly never-ending new capital results in a perpetually soft market, with large insurers capable of undercutting their smaller competitors, the established expertise of specialist mutuals will continue to provide an…
Shipowners’ Club records improved COR at half year stage
Marine mutual insurer The Shipowners’ Club has delivered an improved half year combined ratio of 87% to August this year (2014: 95.5%), with a small underwriting surplus of $12.9m (£8.4m) on the 2015 policy year (2014: $4.6m).
Horton first of founding ABC team to depart LV
LV chief operating officer Peter Horton has left the insurer.
LV exploring reinsurance opportunities amid increased market appetite
LV general insurance managing director John O’Roarke says his firm may seek to take advantage of an increased appetite among reinsurers to write primary business amid an uptick in alternative capital entering the reinsurance space.
Shipowners' Mutual posts 94.6% COR after strategic withdrawal
Marine mutual Shipowners Club posted a combined ratio of 94.6% for the 12 months to February 2015, amid high business retention levels and increased membership numbers.
Mutuals' Act gets Royal Assent
The Mutuals Deferred Shares Act received Royal Assent in the House of Lords yesterday (26 March).
Police Mutual sees 2014 income grow 15%
Police Mutual reported total income growth of 15% in 2014 alongside a £44m increase in funds under management from the beginning of the financial year.
Mutuals Bill awaits Royal Assent
The private member's Bill that would give mutual insurers alternative capital raising powers received its final reading in the House of Commons on 6 March and was passed with "unanimous support", according to the Association of Financial Mutuals.
FM Global reports 79.4% COR for 2014
FM Global reported a combined ratio of 79.4% in 2014 alongside a 2% increase in net premiums to $3.6bn (£2.3bn).
Standard Club Asia starts shipping war risk mutual
Standard Club Asia has launched a Singapore-based war risk mutual for ships.
Skuld boosts contingency reserves by $5m in first nine months
Marine insurer Skuld posted positive a bottom-line result of $5m (£3.2m) for the first nine months of 2014, despite a series of large claims pushing its underwriting result into the red.
Standard Club members face 5% premium hike
Shipping mutual The Standard Club has revealed a 5% general increase in Protection & Indemnity premiums for the 20 February 2015 renewal.
Mutual insurers welcome potential funding and M&A boost from new Bill
Bill could mean mutuals get level playing field with shareholder-based insurers
The UK Insurance Growth Action Plan - where we are
Martin Shaw, CEO of the Association of Financial Mutuals, sits on a steering group for the UK Insurance Growth Action Plan. The plan identifies actions that Government, industry, and others can take forward in five key areas over the next 12 to 18 months…
FM Global to pay out $465m membership credit
Commercial property insurer FM Global is to pay out a collective premium credit of $465m (£275m) to its clients when they renew their policies between 30 June 2014 and 29 June 2015.
UK P&I increases renewal premiums 7%
The UK P&I Club has announced boosted figures following the close of renewals for 2012, witnessing a 7% estimated increase of renewal premium.
Police Mutual expands with Forces Financial deal
A mutual insurer supporting 200 000 police officers and their families is to expand with the acquisition of a provider of financial products to the military and police.
Co-op ‘gets out of jail’ with refinancing deal to avoid selling GI business
Mutual was unlikely to find an acceptable value for unit.
Interview: Hugo Wynn-Williams: Steadying the ship
Amid the ongoing economic downturn and the constant threat of piracy, Thomas Miller chairman Hugo Wynn-Williams explains how the protection & indemnity sector is navigating the choppy waters.
Mutual chief calls for Treasury support for Share Bill and better PRA engagement
The Government has been urged to get behind the Mutual Redeemable Share Bill that was introduced by Lord Naseby in July.
More women take the helm at mutual insurers
Despite insurance having a reputation for being run predominantly by men a study has shown in the cooperative and mutual insurance sector women are taking a much more significant role.
Enoizi named chief executive of Pool Re
Julian Enoizi is to become chief executive of UK government-backed terrorism mutual Pool Re.