Admiral Group has announced a group profit before tax of £251.3m, down 48% on the same period last year. Group turnover was £1.85bn, up 6% on the prior period, while customers totalled 9.1 million at the end of H1 2022, which was approximately 1 million more than a year earlier.
Tokio Marine HCC International is to consolidate its growing London Market operations at a new single location on Fenchurch Street – commonly known as the Walkie Talkie. The move will take place in three phases over the coming months.
Aviva plc has posted an operating profit for H1 2022 of £829m, up 14% on the same period last year. General insurance gross written premiums rose 6% to approximately £4.7bn while its combined operating ratio deteriorated to 94% from 91.6%. UK & Ireland GWP was up 5% to £2.8bn and COR rose to 95.6% from 93.6%.
Digital MGA C-Quence has added an excess D&O product to its financial lines range, which will be available on its cloud-based platform, CQ Elements. The produce has a cover limit of £10m, provided on an any one claim basis.
QBE Insurance Group Limited has published its results for the period to 30 June 2022, posting revenue of approximately £9.5bn, which was up 26% on the same period last year. Net profit after income tax was £123.8m million compared with £361.6m for the prior period.
The broker network Movo Partnership has signed a deal with CNA, which will now sit on its panel of capacity providers. The delegated authority deal will give Movo’s brokers access to CNA’s products via Acturis.
CNA Hardy has upped its previous £25m attachment point limit on its online excess of loss platform – CNA Online – to £150m. The increase aims to accommodate the growing demand for higher limits, particularly in the construction sector.
Aon has announced that Mindy Simon will become its chief operating officer. She will replace incumbent COO James Platt, who will move into the new London-based role of chief digital officer overseeing digital client solutions. Simon will join the firm on 10th October from Conagra Brands, where she most recently served as chief information officer.
The latest Motor Insurance Premium Tracker from the Association of British Insurers found that the average price paid by motorists for their motor insurance in the second quarter of this year was £419, up 1.3% (£5) on the previous quarter. However, this is still £11 lower than the same quarter in 2021.
Munich Re has reported a profit of approximately £649.1m for Q2 2022, down by more than 30% on the same period last year. For H1 2022, it reported a profit of £1,163m, which was almost 19% down on last year. Gross written premium in Q2 was £13,394.1m, up by more than 8% on the same quarter last year. In H2 2022, GWP rose 12% to £27,618.2m.
Gallagher has bought risk management specialist AnotherDay, which has a team of around 20 and helps organisations pre-empt and prepare for complex threats, react to crises and investigate criminality through the use of intelligence and technology. Jake Hernandez heads up the business. He will continue to lead it under its own brand and as part of Gallagher’s London-based Speciality operations.
Allianz Group has posted UK revenue of £2.88bn for H1 2022, up 12.9% on previous year. In its Allianz Holdings business, which comprises Allianz Personal and Allianz Commercial, operating profit fell 42% to £99m and its combined operating ratio deteriorated from 91.7% to 97.2%.
PIB Group has reported total income of approximately £230.9m for the year ended 31 December 2021, which was up on the £151.6m recorded for the previous year. It recorded an operating loss £1.3m for the year, down on the £9.9m loss recorded in 2020. The intermediary completed 8 acquisitions during the year.
RSA Insurance Group has announced an underwriting loss for the six months to 30 June 2022 of £12m (2021: loss of £143m) on net written premiums of £975m (2021: £952m) for its UK operations. Across the group, net written premiums were £1,533m (2021: £1,717m) with an underwriting profit of £31m (2021: £143m loss).
NuVenture International, which incubates and supports managing general agents, has launched BluNiche, an MGA specialising in product recall cover. Capacity is provided by Chaucer Syndicate 1084. BluNiche was founded by Neil Evans, who was most recently senior class underwriter, crisis management, at Talbot Underwriting.
An investment loss of approximately £176.4m and a group loss of £39.6m net of reinsurance from the Ukraine conflict has driven Hiscox to post a group loss before tax of £88.5m for the six months to 30th June 2022. The loss contrasts the profit of £109.9m posted for the same period last year.
Four price comparison sites have created what is almost a closed shop in the UK motor market, according to analytics company GlobalData. Its 2021 UK Insurance Consumer Survey found that 96.7% of UK motor customers use four comparison sites - Compare the Market, GoCompare, MoneySuperMarket and Confused.com.