Zurich’s UK general insurance business paid out £1.5bn in claims in 2019 and recorded a 97% rise in operating profit to £271m compared with £137m in 2018. The results, which also saw the company’s combined operating ratio improve by 3.9% to 91%, came against a background of relatively flat growth in GWP of only 4% to £2.48bn from £2.4bn.
Lloyd’s has confirmed the membership of its culture advisory group, set up to provide guidance to assist in the implementation of long-term culture change in the market. This follows the results of the culture survey, thought to be the largest ever conducted in the insurance sector and which Lloyd’s published in September. The survey outlined several fundamental culture issues.
Legacy acquirer, DARAG Group has completed the acquisition of The Underwriter, which will serve as a basis for future purchases in the UK. The deal was first announced in July 2019.
UK specialist professional indemnity managing general agent, Inperio (London) has partnered with European program underwriter Accredited Insurance (Europe) to launch a professional indemnity policy specifically tailored to freelance UK solicitors regulated by the Solicitors Regulation Authority.
Clear Group has acquired specialist insurance intermediary, Light & Legal Indemnity Solutions for an undisclosed amount. Founded in 2016, Ligh & Legal advises on the placing and arranging of rights of light indemnity and legal indemnity insurance for the commercial property sector.
Fitch Ratings has updated its outlook for the London Market to stable from negative, reflecting an improvement of the overall pricing environment expected to enable better underwriting results. This is according to director, EMEA insurance at Fitch Ratings, Ekaterina Ishchenko who presented the agency’s sector outlook for the UK non-life insurance market for 2020, during the Fitch Ratings’ Insurance Roadshow 2020 event.
Assurant Intermediary has partnered with digital insurance provider, Modus Underwriting, to launch a landlord product, designed to provide full cover for unoccupied property at outset.
These properties can usually only be insured for FLEEA (fire, lightning, earthquake, explosion, aircraft) cover. The Modus policy offers full cover at outset as an option, which includes storm/flood, theft or attempted theft and malicious damage.