Company results
Hyperion confirms £300m war chest with 20 deals in pipeline
Hyperion has £300m to spend and around 20 deals in its mergers and acquisitions pipeline, group chief financial officer Mark Craig told Post as the group announced its 2019 results.
Hastings sees claims costs jump in Q4
Rising claims costs in quarter four are expected to put a slight dent in Hastings’ 2019 dividend payout.
Bought By Many eyes Series C round early this year
Pet insurance insurtech Bought By Many has engaged with a number of larger funds as it edges towards a Series C fundraising round in the coming months, CEO Steven Mendel told Post.
GRP's 2019 acquisition spend revealed
Loss-making GRP, which posted its third consecutive loss last month, acquired ten businesses last year for a total cost of £68.8m.
Sure Thing cut losses to £2m in year before sale
Motor broker Sure Thing Insurance Services made a loss of £2.1m in its final year ahead of the sale to Qmetric Group’s Policy Expert last June.
GRP remains fully focused on 'growth through acquisition' as it reports a loss before tax of £17.9m
In its report and accounts for the financial year ended 31 March 2019, broking group GRP reported a 48% increase in turnover to £112.1m (2017/2018: £75.9m), a rise in operating profit £27.8m (2017-18: £10.2m), and the equivalent EBITDA from the group’s…
A-Plan paid £16.5m for Endsleigh
Broker A-Plan paid Zurich £16.48m for Endsleigh when it completed the deal to buy the specialist broker in March last year.
A-Plan breaks £100m revenue barrier and set to open 100th office
A-Plan will be opening its 100th office within the next two months, CEO Carl Shuker told Post.
Davies Group makes key appointments
Davies Group has made two senior appointments, as it revealed a jump in Ebitda and revenue for the year ended 30 June 2019.
Selling Ardonagh to a public company would be a failure, says Ross
Ardonagh CEO David Ross has asserted the business's commitment to independence and revealed that while the firm’s court case victory over Gallagher did not come as a surprise the episode left him “a little bit heartbroken and incredibly sad”.
Ross: Ardonagh ready and able to strike deals in 2020
Ardonagh Group has a list of 146 potential acquisitions, which it reviews at a fortnightly investment committee, according to CEO David Ross.
Aviva targets 3% COR improvement by 2022
Aviva is targeting a general insurance combined operating ratio of 93%-95% by 2022, according to general insurance CEO Colm Holmes.
Direct Line aims to cut £50m in costs
Direct Line Group will look to save over £50m in costs before 2022, it said in a trading update.
Ardonagh posts record organic growth as losses for first nine months of 2019 hit £67.7m
Ardonagh has posted a loss of £67.7m for the first nine months of 2019, up from £48.9m in the same period of last year.
Direct Line predicts £10m hit from November floods
Direct Line Group will see £10m in claims from flooding in the North of England, its early estimates suggested.
Go Compare owner appoints chief technology officer
The owner of Go Compare, Goco, has appointed Seb Chakraborty as group chief technology officer, with immediate effect.
Analysis: Ageas and Tesco joint venture labelled success with separation on horizon
Experts have predicted an increase in partnerships in the insurance industry but do not see another joint venture on the horizon, as Tesco gears up to buy out Ageas' share of their Tesco Underwriting joint venture.
Ogden rate, large losses and claims inflation knock Allianz UK COR in Q3
Allianz reported operating profit of £100m for the year to date in its Q3 results, with its combined operating ratio slipping to 96.5% from 95.7% at the half year.
Lancashire appoints UK chief underwriting officer
Lancashire has appointed its UK chief underwriting officer from within, with incumbent Hayley Johnston set to become CEO of its Bermuda arm.
Munich Re sees man-made major loss claims quadruple for third quarter
Munich Re reported "relatively high" man-made major loss claims, which were more than four times the hit it took in Q3 last year.
RSA UK reveals £8m restructuring for Q3 amid cost cutting
RSA UK has booked £8m in restructuring charges for the third quarter, as overall the group reported its operating profit was up.
Top 30 Asia Insurers: A volatile year
2018 was a volatile year for Asian insurers with the majority of them posting declines in gross written premium or sluggish growth. Christie Lee, senior director of analytics for Asia-Pacific at AM Best, explains the challenges they are facing.
Hiscox reserved $165m to cover Dorian, Faxai and Hagibis claims
Hiscox has reserved $165m to cover claims from Hurricane Dorian and Typhoons Faxai and Hagibis, while reporting it expects to see fees and profit commissions dip $25m this year.
Swiss Re suspends share buy-back programme as nat cats bite
Swiss Re has cancelled a share buy-back programme, following a hit from natural catastrophes, capital deployment and the suspension of Reassure's initial public offering.