Direct Line profits suffer as insurance giant weathers ‘challenging market’ March 8, 2022 Insurer Direct Line reported humble growth this morning as the group feels the sting of inflation. Whilst operating profit increased to £582m, driven by an increase in underwriting, its profit before tax of £446m was £5.4m lower than 2020. The focus seemed to be on cost cutting for Direct Line; the firm reduced its operating [...]
Insurers and analysts temper enthusiasm on Solvency II reforms March 2, 2022 Insurers and analysts have warned that the UK government’s plans to reform Solvency II, with a view to lowering the sums that insurance firms must hold in their coffers, may not live up to expectations. After City minister John Glen set out plans to reform the EU’s Solvency II rules, and “unleash” the “benefits of [...]
Axa must pay £4.4m Covid insurance claim to high-end restauranter Corbin & King, High Court says February 25, 2022 High end restaurant business Corbin & King, which owns restaurants across London, including Colbert in Sloane Square and The Wolseley in Mayfair, has won a £4.4m case against insurance giant Axa, after the insurer refused to cover losses incurred by the restauranter during Covid-19. The case comes after Axa said it would not pay Corbin [...]
Allianz sets aside €3.7bn to pay for collapsed fund lawsuits, following talks with US authorities February 17, 2022 German insurer and asset manager Allianz has set aside €3.7bn (£3.1bn) to settle lawsuits arising from the collapse of its Structured Alpha funds, following talks with US authorities. Allianz, the world’s largest insurance company, said it had set aside €3.7bn in “anticipation of settlements with major investors.” The comments come after the US Department of [...]
Axa buys Ageas’ commercial insurance business and takes 100 of its staff in deal worth £47.5m February 15, 2022 Axa’s UK and Ireland subsidiary has purchased the “renewal rights” for Belgian insurer Ageas’ commercial business, in a deal worth £47.5m. Parisian insurer Axa said the deal will see around 100 of Aeges’ UK employees move into Axa’s City of London offices. In a statement, Axa said the deal will help it expand its commercial [...]
Exclusive: What the departure of Lloyd’s of London would mean for the City February 14, 2022 Lloyd’s of London may be leaving its gigantic headquarters in the City. A pandemic-induced hit to office footfall has left it mulling a move to another location. The company told City A.M. recently it is weighing up leaving iconic headquarters’ as it seeks out ways to adapt to shifts in working habits brought about by [...]
LV= seeks to reassure members after Royal London merger talks collapse February 13, 2022 Mutual insurer LV= has told members it was wrong to say that it could not survive without being taken over by Bain Capital, after plans for its merger with Royal London collapsed last week. In a letter to LV=’s 1.1m members, the firm said LV=’s Board no longer believes that merging with another mutual insurer [...]
End of an era: Prudential chief Mike Wells steps down with new boss and all top roles moving to Asia February 10, 2022 Insurance giant Prudential said this morning that its chief Mike Wells plans to retire at the end of March after seven years in the role, with his replacement set to be based in Asia. Chief finance officer and chief operating officer Mark FitzPatrick will replace Wells as chief executive on an interim basis, but has [...]
Merger talks between LV= and Royal London break down February 9, 2022 Relations between LV= and rival mutual Royal London have taken another dramatic turn with the companies confirming the collapse of merger talks. LV= said the marriage would not be in the “best interests” of its members while Royal London suggested it was misled into thinking its rival did not have a viable future as an [...]
Much-talked about £6m lawsuit by The Wolseley owner against insurance giant AXA starts in court January 26, 2022 A much-talked about lawsuit by the owner of The Wolseley and a range of other upmarket restaurants around London against insurance giant AXA has started in London’s High Court. Corbin & King is brining the £6m lawsuit to AXA Insurance over Covid-related losses, in a trial that could have wider ramifications for other UK businesses [...]