LV= generates profit despite Covid knocking retirement and protection business March 26, 2021 LV= made a profit in 2020 despite tough trading conditions, though new business sales were affected by tough trading conditions. The pension and protection provider made an operating profit of £40m in 2020, up considerably from a £16m loss the year before. Despite its profit, tough trading conditions brought about by the Covid-19 pandemic hit [...]
Just Group lifts profits amid bid for sustainable capital March 16, 2021 Specialist financial services firm Just Group enjoyed an 11 per cent lift in annual earnings, which boosted underlying profits to £297m in December. The group announced this morning that thanks to a host of new sales, new business profits increased by £17.2m to £199.2m, compared to the previous year. This reflects a 12 per cent [...]
Women sentenced after faking husband’s death for £400,000 insurance claim March 15, 2021 A woman from London faces two years imprisonment after she reported her husband dead in an attempt to defraud her insurer £397,153. Thuile Bhebhe, 51, reported that her husband had died in Zimbabwe in August 2016, submitting false documents to her insurer, Aviva, in order to substantiate her claim. But discrepancies in the paperwork submitted [...]
BoE rules out big capital reduction for insurers after Brexit February 10, 2021 The Bank of England has told insurers not to expect any big reductions in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a £1.7bn bill for Covid-19 claims. Solvency II rules, inherited from Britain’s membership of the EU, are under review, amid calls from insurers and lawmakers [...]
Lancashire offset Covid losses with strong investment portfolio February 10, 2021 City-based insurer Lancashire left 2020 “relatively unscathed” as its investment portfolio offset nearly $150m in losses linked to the pandemic and natural catastrophes, the company announced this morning. The Group credits the positive fiscal year to its investment portfolio, which ranges from political risk to AV52 markets. Gross premiums written increased by 15.2 per cent [...]
Exclusive: ‘Pool Re’ style scheme could help insurers fund Covid-19 cover, says Beazley CEO February 5, 2021 The CEO of insurer Beazley is hopeful that insurers will be able to provide cover against infectious diseases like Covid-19 in the future, but said a government backstop may be needed to press ahead. It is not possible to get insurance on Covid-19-related cancellation cover on events this year, because the chances of an event [...]
Insurance, disrupted: What does the start of 2021 tell us about the industry? January 29, 2021 We waited patiently for the new year. January was meant to be a fresh dawn, with many businesses embarking on transformation programmes to emerge stronger from the pandemic. But, looking at the economic and political events from this month, we see more disruption ahead. Particularly for insurance companies. Before founding OLIVER, I spent 15-years at Commercial [...]
Lloyd’s of London insurer Canopius ‘plans stock market float’ January 19, 2021 Canopius Group, one of Lloyd’s of London’s largest insurers, is planning a stock market flotation in London that could value the company at as much as £2bn, according to reports. The London-headquarters company, which has offices in seven countries including Bermuda, China and Singapore, has approached investment banks about working on an initial public offering [...]
MP calls for City watchdog to probe ‘patchy’ British Gas insurance January 13, 2021 A Stockport MP has called for City watchdog, the Financial Conduct Authority (FCA), to investigate a British Gas backlog dispute as more than 100,000 could be left without home insurance. British Gas parent company Centrica has been accused of provoking a strike which has left its ‘HomeCare’ customers without cover. Writing to the FCA this [...]
Insurer Phoenix reports £1.7bn cash generation December 3, 2020 Insurer Phoenix Group has reported a full-year cash generation of £1.7bn, exceeding the top end of its target range and more than doubling from last year. The life insurer’s reported cash generation compares with £707m it reported in 2019 and a target range of £1.5-£1.6bn. Group CEO Andy Briggs said: “As we execute successfully against [...]