All Finance articles – Page 139
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News
Floods will not impact insurer ratings
The household insurance market is set to make a nearly unprecedented net loss of at least £110m after investment returns are taken into account as a result of the flooding, according to Deloitte. Catherine Barton, a partner at the professional services firm, said 2007 would be the worst year for ...
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News
Flooding hits HBOS profits
HBOS reported general insurance profits of £107m for the first half of the year, 34% down on the same period in 2006. The bank said this reflected the cost of the June floods, which cost it £60m, and the January storms, which saw £20m in claims. Motor insurance sales increased ...
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News
JLT shares fall on warning
Shares in Jardine Lloyd Thompson fell sharply this week after the broker warned of tough market conditions in the second half of the year. Despite posting pre-tax profits of £76.6m for the six months to 30 June, up 63.3% on the same period last year, the share price fell ...
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News
Erinaceous shares dive but HBOS stays in takeover race
HBOS continues to be linked with Erinaceous group, despite reports last week that the bank was poised to withdraw from the takeover race.Shares in the property group fell further to 175p on Monday – their lowest mark since late 2004 – following a 5% dive on Friday last week.A spokesman ...
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News AnalysisThe great credit crunch
Private equity M&A deals in the insurance sector are threatened by lack of funding. Tom Gifford explains why.
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News
CCV buys Ajax to near GWP goal
Cullum Capital Ventures is another step closer to reach-ing its 2007 target of controlling £100m of gross written premium (GWP), following its latest acquisition of Liverpool–based Ajax Insurance Brokers.With a GWP of £3m, Ajax Insurance Brokers is CCV’s 14th acquisition, taking the company to over £70m in annual premiums. ...
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News
Towergate profits soar as sales pass £700m
Towergate Partnership saw its profits soar in the first half of 2007 as its sales surpassed £700m.The consolidator giant reported earnings up 37% year on year to £67m in the six months to 30 June 2007, while income rose by over 32% to £161m. Total sales in terms of gross ...
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News
Direct Group looks to grow following £40m MBO
Insurance service provider Direct Group is to hit the acq-uisition trail following a £40m management buy-out backed by a private equity firm.The buy-out was led by former GAB Robins boss Derek Coles who joined Direct Group last year. Coles, who becomes chief executive of the group, said he would now ...
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Nigel Wray buys shares in Litcomp
Sale represents 4.6% of present authorised and issued share capital
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Towergate sees earnings rocket in first half
Consolidator sees premiums jump 30% to £709m
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Floods won't hurt UK insurer ratings, says Moody’s
Strong financial performance and strengthened balanced sheets ensure that losses are manageable, says rating agency
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News
Insurers suffer as debt fears hit market
UK insurance shares took a tumble during last week’s stock market slide, but proved themselves more resilient than most. Shares prices fell worldwide last Thursday as markets recoiled at the prospect of massive amounts of debts going unpaid and credit being squeezed. The London stock market fell more than 3% ...
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News
Cobra float fails to hit £10m funds target
Network’s AIM listing raises only £1m, but acquisitions continue with £7m partner loan
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HBOS GI profits fall by 34%
January storms and June flooding account for estimated £80m in claims
