Admiral shares up as insurer issues £110m refund to customers during lockdown April 21, 2020 Shares in Admiral jumped three per cent today after the insurer announced it will refund £110m to customers as the coronavirus lockdown has reduced the need for car travel. Admiral said this morning that there are fewer cars on the road, and therefore it expects to receive fewer insurance claims. The insurance company will refund [...]
Debenhams denies lenders’ support is wavering over debt restructuring March 1, 2020 Debenhams today denied that the commitment of its lenders to a debt for equity swap is wavering, as the beleaguered retailer responded to reports that securing a debt restructuring is dependent on landlords granting steep rent cuts. The high street chain could be forced to close further stores if it is unable to negotiate lower [...]
Boardrooms and ethnic diversity: finally, momentum? October 16, 2020 Britain’s largest companies’ progress towards having more ethnically diverse management has been sluggish. But are things about to speed up? The Confederation of British Industry (CBI) began the month by revealing plans for a campaign aimed at boosting racial and ethnic participation in senior leadership. Alongside companies including Aviva and Microsoft, the CBI is preparing [...]
Phoenix posts profit jump in strong annual results March 9, 2020 Insurance consolidator Phoenix said profit jumped 14 per cent last year and cash generation exceeded targets to hit £707m. Phoenix buys life and pensions books from companies looking to move them off their balance sheets. Operating profit rose to £810m in 2019 from £708m in the previous year. Cash generation rose to £707m, up from [...]
Rise in weather related claims makes dent in Aviva’s first half profits | City A.M. August 2, 2018 Insurer Aviva said profits took a slight dip in the first half of 2018 as business was hit by divestments, weak earnings in its Canada division and a rise in weather related claims. The figures Operating profit was down two per cent to £1.4bn – excluding disposals it rose four per cent to £1.4bn. It [...]
Hiscox faces legal action over coronavirus business interruption claims April 22, 2020 The Night Time Industries Association, which represents bars and clubs across the UK, has launched legal action against Hiscox, alleging the insurer has refused to pay out for claims during the coronavirus pandemic. The organisation is arranging class action against the insurer, which it said has denied liability under its business interruption policy. All night [...]
Hiscox warns of $175m coronavirus insurance hit April 22, 2020 Insurer Hiscox has anticipated paying out up to $175m (£142m) in coronavirus insurance claims arising from restrictions on travel and mass gatherings. The insurer faces a $150m bill if travel restrictions and social distancing measures remain in place for six months from March. And that insurance sum could rise by another $25m if coronavirus restrictions [...]
Insurance brokers slammed for conflicts of interests amid coronavirus business interruption claim disputes May 20, 2020 Insurance brokers have been attacked for “scandalous” conflicts of interests in a report published today. Insurance brokers are appointed by clients to arrange coverage with insurance underwriters for which the client pays them a fee. However, the report from insurance policyholder advisers Mactavish estimated that up to 80 per cent of broker revenue comes directly [...]
Debenhams to give councils ultimatum on business rates February 26, 2020 Debenhams is set to give councils an ultimatum in a bid to secure business rate cuts as it works out which of its stores are next for the chop. The beleaguered department store chain will tell councils that a failure to cut its rates bills could cause them to shut the Debenhams in the area, [...]
Aviva chief executive Mark Wilson steps down after almost six years in charge October 9, 2018 Aviva chief executive Mark Wilson stepped down today, with the insurer looking for new leadership for what it called its next stage of development. Wilson, who was brought in to enact a business turnaround in 2013, claimed he succeeded in this goal, with its latest financial results showing it should deliver earnings per share growth [...]