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Ardonagh’s results hit by £51mn Towergate compensation bill

2018-04-20T08:50:00+01:00

Ardonagh Group’s dismal £260.9mn 2017 FY loss was exacerbated by a more than £50mn charge thought to be related to claims against one of its companies Towergate, which was forced to payout millions in compensation over a pensions advice scandal.

Ross

Towergate and Price Forbes owner Ardonagh Group posts £261mn loss

2018-04-19T10:58:00+01:00

Ardonagh Group, which owns London market wholesaler Price Forbes and UK retail broker Towergate, saw 2017 losses increase more than five-fold to £260.9mn ($370.3mn) driven in part by a surge in “regulatory costs”.

mike mc gavick 2018

McGavick stands to gain over $150mn from Axa’s XL deal

2018-04-17T16:52:00+01:00

XL Group CEO Mike McGavick could earn up to $154.3mn from the $15.4bn deal with French insurer Axa which would take his total holdings in the Bermudian to $180mn, or 1.18 percent of total equity.

xlbuilding bermuda

Axa’s bid for XL tops industry multiples

2018-04-17T13:50:00+01:00

The AXA-XL proxy statement highlights the impressive valuation achieved by the Bermudian firm; nearly 2x tangible and fully diluted price to book. How does it compare to other M&A in the sector…

AXA logo on building

Axa agrees $11bn bridge loan as XL back-up finance

2018-04-17T07:27:00+01:00

If Axa is unable to raise subordinated debt or IPO its US business - Axa Equitable Holdings - in time to complete it’s $15.3bn takeover of XL Group later this year then it can call on a bridge financing facility that was initially $11bn.

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Consortium income gives Barbican managing agency a boost in 2017

2018-04-16T08:37:00+01:00

Revenue from leading underwriting consortiums gave Barbican’s managing agency business a £1.8mn boost, helping the syndicate-owner to grow profits in 2017.

london city abstract

Ardonagh’s results hit by £51mn Towergate compensation bill

2018-04-20T08:50:00+01:00By

Ardonagh Group’s dismal £260.9mn 2017 FY loss was exacerbated by a more than £50mn charge thought to be related to claims against one of its companies Towergate, which was forced to payout millions in compensation over a pensions advice scandal.

Ross

Towergate and Price Forbes owner Ardonagh Group posts £261mn loss

2018-04-19T10:58:00+01:00By

Ardonagh Group, which owns London market wholesaler Price Forbes and UK retail broker Towergate, saw 2017 losses increase more than five-fold to £260.9mn ($370.3mn) driven in part by a surge in “regulatory costs”.

lloyds cityoflondon

Consortium income gives Barbican managing agency a boost in 2017

2018-04-16T08:37:00+01:00By

Revenue from leading underwriting consortiums gave Barbican’s managing agency business a £1.8mn boost, helping the syndicate-owner to grow profits in 2017.

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Your Guide to Lloyd’s Syndicate Results 2017

2018-04-03T08:45:00+01:00By

Another year and another set of Lloyd’s syndicate results come into the world but after one of the worst years in the market’s 330-year history, four fifths of syndicates posted a loss with 17 of those reporting a combined ratio in excess of 150 percent.

Inside lloyd's of london

Allied World leads table of worst performing 2017 Lloyd’s insurers

2018-04-03T09:47:00+01:00

Allied World’s Lloyd’s syndicate 2232 was the worst performing syndicate in 2017 with an eye-watering combined ratio of 196 percent fuelled by heavy cat losses and prior year under-reserving, analysis by re-Insurance.com shows.