Weak premiums dent profits
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Bermuda-based insurance run-off specialist Enstar Group is offering £45.7 million at 5.2p per share for bombed-out Goshawk Insurance Holdings.
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Leading US and world non-life insurer AIG, a former target of now-disgraced ex-New York governor Eliot Spitzer over alleged past accounting and executive rewarding irregularities, is in the firing line again.
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Strong sales in Asia helped life insurance giant Prudential increase sales 14 per cent to £729 million in the first three months of this year, despite an eight per cent fall in US sales to £165 million.
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While the credit crisis is making it more difficult for businesses and homebuyers alike to borrow money, suggesting an economy in for a bumpy ride, the business mood outside sectors such as financials and property isn’t as gloomy as the headlines suggest.
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While the plight of the US bond insurers has continued to hold the attention of insurers concerned about a range of financial cover they have provided, corporate activity in the insurance sector has by no means evaporated.
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Despite the prospect of massive claims and possible collapse of US and other companies insuring bonds, bank loans and various financial instruments, the downward trend in premium rates is continuing in most classes of business. UK insurer Advent Capital says last month’s renewal season brought a further overall decline of six per cent in rates amid fiercely competitive conditions.
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The sub-prime mortgage crisis and credit crunch continue to erode confidence in financial instruments across the board.
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Britain’s largest insurance company, Aviva, parent of Norwich Union, is looking for another swathe of job cuts as part of a bid to save £350 million a year in costs.
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Corporate activity has continued to preoccupy the insurance sector.
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