“Operationally resilient.” That is how Hiscox Ltd described itself as it released it interim 2020 results, which saw a drop in its GWP and a surge in its combined ratio.
The group’s combined ratio shot up from 98.8% at the end of the first half of 2019 to 114.6% in the same period this year. The company’s gross premiums written fell from US$2,337.5 million (around SG$3,217.2 million) to US$2,235.5 million (around SG$3,076 million), leaving it with a loss before tax of US$138.9 million (around SG$191.2 million) compared to H1 2019’s profit of US$168 million (around SG$231.2 million).
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There’s a long way to go before ‘two become one’ for brokerage giants Aon Plc and Willis Towers Watson, whose courtship was first confirmed in March 2019. In the interim, Aon is trumpeting the benefits of the union which is slated to become official – assuming the mammoth merger doesn’t hit a snag – sometime next year.
In the company’s earnings conference call following the release of its second quarter results, Aon chief executive Greg Case was quoted by Seeking Alpha as noting: “Our global risk survey highlights one of the top 10 risks our clients face – only one … Read More