Day: February 5, 2021

Aon posts Q4 and full-year figures

spike 3 weeks ago

Additionally, net income from continuing operations attributable to Aon shareholders in the fourth quarter came in at US$524 million, or US$2.27 per share, compared to US$374 million, or US$1.58 per share, in the prior year. Other key figures included operating margin, which increased to 24.0% for Q4 and 25.1% for the full year, while EPS (adjusted for certain items) increased by 4% to US$2.62 for the quarter and by 7% to US$9.81 for the year.

The broker also repurchased 8.5 million Class A Ordinary Shares for approximately US$1.8 billion over the course of the year, with 3.9 million shares bought

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Allianz buys out China joint venture

spike 3 weeks ago

Allianz China Insurance Holding Co. (AZCH) has acquired CITIC Trust’s 49% share in Allianz China Life Insurance, making it a wholly owned subsidiary of AZCH, pending regulatory approval.

The deal was conducted through an equity transfer agreement and the value was not disclosed.

According to a statement by AZCH, the deal demonstrates the strong confidence and long-term commitment of Allianz Group to the China market.

“China is on track to become the largest insurance market globally,” said Solmaz Altin (pictured), AZCH chief executive. “With today’s announcement, we can ensure a strengthening of Allianz’s local proposition and an eagerness to maximize

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Beazley Plc takes sizeable blow in year-end results

spike 3 weeks ago

Specialist insurance group Beazley Plc has suffered a major blow in its full-year results for 2020.

From a pre-tax profit of US$267.7 million in 2019, Beazley posted a loss before tax worth US$50.4 million (around SG$67.4 million) this time around. The 250% plunge came despite the growth in Beazley’s gross written premium (GWP) from 2019’s US$3 billion to the latest GWP of US$3.6 billion.

Earnings per share for the past year, meanwhile, fell 119%. Additionally, Beazley’s board decided not to declare a dividend at the end of 2020.

According to the insurer, its combined ratio of 109% was “heavily impacted”

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Lloyd’s managing agent announces new CEO

spike 3 weeks ago

There’s a new man at the helm of the Lloyd’s managing agent for W. R. Berkley Syndicate 1967.

Appointed as chief executive of W. R. Berkley Syndicate Management Limited is David Brosnan, who is succeeding Alastair Blades subject to required approvals, including that from Lloyd’s of London. Brosnan, whose 35-year career includes years spent at Chubb, retired as chief executive of CNA Hardy in 2020.

Blades, meanwhile, will remain and serve as chief underwriting officer. He came onboard in 2009 to lead the underwriting strategy for the then newly formed Syndicate 1967.

In a release, parent firm W. R. Berkley

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