Lloyd’s increases revenue despite “difficult conditions”
Lloyd’s has reported its half year financial results showing an increase in revenue and profits for the first six months of 2016.
The insurance market highlighted the increased cost of claims resulting from the Fort McMurray wildfires in Canada.
Pre-tax profits increased by £0.26 billion (U$0.34 billion at current rates) to £1.46 billion ($1.90 billion) while its gross premium revenue increased to £16.31 billion ($21.17 billion) from £15.51 billion ($20.14 billion).
“Whilst we are operating in difficult conditions, we have continued to make significant progress in growing our presence in the fast-growth markets across the globe,” commented Lloyd’s Chairman, John Nelson.
“In 2016 we have applied for onshore reinsurance licences in India and Malaysia as well as opening a new office in Bogota, Colombia. This complements the growth we are seeing in Dubai, China and in our more traditional markets, particularly the United States,” he added.
Lloyd’s also reported an annualized return on capital of 11.7 per cent and a combined ratio of 98.0 per cent.
FinTech firm plans to sell life cover by year-end
San Francisco FinTech firm SoFi (Social Finance Inc.) plans to sell life insurance by the end of the year according to Bloomberg.
The start-up was initially founded to help consumers refinance student loans but is expanding its product range to its largely-millennial customer base. The new product could be launched as soon as October.
So far, insurance companies have not been part of the firm’s target - its CEO wants to make banks obsolete – but this move could be the start of additional insurance products being offered.
NSI acquires specialty marine, equine brokerage
NSI Insurance Group has acquired New York-based speciality marine and equine insurance brokerage KMH Insurance Services for an undisclosed sum.
KMH president Kathryn Hoff and its employees have joined NSI Insurance Group with immediate effect.
“KMH expands our presence in the Northeast, and Kathryn Hoff brings a wealth of experience to our firm,” said NSI Insurance Group CEO Oscar Seikaly. “We are delighted to have Kathryn and her talented team on board.”
Hoff commented that the firm decided to join with NSI due to its depth of resources and shared commitment to customer service.