RSA profits are up due to mild weather & more…Keep up to date with the latest insurance and finance news in our weekly round-up…
Specialist commercial re/insurer International General Insurance (IGI) has joined GBN Worldwide, the global insurance network of insurance, reinsurers, independent brokers and speciality suppleirs.
Insurance and asset management company Nationale Nederlanden (NN) has announced that it will stop underwriting firms that derive more than 30% of their revenue from coal extraction.
Legal & General is to sell its general insurance business to Germany’s Allianz for £242m, it has been announced. L&G said it would use the cash raised to reinvest in its “attractive and growing core businesses”. Company chief Nigel Wilson said: “Selling the general insurance (GI) business is the right decision for our customers and shareholders. And I would like to take this opportunity to thank our GI colleagues for their contribution to Legal & General.”
In December 2017 Allianz UK bought 49% of LV=General Insurance and now it has been announced that the former is purchasing the mutual’s remaining shareholding to become sole owner of LV=GI.
RSA said milder weather in the UK and Ireland helped boost its profit in the first quarter, sending its shares higher. On a constant currency basis, operating profit rose in the first quarter, staying flat on a reported basis.