December 8th 2008
The UK insurance market is financially sound in spite of the problems experienced in other sectors and indeed in other countries.
Several of the UK’s largest insurance companies have made public the state of their capital and their exposure to potential further falls in bond and equity markets, demonstrating that their position is sound.
The insurance industry is exposed to the credit crisis on the assets side through investments and on the liabilities side through providing insurance coverage. So far the extent of losses on both sides has been limited. Insurance companies typically have a minor exposure to mortgage-related assets and losses on insurance coverage have been limited to specialised lines of business such as mortgage guaranty policies, directors and officers claims and errors and omissions claims. Insurance companies typically employ less leverage than banks and have longer-term liabilities and investments, so are better placed to avoid liquidity difficulties.
November 2008
Steve Crowley is the founder of Crowley Colosso, originally SJ Crowley. Mr. Crowley started trading in March 1985 and built the business into a successful Lloyd's broker before selling it to Lowndes Lambert in November 1992. Mr. Crowley held the roles separately of both chairman and chief executive and was the sole beneficiary of the majority shareholding throughout the entire period. The broker's name was changed to Crowley Colosso in 1989, four years after Mr. Colosso joined, honoring a verbal undertaking by Mr. Crowley to do so if and when Lloyd's broker status was achieved.
December 8th 2008
Over the past decade the US maintained its 30% share of the global market, Japan’s share fell from 25% to 10% while the UK increased its share from 7% to 11%.
Lloyd's generated over two-thirds of premiums with the company market generating 28% and P&I Clubs the remainder. London is a key centre for international insurance and reinsurance, particularly for marine and aviation business and reinsurance.
Net worldwide premium income of the UK insurance market reached £262.6bn in 2007, up a fifth on the previous year according to a new edition of IFSL's Insurance report.