Tuesday, March 26, 2013

CAR INSURANCE Equity Red Star racked up £ 37.4 m loss in 2012

Motor insurer Lloyd's loss was half the £ 45.9 m it reported in 2010/2011
Troubled Lloyd motor insurer Equity red star made a loss of £ 37.4 m for the year to 30 June 2012.
However, this is almost half the £ 45.9 m loss the company made in the previous financial year, a Companies House filing reveals. CAR INSURANCE
Equity Red Star, which is currently owned by Australian insurer IAG, its underwriting loss dropped to £ 4.6 m in its fiscal year 2011/2012 from CHF99. 9 m the previous year. This is a combined operating ratio of 103.5%, an improvement of 28.9 percentage points on 2011 the 132.4% produced.
As a result of the losses, Equity red star had to make a £ 89.3 m call on its funds at Lloyd-funds that syndicates are required to submit with the market as collateral to support their take over. This is, however, lower than the 151 million pound cash call from the syndicate in 2010/11, 41%.
Equity red star received a subordinated loan of £ 33 m in November 2011 of sister Equity Insurance Group (EIG) to help buy reinsurance cover negative development company. This most recent loan takes the total amount of outstanding subordinated loans owed by the company more than 340 million pounds. CAR INSURANCE
Australian parent IAG is engaged in the sale of equity red star to private equity House Aquiline Capital Partners. The sale is expected to be completed in the first half of this year.
IAG decided to sell the company after it a string of damage by reserving for motor personal injury claims made.CAR INSURANCE
Equity of booking practices prompted a Lloyd's research. This resulted in both Equity syndicate Management and a former chief executive Neil Utley is censored by the Lloyd's enforcement Tribunal. CAR INSURANCE
Continuous improvement
IAG most recent accounts show that further small improvement in the performance of the equity Red Star since the year to June 30, 2012. In the six months to December 2012 the unit made a loss of insurance an $ 11 m (£ 7.6 m). This is similar to an insurance loss of a 13 m $ for the year to 30 June 2012.
An insurance loss is taking over loss plus investment result.
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Title Post: CAR INSURANCE Equity Red Star racked up £ 37.4 m loss in 2012
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Author: Mohammad Zulfi Satriawan

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