Sedgwick holds hope for Lloyd's
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sedgwick Group, one of the world's largest insurance brokers, yesterday expressed its confidence in the long-term prospects for the troubled Lloyd's insurance market, as it announced a 6 per cent rise in first-quarter pre-tax profits to pounds 45.3m.
The company said its recently-completed acquisition of Oakwood Underwriting Agencies, creating the largest names' agency at Lloyd's, reflected its view of the market.
With about 1,300 active names, Sedgwick Oakwood, as the agency is now known, represents about 10 per cent of Lloyd's membership and the same proportion of underwriting capacity.
Sax Riley, chief executive at Sedgwick, said: "Lloyd's continues to make good progress towards a resolution of its major issues and there is a growing feeling of optimism.
"The recent news that the Californian authorities are to permit Lloyd's to communicate reconstruction and renewal information to Californian names makes us feel even more positive about the eventual outcome."
Brokerage and fees increased at Sedgwick from pounds 234.4m last year to pounds 243.2m in the first three months of this year. However, expenses, at pounds 209m, remained broadly flat. Shares prices rose 3p to 149p on the announcement of the results.
Mr Riley added: "Conditions remain tough across most sectors of our business and we continue to take the necessary measures to enable us to compete in today's markets.
"In insurance broking, markets remain intensely competitive, with particular pressure on rates in Europe. In North America, business is developing well and is supported by a high level of business retention."
He said long-term prospects for Sedgwick Noble Lowndes, the company's financial services arm, were also bright, particularly in the rest of Europe, where the provision of many employee benefits is moving to the private sector.
In the UK, the company's new business activity had also increased in the past three months, reflecting a mood of growing confidence among consumers, increasingly prepared to consider long-term financial planning in investments, life and pensions products.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments