Sedgwick holds hope for Lloyd's
Wednesday 15 May 1996
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.
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: Police will be on high alert on Friday whatever the result
QS university world rankings: Imperial College London leapfrogs Oxford to join Cambridge as best British university
Scottish independence exclusive: Millions of banknotes sent to Scotland in case Yes vote sparks run on ATMs
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...