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…

IGI joins global insurance and reinsurance network GBN Worldwide

Specialist commercial re/insurer International General Insurance (IGI) has joined GBN Worldwide, the global insurance network of insurance, reinsurers, independent brokers and speciality suppleirs.

Dutch insurance giant announces new coal restrictions

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 selling general insurance business to Allianz for £242m

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.”

Allianz UK to become sole owner of LV=General Insurance

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.

Insurer RSA’s profits up after mild weather in the first quarter

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.