PB Week: Allianz reassures brokers of strength
Andrew Torrance tells PB how whilst many insurers are counting their losses from the credit crunch Allianz are in an enviable position, writes Katherine Brandon, reporter of Professional Broking .
Earlier today I was lucky enough to catch up with Andrew Torrance, CEO of Allianz Insurance, to discuss the company's performance so far this year. What this reporter found interesting was that although third quarter results quote an operating profit (pre tax) of £140.8m Torrance was willing to admit that the result received support to the tune of circa £100m from releases from prior year claims reserves.
Whilst the UK arm reported a commercial lines combined ratio of 88.8%, the combined ratio of
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