Troubled UK insurer Direct Line fell into a loss last year as the cost of claims spiralling on rising parts and labour prices.
It also suffered its highest weather-related costs in a decade. The results follow a string of profit warnings that began in July of last year and led to the company scrapping its final dividend and the departure of chief executive Penny James ion January.
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The FTSE 250 insurere swung from a net profit of £446 million in 2021 to a loss of £45m last year. Acting chief executive Jon Greenwood said the company said the company had not navigated challenging market conditions "as effectively as we would have wished".
“Since the year end we have taken action to begin to rebuild the resilience of our balance sheet, and we have further self-help options available, as well as organic capital generation to enhance our solvency ratio during 2023,” he added.
Silicon Valley Bank UK sold to HSBC, Jeremy Hunt confirms
The Government and the Bank of England have stepped in to “facilitate” a private sale of the UK arm of a collapsed US lender.
Silicon Valley Bank UK has been bought by HSBC after the US-based banking giant failed on Friday.
Chancellor Jeremy Hunt confirmed that all customer deposits have been protected under the deal, with no taxpayer cash involved.
Finance chief of Elgin-based Springfield quits with immediate effect
Michelle Motion had worked for Springfield for nine years, initially as finance director and then, further to the company’s stock market flotation in 2017, chief financial officer. She has been replaced on an interim basis by finance director Iain Logan while the firm undertakes a search for a new chief financial officer.
The company said it will update the market on the recruitment effort in due course.
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