Island Top Investor In UK Insurance
A British study reports the majority of the UK’s general insurers — which sell automobile and household insurance among other policies — are now foreign owned, with Bermuda-based interests among the top overseas investors.
The new report, “UK Financial Services: Ownership, Value and M&A Developments, released by IMAS Corporate Finance, found that 55 percent of the largest British insurance groups, valued at more than £100 million, are owned by overseas firms.
Overall, 153 general insurance firms in the UK are controlled by overseas investors. The US is the top foreign investor accounting for more than 40 percent, followed by Bermuda with 12 percent, Japan and Germany.
The five biggest foreign-owned general insurers in the UK are Axa, Allianz, AIG, Aegis and Munich Re.
Financial services make up nine percent of the UK’s gross domestic product, while insurance alone accounts for 2.5 percent — or £32.4 billion in 2010.
