Insurer Blames UK Gov't Rate Guidance For Profit Slump

Law360, London (August 7, 2019, 1:05 PM BST) -- Mutual insurer Liverpool Victoria has said its profits took a £13 million ($16 million) hit because it relied on government guidance from 2017 that falsely assured the industry that a rate used to calculate personal injury compensation would change in favor of insurers.

Liverpool Victoria Friendly Society Ltd., which brands itself as LV=, said on Tuesday that its operating profits for the six months ending in June were £35 million. But the general insurer said the total, which takes into account the group’s operating expenses, would have been a healthier £48 million if it had not paid out an additional £13...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!