General Accident echoed recent comments from Commercial Union and Guardian Royal Exchange that there were signs that motor rates were

General Accident echoed recent comments from Commercial Union and Guardian Royal Exchange that there were signs that motor rates were starting to firm.Mr Scott said: “There are signs that in personal motor, rating increases are coming through. We’re putting another increase through in commercial motor.” GA sees no signs of rate increases in the home-owner or commercial sectors.In the US, excluding the effects of bad weather, Mr Scott saw an improving underlying trend in underwriting performance. In Canada, a substantial improvement was achieved and Pilot, its motor insurance subsidiary, produced excellent underwriting results.. As expected, Ushers of Trowbridge opted for a pretty conservative multiple of earnings on which to pitch its second attempt at coming to the market. The 110p a share announced yesterday puts a price tag of pounds 109m on the regional brewer and pub owner, an undemanding historic price- earnings ratio of 11.5 times. That represents an attractive discount to the sector and market, which reflects understandable caution from broker Panmure Gordon after the failed flotation attempt two years ago when investors worried about the company’s dependence on one large brewing contract from Courage.
The discount was certainly a big enough incentive to attract subscribers for two-and-a-half to three times the 37 million shares on offer and a reasonable premium looks assured when dealings start next Monday.Ushers in its present form was put together through a management buy- in by ex-Grand Met brewing executives in 1991. The brewery came from Grand Met while 433 pubs were acquired from Courage.

Since then more pubs have been bought to build an integrated group with 541 outlets and a range of other contracts for both brewing and packaging. That troublesome Courage contract is now much less important in group terms.The current management has performed well so far but it faces an uphill struggle from hereon in. A concentration on tenancies makes Ushers unfashionable to a market in love with managed estates and the performance of other regional brewers suggests the consolidation of the industry has done little for anyone but the majors. Manns, the one national brand, is not strong.That said, Ushers is plainly well run and after the flotation will no longer be constrained by high levels of debt. With profits for the year to October pencilled at pounds 15.3m, and with a tax charge of only 26 per cent, the shares trade on a prospective p/e ratio of 9 Good value..

CRH, the Dublin-based building materials group, spent Irpounds 418m on acquisitions last year and would spend another Irpounds 150m to Irpounds 200m in 1997, Don Godson, the chief executive, said yesterday. Acquisitions will be broadly within existing areas of expertise. Mr Godson said: “We have 12 teams working round the world looking at development prospects. The response depends on individual owners and whether it is right for them to sell.
“We have done a lot over the last year and we have a lot of profits to squeeze out of that. There are some painful decisions to be made in cost cutting from acquisitions but we are pretty well on target so far.” CRH bought Tilcon, the US-based building materials business, from BTR last September for $329m.The company also announced yesterday that pre-tax profits in 1996 rose 20 per cent to Irpounds 193.45m. The UK was one of the weaker spots with profits down about 11 per cent on 1995.

But there were signs of light in the last quarter and sales this year showed a modest upturn.North America accounted for 42 per cent of turnover last year, the UK 19 per cent and Ireland 13 per cent. In the longer term the group hopes to have about 45 per cent of its business in the US, 45 per cent in Europe and 10 per cent in emerging economies such as Argentina and Poland.. Thistle Hotels disappointed the City despite announcing profits 73 per cent ahead at pounds 60.1m in its first full-year figures since coming to the market last October Its shares closed 8p lower at 198p. Bjorn Tore Kvarme, too, executed one textbook sliding tackle as Mark Draper surged into the danger area.Villa shaded the first half in terms of possession and efforts on target, yet Liverpool came closer to a breakthrough in the 43rd minute. Mark Wright combined the aggression lacking in midfield with some superbly timed challenges to stop Dwight Yorke and Savo Milosevic in full flow.

They did not show a sufficiently positive approach until late in the match, and there was a conspicuous lack of the kind of drive which Roy Keane epitomises for United.Not for the first time recently, their outstanding performers were in defence. It would be unfair, though, to pin the blame for Liverpool’s failure solely on their attackers. Fowler had scored eight times in the previous five meetings with Villa, the most vivid illustration of an ascendancy that had seen Liverpool take four successive games by an 11-0 aggregate.Stan Collymore, especially keen to impress against the club he followed as a boy, ended up being substituted after a lacklustre showing. For the second week running, following the 0-0 draw with Blackburn, they were betrayed by a lack of ruthlessness in front of goal.Robbie Fowler was the chief culprit, missing from spitting distance seven minutes before Taylor’s goal. After a first half that had been as patchy as the pitch, Roy Evans’ side seized the initiative in the final half hour.