As a global trading hub, the City is ready to face the challenges of a new digital era June 3, 2019 With changes afoot both domestically and when it comes to our relationship with Europe, it is a challenging and frustrating time for many parts of the City. What we must not lose sight of is that London – and specifically the City – has been at the centre of global trade for centuries, and has [...]
Rise in customers with multiple current accounts as fintech boom hits high street banks June 3, 2019 An increasing number of Britons now have products from a range of different financial providers, as the rise in fintech has shifted the focus away from traditional high street banks. Research by peer-to-peer lending firm Zopa revealed one in three Brits holds two or more current accounts, an increase of 36 per cent on the [...]
Only on in five businesses has insurance against terrorism June 3, 2019 Only one in five UK businesses has a terrorism insurance policy in place, according to a survey published today. Research by Comres, commissioned by terrorism reinsurer Pool Re, showed 81 per cent of businesses either do not have a policy in place or are unaware if they do or not. Read more: Law to help [...]
Legal & General to sell insurance arm for £242m to Allianz May 31, 2019 Legal & General has confirmed plans to offload its insurance business to Germany’s Allianz for £242m. The companies said today the proposed deal for the L&G unit, which provides home cover and pet insurance, is set to be completed in the second half of this year. Read more: Legal & General hires bankers to sell its [...]
Uber partners with insurtech startup to offer digital insurance May 30, 2019 Ride sharing giant Uber has struck a deal with a US insurtech startup to offer digital insurance for its drivers. Inshur uses information about average trips, locations and driver ratings in near real-time to calculate the price of the driver’s policy. Read more: Uber facing £1bn VAT tax bill after HMRC opens investigation The startup [...]
Esure and Directline founder Sir Peter Wood leads insurance start-up funding round May 28, 2019 Esure and Directline founder Sir Peter Wood has led a £2.5m funding round in insurance start-up Pikl. Wood received £360m when he sold his stake in Esure to private equity firm Bain Capital last year. The serial entrepreneur also founded Directline in the 1980s, allowing customers to buy insurance over the phone, later selling his [...]
Old Mutual suspends chief executive Peter Moyo over ‘breakdown in trust’ May 24, 2019 Insurance giant Old Mutual has suspended its chief executive over what it termed a “material breakdown in trust”. Read more: Merian Global Investors boss steps down after Old Mutual spin off Peter Moyo is suspended with immediate effect, the board told investors this morning, with chief operating officer Iain Williamson stepping in to fill the [...]
Small businesses will be collateral damage in Corbyn’s war against the rich May 23, 2019 A new word was coined earlier this month. Joining the terms “Brexit” and “omnishambles” in the English lexicon, we now have “Corbygeddon” to describe the abject fear of a hard-left Labour government led by Jeremy Corbyn, that’s set to drive the uber-wealthy (or at least a proportion of their assets) out of the country in [...]
British Steel falls into insolvency after government bailout talks fail, in ‘devastating’ blow for 5,000 workers May 22, 2019 British Steel has collapsed into insolvency after the last week of attempts to lobby the government for a £75m cash injection failed. Read more: Troubled British Steel braces for insolvency in last-ditch loan talks The industrial giant – which employs 5,000 people – has been asking the government for an emergency loan designed to save [...]
Employers want to use wearable tech to track the health, sleep, fitness and productivity of the office May 22, 2019 If you've woken up and checked your watch for last night’s sleep data, you’re not alone. In the UK, more than five million wearables (such as Fitbits and step counters) are now part of individuals’ everyday lives – 1.96m were sold in 2017 alone. So it’s only natural for employers to be interested in the power of [...]