Fires and explosions cause largest value losses for businesses and insurers globally December 13, 2018 Fires and explosion are the cause of the largest claims for insurers and the businesses they cover. Analysis of over 470,000 global insurance claims from 2013 to 2018 with a value of €58bn (£52bn) by insurer Allianz Global Corporate & Specialty shows the largest financial losses come from fires and explosions. Over the past five [...]
Legal & General hires bankers to sell its general insurance business December 12, 2018 Legal & General has appointed an investment bank to sell its general insurance arm. According to Sky News, L&G has hired Fenchurch Advisory Partners to sell the business in a deal that could be valued at more than £300m. L&G previously tried to dispose of its general insurance arm three years ago, but that attempt [...]
Royal London chief executive to step down by the end of 2019 December 11, 2018 Life insurer Royal London’s chief executive Phil Loney is set to step down by the end of 2019, the company said today. Loney is standing down to concentrate on charity work in the international development sector and helping people with learning difficulties. He joined the insurance and pensions mutual in 2011 during which time it [...]
Royal London to appoint Standard Life Aberdeen board member Kevin Parry as chairman December 10, 2018 Royal London will appoint Standard Life Aberdeen board member Kevin Parry as its chairman this week. The company is set to announce that Parry will replace former Bank of England deputy governor Rupert Pennant-Rea, who has been in the role for five years, Sky News reported. The appointment will see Parry step down from his role [...]
Own, loan, or Drover: How the subscription economy is shaking up the car industry December 7, 2018 Felix Leuschner looks far too young to have founded three successful businesses. This German-born entrepreneur was just 23 when he launched what became Europe’s largest marketplace for gaming goods, where players could trade virtual products. After selling that company just nine months later, he moved to London and started a fast-fashion website called Stylistpick, collaborating with [...]
Debate: Do we need more regulation to tackle late payments to SMEs? December 7, 2018 Do we need more regulation to tackle late payments to SMEs? Yes – Jordan Marshall is policy development manager at IPSE. SMEs represent 99.9 per cent of all private sector businesses. Included in this figure are 4.8m self-employed people – the UK’s smallest enterprises. A report from MPs this week exposed the shoddy practices of [...]
Michael Spencer buys $52m controlling stake in life insurance startup Singapore Life December 6, 2018 Veteran investor Michael Spencer is to invest $52.7m (£41.3m) in insurance startup Singapore Life, in a deal that gives him command over the company. Spencer’s investment company IPGL has acquired a 33.8 per cent stake in the startup from Chong Sing Holdings, a Hong Kong-based financial group, bringing his total stake to 63.2 per cent. The [...]
Royal Mail, Kier Group and Thomas Cook set to lose out in tomorrow’s FTSE reshuffle, as insurer Hiscox looks set to join the big league December 4, 2018 Royal Mail will need a miracle to avoid relegation from the FTSE 100 Index tomorrow, as insurer Hiscox looks ready to step into its place as a blue chip firm. The winners and losers of the last FTSE reshuffle of the year are to be announced tomorrow afternoon, with Thomas Cook, Kier Group and the [...]
The founder of DNAFit on how understanding our genetic makeup can help us get healthy December 3, 2018 We can see physical traces of our genetics in our parents, but for the most part, our DNA is a mystery that many of us can never truly comprehend. But what if we could understand some of the unique information captured in our DNA, so that we could use it like a map, helping us [...]
Lloyd’s of London chief operating officer to leave as exec churn continues November 21, 2018 The chief operating officer of insurance market Lloyd’s of London has resigned, continuing the stream of exits from its top team. Lloyd’s said today that operations chief and executive committee member Shirine Khoury-Haq had resigned, with plans to leave the insurance market in the first half of 2019. Khoury-Haq, who had been with Lloyd’s for [...]