Hiscox upbeat despite fall in renewal rates January 25, 2010 BRITISH insurer Hiscox reported a drop of up to seven per cent in average reinsurance prices as policies came up for renewal this month, but said the lower rates still offered attractive profit margins. Reinsurance rates fell between five and seven per cent, Bermuda-based Hiscox said yesterday, blaming stiff competition between well-capitalised reinsurers.. The firm [...]
Hiscox reaps rewards of risk appetite January 25, 2010 HISCOX knows a thing or two about hurricanes, which could explain its appetite for risk. It returned a staggeringly good 7.2 per cent on its investment portfolio in 2009, after it was rewarded for maintaining its allocation to riskier equities and non-government bonds. The value of the portfolio at the end of the year was [...]
Minerva asks investors to vote again on chairman January 25, 2010 THE NEXT round in the protracted battle to reinstall Oliver Whitehead as chairman of Minerva is set to take place in early March when the property group will again seek shareholder approval for the appointment. A board resolution to reappoint Whitehead was defeated at the company’s annual meeting in December when Nathan Kirsh’s KiFin investment [...]
Wolseley boss brings in new finance chief January 25, 2010 IAN Meakins, chief executive of the building materials group Wolseley, yesterday moved to stamp his authority on the company he joined last July. He is bringing in John Martin, a man he worked with before at the foreign exchange group Travelex, as chief financial officer to replace Steve Webster who has been with the group [...]
Aegis moves into China with Charm venture January 25, 2010 MARKETING group Aegis is to extend its presence in China by forming a joint venture with Charm, a leading agency which handles much of the advertising placed on the country’s largest national TV network. Aegis said in a statement yesterday it would acquire 17.7 per cent of Charm Communications and form a joint venture between [...]
BA cabin crew start vote on strike action January 25, 2010 BRITISH Airways staff began voting yesterday on possible strike action after the flag carrier’s bosses and unions failed to strike a deal on a planned shake-up of working conditions. The Unite trade union opened a strike ballot for the airline’s cabin crew after talks with the airline failed to secure a deal on changes to [...]
Tensator in talks with lender as £26m debt pile hangs overhead January 25, 2010 TENSATOR, the private equity-backed technology company, has delayed a covenant test until the end of the week as it grapples with £26m debt. The maker of queuing equipment for airports and museums blamed turbulent conditions for breaching covenants in June and September last year. It has pushed back December’s assessment until 31 January. Tensator has [...]
Watchdog backs council papers January 25, 2010 Regional newspaper groups were dealt a blow yesterday as the Audit Commission said free council-run newspapers were not wasting taxpayers’ money. The regulator’s chief executive, Steven Bundred, said few local authorities’ newspapers were in a position to compete with local media for advertising. “The money being spent by councils is not unreasonable, though they should [...]
Greek bonds relieve crisis January 25, 2010 GREECE regained a degree of market confidence yesterday as a hefty premium on the first Greek bond issue of the year led to strong demand, providing relief from a deep economic crisis that has battered its markets for weeks. Demand for the bond reached more than three times the initial offered size, a welcome boost [...]
US home sales lose tax boost January 25, 2010 SALES of previously owned US homes fell at the fastest pace on record last month as the boost from a popular tax credit faded, industry data showed yesterday. The National Association of Realtors (NAR) said existing home sales fell 16.7 per cent to an annual rate of 5.45m units in December. Analysts had expected a [...]
