Action group agrees settlement with Hiscox over business interruption cover June 28, 2021 Members of the Hiscox Action Group have reached a settlement with the insurer relating to business interruption losses suffered as a result of Covid-led lockdowns. The action group said the settlement is in line with the Supreme Court judgment on business interruption clauses, and that both parties were satisfied with the outcome. Both Hiscox and [...]
Homeowners could still sue for damages amid leasehold ground rent reforms June 24, 2021 Even though Persimmon Homes and Aviva have agreed to change the way they operate in regard to leaseholds and ground rent charges, homeowners could still be entitled to compensation, according to legal experts. Following a recent investigation by the Competition and Markets Authority (CMA), house builder Persimmon will allow its leaseholders to buy the freehold [...]
Blackstone sweetens buyout offer for property developer St Modwen by £50m June 24, 2021 Private equity firm Blackstone has offered to pay £50m more for property developer St Modwen, bringing its total takeover offer to £1.25bn. The 560 pence per share cash offer for St Modwen is the final offer, the companies said today, adding that Blackstone could make another proposal if another suitor for St Modwen emerged. Last [...]
Persimmon and Aviva agree to make leasehold payments fairer for homeowners after CMA probe June 23, 2021 Following an investigation by the UK’s markets watchdog, housebuilder Persimmon and financial services group Aviva have agreed to overhaul their leasehold contracts to make payments fairer for homeowners. The Competition and Markets Authority (CMA) investigation into Persimonn’s leaseholds pushed the housebuilder to cap the price of freehold at £2,000 in its Right to Buy scheme [...]
Exclusive: As Aviva sacks its fund managers, how to communicate such changes to shareholders? June 17, 2021 In this 2-part series, City A.M. zooms in on the relationship between investment boards, asset managers and shareholders. In the first instalment, a number of Square Mile-based investment managers discussed why and when investors come to realise the asset managers needs to be replaced, and how such decisions come about. Today, the City insiders debate [...]
Shakeup at Aviva days after activist investor sticks head above parapet June 13, 2021 Aviva is set to sack its top fund managers in a radical cost-cutting plan, according to reports. The insurance giant is planning to fire 10 equity managers from its asset management arm Aviva Investors, the Mail on Sunday reported. David Cumming, chief investment officer for equities, has left the FTSE 100 firm, while head of [...]
HSBC’s long-time Asia boss moves upstairs amid Hong Kong controversy June 12, 2021 Peter Wong, HSBC’s top man in Asia, is stepping away from day-to-day management to take up a position as the bank’s chair in Hong Kong. Wong has been credited with the bank’s rise to become the undisputed financial heavyweight in the region, with the firm booking most of its profits on the continent. Read more: [...]
Activist investor Cevian calls on Aviva to increase returns after building stake June 8, 2021 Activist investor Cevian Capital has called on Aviva to return £5bn in excess capital to shareholders after building a stake in the insurer. The Swedish investment firm today announced it holds 194,549,437 in Aviva, corresponding to around 4.95 per cent of the company’s total number of shares and votes. It makes the firm Aviva’s second-largest [...]
RSA Insurance bought for £7.2bn by Canadian and Danish buyers June 1, 2021 A consortium of Canadian and Danish buyers have completed the acquisition of RSA Insurance, in a deal worth £7.2bn. Under the terms of the all-cash deal, Danish buyer Tryg will take over the Swedish and Norwegian arms of RSA, while Canada’s Intact will have the Canadian, British and international businesses. RSA, which owns brands including [...]
Loyalty penalty on home and motor insurance to be scrapped May 28, 2021 Renewal quotes for home and motor insurance customers will soon not be more expensive than they would be for new customers, in a bid to tackle loyalty penalties in the insurance sector. Millions of home and motor insurance customers lose out if they renew repeatedly with their current providers, according to the city regulator. In [...]