Aviva vows to reduce focus on Asia and Europe as profit slumps August 6, 2020 Aviva today vowed to reduce its focus on Asia and Europe, after profit in the first six months of 2020 fell 30 per cent. The figures Profit before tax dropped 30 per cent year on year to £1.08bn in the six months to 30 June down from £1.52bn in the same period last year. Basic [...]
FCA proposes 180-day wait for property fund withdrawals August 3, 2020 The City regulator is planning to ask investors in open-ended property funds to give 180-day notice before they withdraw money. In a consultation paper released today, the Financial Conduct Authority said there was a “liquidity mismatch” between the underlying property held in the funds and the almost daily basis in which investors buy and sell [...]
Aviva CEO Maurice Tulloch steps down with immediate effect for ‘family health reasons’ July 6, 2020 Aviva chief executive Maurice Tulloch has stepped down from the role with immediate effect for “family health reasons”, the insurance giant said today. Non-executive director Amanda Blanc will take on the CEO role from today, Aviva said, after joining the board at the start of the year. She was previously CEO, EMEA & Global Banking [...]
Saatchi & Saatchi appoints new chief executive July 1, 2020 London advertising agency Saatchi & Saatchi has appointed Sam Hawkey as its new chief executive, as the firm’s headquarters prepare to reopen after months of lockdown. Hawkey has served as Saatchi & Saatchi’s chief operating officer since 2018, after being promoted from managing director several years earlier. Since joining the firm in 2012, Hawkey’s clients [...]
Small businesses could fail to pay back coronavirus loans, BoE governor warned June 7, 2020 The Bank of England governor Andrew Bailey has been warned that £36bn of emergency coronavirus loans to small businesses risk turning toxic. A report by industry body TheCityUK’s Recapitalisation Group that will be published tomorrow warns of “unsustainable” debts which could impede recovery. The report, chaired by Aviva chairman Sir Adrian Montague and supported by [...]
Aviva estimates covid-19 impact at £160m May 21, 2020 Insurer Aviva today estimated the total payout it will have to make because of covid-19 at £160m net of reinsurance. Aviva said the estimate was based on estimated claims in business interruption insurance, other commercial lines and travel insurance. The insurer said the coronavirus pandemic “provides unprecedented uncertainty” and “may adversely impact our results”. Aviva [...]
Insurance brokers slammed for conflicts of interests amid coronavirus business interruption claim disputes May 20, 2020 Insurance brokers have been attacked for “scandalous” conflicts of interests in a report published today. Insurance brokers are appointed by clients to arrange coverage with insurance underwriters for which the client pays them a fee. However, the report from insurance policyholder advisers Mactavish estimated that up to 80 per cent of broker revenue comes directly [...]
Hiscox launches share placing and predicts business interruption insurance hit of £10m to £250m May 5, 2020 Lloyd’s insurer Hiscox launched an equity placing of 20 per cent of its share capital and said its business interruption insurance exposure could range from £10m to £250m today. Based on its share price at close the placing could raise approximately £400m. Hiscox is facing potential legal action from a group of policyholders who say [...]
Car insurer Admiral suspends special dividend on regulatory pressure April 27, 2020 Car insurer Admiral said today it would suspend its special dividend after regulatory pressure from the Bank of England. Admiral said it would go ahead with its standard dividend payment of 56.3p per ordinary share on 1 June, but said it would not pay its previously recommended special dividend of 20.7p per ordinary share. The [...]
Hiscox faces legal action over coronavirus business interruption claims April 22, 2020 The Night Time Industries Association, which represents bars and clubs across the UK, has launched legal action against Hiscox, alleging the insurer has refused to pay out for claims during the coronavirus pandemic. The organisation is arranging class action against the insurer, which it said has denied liability under its business interruption policy. All night [...]