GDP and consumer confidence rises reflect UK growth – London Report February 22, 2015 GDP growth is this week likely to be confirmed at 0.5 per cent quarter-on-quarter for the final three months of 2014. That growth is likely to be reflected further on Friday with consumer confidence for February at a 12-year high. The corporate week starts today with reports from Associated British Foods, Bovis Homes, HSBC and [...]
Brick by brick February 19, 2015 A new coffee-table book celebrates the enduring appeal of the ultimate building material Age has not withered the humble brick, but nor has it afforded it much prestige. More than any other material, bricks have enshrined civilisation, protected it, provided space for it to grow, yet they’re seen as the humdrum standard, little more than [...]
Insurance sector to be hit by M&A fever as Fairfax buys Brit February 17, 2015 Analysts said yesterday that Brit’s acquisition by Canadian firm Fairfax Financial Holdings could be the precursor to other deals set to sweep the insurance market. Shares in Brit jumped by 11.23 per cent following the news that Fairfax had made an offer of £1.22bn that has been agreed by private equity owners CVC and Apollo, [...]
Canadian firm Fairfax to buy insurer Brit for £1.22bn February 17, 2015 Shares in insurer Brit soared more than 10 per cent this morning, after Canadian financial services firm Fairfax revealed plans to buy the insurer for £1.22bn less than a year after it went public. Last night it emerged private equity owners CVC and Apollo were looking to offload the business, which specialises in underwriting [...]
Apollo and CVC look to sell off Brit insurance February 16, 2015 Insurance company Brit is close to being sold off by its private equity owners CVC and Apollo, it emerged last night. Brit, a Lloyd’s of London insurer that specialises in underwriting complex products such as kidnapping insurance, is attracting several parties, including at least one from the US. Update: To read the details of [...]
Where not to eat in London: The worst places in London for food hygiene standards February 13, 2015 If you’re looking for the perfect Valentine’s Day date location, this might be a handy guide for where to avoid taking your significant other for that special dinner date. Six of the worst local authorities in the UK when it comes to food hygiene standards are located in London, with Enfield taking the title for [...]
City Moves for 13 February 2015 | Who’s switching jobs February 12, 2015 Institute of Directors Lady Barbara Judge CBE has been appointed as the new chair of the IoD. A trained commercial lawyer, she is currently chair of the Pension Protect Fund and the Energy Institute of UCL, as well as non-executive director of Portmeirion Group. Lloyds Bank Commercial Banking Lucy Barton has been appointed as a [...]
City Moves for 12 February 2015 | Who’s switching jobs February 11, 2015 Lloyds Bank Lloyds Bank Commercial Banking has announced the appointment of Christopher Sood-Nicholls as managing director. He joined in 2000, and has since held management roles in IT operations, executive management and corporate development at the bank. BlackRock The investment management firm has appointed Deborah Winshel to lead its impact investing platform. She was formerly [...]
Profits jump at Catlin ahead of XL Group deal February 10, 2015 INSURER Catlin Group made a profit of $488m (£320m) in 2014, up 13 per cent from the $432m posted in 2013. The Lloyd’s of London insurer also reported a 12 per cent increase in gross written premium, which grew from $5.32bn to $5.97bn, but combined operating ratio worsened, from 85.6 per cent to 86.8 per [...]
Lloyd’s of London insurer Catlin’s profits jump ahead of takeover by rival XL February 10, 2015 The figures Lloyd's of London insurer Catlin reported gross written premiums of $5.97bn (£3.92bn) for the year ending December 2014, which was up 13 per cent from $5.30bn (£3.48bn) a year earlier. It said the figure was slightly inflated by foreign currency exchange rates and an increase in the value of multiyear contracts written during 2014 in [...]