Insurers win as disaster claims halve in 2012 December 19, 2012 THE INSURANCE industry celebrated yesterday after Swiss Re said the total bill for natural catastrophe payouts in 2012 will be around $65bn (£40bn), down from last year’s near-record $120bn. Most of the total can be ascribed to the roughly $25bn cost of superstorm Sandy, which swept across the Caribbean and United States in late October. [...]
Who’s switching jobs December 19, 2012 Kleinwort Benson Nick Bennett has been appointed head of private wealth management in the private bank’s Guernsey office. He joins from Schroders Private Banking, where he was most recently head of private banking in the Channel Islands. Bennett has also held roles at Lloyds TSB. Development Securities The property investment firm has appointed Marcus Shepherd [...]
Lloyd’s of London sees Sandy claims of up to $2.5bn December 19, 2012 The Lloyd’s of London insurance market said this morning that Hurricane Sandy claims are between $2bn and $2.5bn (£1.25 and £1.55bn). Lloyd’s said that it would be able to pay out with “minimal impact” on its members’ capital, and it wouldn’t affect the central fund – a reserve fund used to meet claims if a [...]
Sandy batters Lloyd’s insurers with £286m hit December 18, 2012 SUPERSTORM Sandy has left members of the Lloyd’s of London insurance market with a bill of at least £286m, it was revealed yesterday. The enormous storm swept through the Caribbean and north-eastern US at the end of October, hitting New York and leaving a trail of destruction in its wake. The resulting damage is expected [...]
A tale of two cities December 17, 2012 BRITISH Land and Oxford Properties have bagged their second tenant at the Cheesegrater skyscraper in the City, underlining the booming demand in London’s insurance district in stark contrast to parts of the City that have traditionally depended on the banking sector. Amlin is to take 111,000 square feet at the Leadenhall Building for an undisclosed [...]
D&D owner plans a dynamic future December 17, 2012 We are building restaurants to last several business cycles… it shouldn’t matter when you build them” DES GUNEWARDENA peers into his wine glass and wrinkles his nose. The chairman and chief executive of D&D London has invited me for lunch at the Angler, the group’s new seafood restaurant at South Place Hotel in the City [...]
Insurance deficits leave the world at risk of catastrophe December 17, 2012 SUPERSTORM Sandy was 2012’s reminder of the damage caused by natural disasters. It hit within a few of months of the anniversary of the Thai floods in 2011, which killed over 800, made millions homeless and inundated the business parks that underpin the country’s economy. Knock-on global supply chain disruption forced Honda and Acer to [...]
East India Company: The original City firm judged too big for failure December 16, 2012 FOR an institution that’s been defunct for over 150 years, the East India Company still evokes powerful reactions. This year in India, a move to liberalise the retail sector to allow investment by foreign multinationals was greeted with protests: “this is the return of the East India Company”. Meanwhile in the UK, Sanjiv Mehta has [...]
Ad founders cash in with Saatchi sale December 13, 2012 THE TWO founders of a London digital advertising agency were both set for multi-million pound rewards as they sold their company to Saatchi & Saatchi in a deal believed to be worth around £10m. Outside Line, majority owned by Ant Cauchi and Lloyd Salmons, employs around 70 people from its Farringdon office. Saatchi & Saatchi’s [...]
Do you rent or own the property where you live? December 11, 2012 KEVIN LAWRENCE PEMBROKE MANAGING AGENCY I own my house with a mortgage. I’m very lucky that I got a fixed rate mortgage at two per cent above base so it’s very easy. I’m probably overpaying my mortgage right now! ABDUL DAKHIL DAIWA SECURITIES I rent. It’s difficult to buy first time, and I’ve only been [...]