Insurers find that central banks are all too predictable September 26, 2012 HUNDREDS of homes being evacuated due to flooding in Scotland and northern England wasn’t the ideal backdrop for Lloyd’s of London to announce its upbeat interim results, boosted by a “favourable claims climate”. Then again, even as the number of flood alerts rises, it needn’t sink the Lloyd’s insurance market’s optimism, partly because of its [...]
Lloyd’s swings back to profit September 26, 2012 Insurer Lloyd’s of London today posted profits of £1.53bn for the six months to 30 June, after a quiet six months that saw no major natural disasters. The results mark a return to profit from the second most expensive year on record for the insurance industry last year, when Lloyd’s lost £697m after paying out [...]
Rapid Responses September 25, 2012 The shale debate [Re: Britain needs to embrace the global shale revolution, Friday] Britain must position itself at the forefront of the shale revolution. The US has had a head start because, firstly, its government has allowed extraction. Secondly, its main shale fields are in remote locations away from residential areas. Thirdly, it’s been developing [...]
Tensions have been brewing at the miner for some time September 25, 2012 THE RELATIONSHIP between Bumi and its Indonesian unit has been under strain in the past. Bumi’s man in London, Nat Rothschild, last year criticised the management of the Bakrie family, which holds a 29 per cent stake of Bumi Resources, and called for a “radical cleaning up” of the Indonesian company in a letter to [...]
What the other papers say this morning September 23, 2012 FINANCIAL TIMES Banks to shed €20bn property loans Europe’s banks are on track to dispose of €20bn worth of loans backed by offices, shops and hotels this year as lenders across the continent race to reduce exposure to the volatile real estate sector ahead of tough regulatory changes. Banks including Lloyds Banking Group, Santander and [...]
City Moves | Who’s switching jobs September 23, 2012 RBC Wealth Management The wealth management division of the Royal Bank of Canada has announced two appointments to the Americas desk of its UK private client wealth management team. Shehreen Quayyum joins as a director from HSBC Private Bank, where she was an associate director in its international team. She has also worked for HSBC [...]
Open House unlocks London’s hidden gems September 20, 2012 The Gherkin 30 St Mary Axe, EC3A 8EP; Sunday 9am-5pm Sir Norman Foster’s spectacular 40-storey office building has become a landmark of the London skyline. Built in the heart of the financial district, it has 360-degree views across the city. Every 10 minutes, groups of 30 people will be shown around this magnificent building. Heron [...]
What the other papers say this morning September 19, 2012 FINANCIAL TIMES Push to relax terms of tech IPOs A push to make it easier for high-growth technology companies to list in London will be launched by the government today. Ministers will put forward proposals including relaxing listing rules on the London Stock Exchange, allowing companies to list as little as 10 per cent of [...]
Aon founder buys insurer from Lloyds September 19, 2012 PAT Ryan, founder and former chief executive of insurance giant Aon Corporation, is set to snap up insurance provider Direct Group from the private equity arm of Lloyds Banking Group. Ryan’s brokerage firm Ryan Specialty Group will buy the Doncaster-based firm from Lloyds’ private equity business LDC for an undisclosed sum, following regulatory approval. Direct [...]
City Moves | Who’s switching jobs September 17, 2012 LDC The private equity house has appointed Andrew Hampshire as investment director in its value enhancement group. He joins from the Lloyds Banking Group, where he spent six years leading change and technology programmes. He was most recently responsible for heading up Lloyds’s data quality function. Deloitte Fredrik Burger has been appointed as a partner [...]