Losses double and bidders desert Omega March 6, 2012 INSURER Omega has cancelled its dividend after pre-tax losses doubled to $94.7m (£60m) in 2011, up from $42.9m the year before. Investors were dismayed that the firm made no mention of a possible takeover in its annual report and its shares – which have already lost half their value in the last year – dropped a [...]
FTSE pegged back by weak resources March 6, 2012 Resource stocks dragged the FTSE 100 backwards in early trading as fears over global growth continued to cast a shadow over markets. Higher oil prices triggered by the West’s tussle with Iran also added to the uncertainty and investor sentiment was weak. London’s blue chip index tracked losses on Wall Street and in Asia with [...]
Amlin in red after £500m disaster bill March 5, 2012 INSURER Amlin has posted a £194m loss for 2011 after being hit with a £500m bill for a series of natural catastrophes. Yesterday the firm announced that it had suffered a £215m loss on the New Zealand earthquake, £137m on the Japanese earthquake and paid out £80m for flood damage in Thailand, amongst other claims. [...]
Regulator probes KPMG audit March 5, 2012 The Accountancy and Actuarial Discipline Board has begun probes into KPMG’s auditing of Lloyd’s of London car and motorcycles insurer Equity Red Star and actuaries who advised it. In 2010 the firm, a UK subsidiary of Insurance Australia Group that insures one in four motorcycles on UK roads, crashed to a £240m loss after failing [...]
CITY MOVES | WHO’S SWITCHING JOBS March 5, 2012 Warburg Pincus The private equity firm focused on growth investing has announced the appointment of Francesco Granata as an executive-in-residence, focusing on the healthcare sector. Granata will be based in Warburg Pincus’ London office, and will help the firm assess new investments in the biopharmaceutical sector. He has over 35 years experience in the pharmaceutical [...]
Amlin slumps to loss as claims surge March 5, 2012 British insurer Amlin said it expected to return to profit this year after more than £500m in catastrophe claims pushed it deep into the red in 2011. Amlin, the biggest insurer operating in the Lloyd’s of London market, made a pre-tax loss of £193.8m last year, compared with a profit of £259.2m in 2010, it [...]
FTSE sees banks up as Greece is saved March 2, 2012 The FTSE 100 was flat this morning and the only significant gainers were banks buoyed by further steps towards saving Greece from the financial abyss. In Wall Street and in Asia nudged up overnight as the European Central Bank’s fresh liquidity injection this week served to warm up investor sentiment. The spotlight is on the [...]
Asian boost helps profits at Jardine Lloyd Thompson March 1, 2012 PROFITS at insurer Jardine Lloyd Thompson (JLT) increased by 13 per cent to £147.6m during 2011, assisted by strong growth from its emerging market units. Overall group revenue was up 10 per cent at £818.8m. Although European retail sales declined, the firm managed to increase revenue from its Asian division by 28 per cent to [...]
FTSE lifted by strong corporate results March 1, 2012 The FTSE 100 edged up this morning led by the financial and energy sectors, while heavyweights WPP and Man Group reporting strong results. London’s blue chip index gained despite losses in the US and Asia triggered by the Fed failing to signal and more stimulus measures and mixed economic data out of China. Factory figures [...]
CapCo enjoys value hike and sells properties in West End February 29, 2012 CAPITAL & COUNTIES (CapCo), the owner of Covent Garden Market and Earl’s Court, has unveiled an 11.7 per cent hike in net asset value and the disposal of its West End properties. The listed developer reported a jump in NAV to 166p per share in 2011 thanks in part to a rise in its total [...]