Chief of Lloyd’s warns insurers to raise rates or risk collapse May 17, 2011 ANY further major catastrophe will have a dramatic effect on the insurance industry, the head of the Lloyd’s of London market said yesterday. A run of serious natural disasters since the start of the year, including the earthquake and tsunami in Japan, have depleted insurers’ reserves and another large event could eat into their capital [...]
CITY MOVES | WHO’S SWITCHING JOBS May 17, 2011 HSBC Private Bank Antoine Cahuzac has been appointed as CEO of HSBC Private Bank France and becomes a member of the GPB EMEA executive committee. Cahuzac joined HSBC France in 1985, rising to head of global banking MENA, based in Dubai, before returning to France in 2008 as a senior corporate adviser to the chief [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 16, 2011 FINANCIAL TIMES WEST COAST RAIL FACES RETURN TO STATE HANDS Britain’s most profitable train franchise could be taken back into state hands following a government decision to delay the auction of the West Coast service amid an overhaul of the rail system. Virgin Trains is due to hand back the contract to run the lucrative [...]
Goldman shuffles executives May 16, 2011 Goldman Sachs has picked a third co-chief of investment banking to help ramp up its efforts in this branch of the business, the firm told employees yesterday. London banker Richard Gnodde will take up the role, while the bank’s current global head of M&A, Gordon Dyal, will become co-chairman of investment banking. The reshuffle is [...]
FTSE edges down as IMF scandal cast shadow over markets May 16, 2011 The FTSE 100 fell in early trading as the arrest of IMF chief Dominique Strauss-Kahn threatened to derail crisis talks on eurozone debt. Strauss-Kahn, who denies a sexual assault charge in the US, was a pivotal player in tackling the eurozone debt mountain. A bailout package for Portugal is set to be given the green [...]
Southern Cross to consider selling up May 15, 2011 STRUGGLING care home provider Southern Cross will consider putting the business up for sale once its battle to cut costs with landlords is over, City A.M. can confirm. Southern Cross last week appointed Greenhill as joint adviser to run discussions with landlords alongside KPMG and turnaround specialist Bolt Partners, but the investment bank is also [...]
THE WEEK AHEAD in association with GFT May 15, 2011 COMPANY NEWS ● On Monday, Phoenix will release its first quarter trading update. The FTSE 250 insurance group specialises in the management and acquisition of closed life and pension funds. ● On Tuesday, Vodafone releases its final results. Analysts expect profits to be down on 2010 figures. ● There are plenty of AGMs throughout the [...]
Lloyd’s takes £2bn hit from natural disasters May 13, 2011 The Lloyd’s of London insurance market said it expects to take $1.95bn (£1.19bn) hit from the Japanese earthquake, bringing total estimated catastrophe claims in the first quarter to nearly $4bn. The loss estimate is well within the worst case scenarios Lloyd’s prepares for, and the market will have no difficulty paying claims, it said in [...]
CITY VIEWS: ARE YOU LOOKING AT DIFFERENT WAYS TO SAVE MONEY? May 12, 2011 CHARLOTTE PEMBER | STANFORD RESOURCING “Yes, I invest in shares instead of with high street banks. With the rates you get with the banks there is hardly any return on the money you’re looking at. There are other ways to get a better return, such as with a fund manager.” BARRY LUBBERDINK | WILDNET “Yes. [...]
Amlin remains bullish despite catastrophes as rates increase May 12, 2011 JAPANESE earthquake and tsunami losses are likely to be at the high end of Amlin’s estimates, the catastrophe insurer said yesterday. The Lloyd’s insurer has reserved £260m against losses from the New Zealand and Japanese earthquakes alone and said Japan losses “will be towards the top end of our previously published range”. Gross premium income [...]