BLAIR WOOS LAWYERS WITH FOND MEMORIES November 22, 2010 CITY law firm Clifford Chance last night played host to a gathering of 250 of the City’s most prominent names in a one-off chance to hear from former Prime Minister Tony Blair. Blair blitzed into the event and had to run off to another engagement immediately afterwards, but in between he found time to cover [...]
Chaucer aims to grow car insurance arm November 18, 2010 INSURER Chaucer will expand its UK motoring operations as part of an ambitious new growth strategy. It says the push into motoring insurance will involve a “significant” presence on price-comparison websites. Chaucer wants to balance its exposure to the catastrophe business, which offers high returns but high volatility, with a greater input to the lower-risk [...]
Barclays Private Equity will buy division in future profit exchange November 17, 2010 MANAGEMENT at Barclays Private Equity (BPE) will buy out the banking giant’s private equity division in a deal involving no up-front cash. Ownership will be transferred in exchange for a share of BPE’s future earnings over a period of several years, according to the Financial Times. Barclays and BPE were both unavailable for comment last [...]
Beazley sweetens its offer for rival Hardy November 15, 2010 LLOYD’S of London insurer Beazley threatened to pull its bid approach for rival Hardy Underwriting after a sweetened offer worth £174m was rejected. Dublin-based Beazley said yesterday it would walk away unless Hardy agreed to discuss its revised 330p per share proposal, up from an initial 300p last month. Hardy said the new proposal still [...]
Amlin says business is still mixed November 15, 2010 LLOYD’S insurance group Amlin said yesterday trading last quarter was mixed, as it posted a 39 per cent increase in premiums written in the year to date. The group wrote £1.92bn in the period, thanks to its acquisition of ACI and new business within its UK fleet motor and Bermuda arms. Amlin said catastrophe reinsurance [...]
Hardy rejects new Beazley bid November 15, 2010 Hardy Underwriting has rejected a new offer from Lloyds of London insurance group Beazley. Hardy rejected an initial offer three weeks ago. The new offer of 330p a share is up from the 300p a share bid first time round.
WHAT THE OTHER PAPERS SAY THIS MORNING November 14, 2010 FINANCIAL TIMES LLOYDS TO SPIN OFF BUY-OUT ARM The private equity arm of Lloyds Banking Group has for the first time outlined plans for the UK’s most prolific buy-out investor to spin off from its banking parent. Darryl Eales, chief executive of Lloyds TSB Development Capital, said it was expected to start raising money from [...]
CITY PAYS ITS DEEPEST RESPECTS TO BRITAIN’S FALLEN WAR HEROES November 11, 2010 SILENCE blanketed the City of London yesterday at 11am, to mark the anniversary of Armistice Day, the end of the First World War. The largest remembrance ceremony took place at Lloyd’s of London, where 5,000 members of the insurance market gathered on the trading floor to watch on as their chairman Lord Levene and Lord [...]
Hiscox warns on impact of mild storms November 8, 2010 BERMUDA-based insurer Hiscox saw premiums remain largely flat in its third quarter trading update but warned that pricing pressure later this year will come to bear, particularly in the US. The firm yesterday blamed a lack of severe summer hurricanes for the likelihood of hot competition during the January policy renewal period. In years with [...]
Hoffman will leave Rock November 4, 2010 Northern Rock yesterday confirmed chief executive Gary Hoffman will quit the firm for NBNK Investments, the new high street banking venture established by Lloyd’s of London chairman Lord Levene. Hoffman will be placed on gardening leave until 30 April, until which point he will receive his full £700,000 a year salary, car and petrol allowance [...]