Catlin is gloomy on outlook in spite of trouncing forecasts February 11, 2010 Lloyd’s of London insurer Catlin yesterday posted a better-than-expected 2009 pre-tax profit on healthy investment returns and a benign hurricane season, and was upbeat despite a challenging outlook. The Bermuda-based property and casualty insurer said its international focus will help offset the effects of weaker rates in 2010, while underwriting contributions are forecast to grow [...]
Judgement day looms for speedster Jon February 11, 2010 2010 WINTER OLYMPICS JON Eley will have to hope his bold promises don’t come back to haunt him as he prepares to start his Winter Olympic medal bid. In Turin four years ago the short track speed skater finished fifth in the men’s 500m final – and promptly promised an upgrade in Vancouver. “I’ll be [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 10, 2010 FINANCIAL TIMES BOCOM EYES $500M PRIVATE EQUITY FUND Bank of Communications is to launch a US dollar private equity fund in the latest sign of mounting Chinese interest in the asset class. BoCom International, the bank’s overseas arm, said on Wednesday it was targeting a $500m fund that would invest in mainland groups. The fund [...]
US to launch rival to Lloyd’s of London February 10, 2010 NEW York hopes to set up a rival to Lloyds of London in a move that could finally see a major rival to the centuries-old institution in the US. An outline for a revived New York Insurance Exchange (NYIE) could be prepared as soon as September, according to New York Superintendent of Insurance James Wrynn. [...]
Possible solution to Eurozone debt woes boosts FTSE 100 February 10, 2010 BRITAIN’S leading shares added 0.4 per cent yesterday as financial issues drew strength from a possible solution to Eurozone debt worries, offsetting a retreat by heavyweight commodity shares. The FTSE 100 ended 20.15 points higher at 5,131.99, recovering from a session low of 5,105.30 in the afternoon but still well below the morning peak of [...]
Record-busting Chemmy’s eyeing gold against all odds February 10, 2010 CHEMMY ALCOTT has talked the talk but now she must walk the walk after insisting a maiden Winter Olympic medal is within her grasp. The 27-year-old has been put through a rollercoaster of emotion, injury and funding problems since her last Olympic appearance in 2006 but is adamant the worst is behind her. First Alcott [...]
CITY MOVES | WHO’S SWITCHING JOBS February 10, 2010 Collins Stewart Christian Redman has joined the investment banking group’s wealth management division, Collins Stewart Wealth Management, as an associate director. Redman joins from Barclays Wealth, where he was responsible for managing over £450m on behalf of private clients across multiple asset classes. He has worked at Gerrard (now part of Barclays Wealth) since 1986, [...]
Investment recovery drives annual profits leap at Beazley February 9, 2010 Lloyd’s of London insurer Beazley yesterday reported a 15 per cent jump in its annual profit as rebounding financial markets fuelled a recovery in its investment returns. Dublin-based Beazley said it had a pre-tax profit for 2009 of £100.7m, up from £87.2m the previous year. The improvement partly reflected a strong recovery in the performance [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 8, 2010 FINANCE TIMES DE SHAW MOBILISES TEAM TO BUY DISTRESSED ASSETS OF FUND RIVALS DE Shaw, the third largest hedge fund, has established an in-house team to look at buying portfolios of distressed assets and is targeting the holdings of rival hedge funds. The DE Shaw Portfolio Acquisitions Unit, launched last year, aims to capitalise on [...]
Rudman shows a ruthless streak February 8, 2010 OLYMPIC silver medallist Shelley Rudman has vowed to keep her friends close and her enemies even closer in a bid to ruin home favourite Melissa Hollingsworth’s Vancouver Games dream. Britain’s 28-year-old skeleton star pipped her great mate and rival to second spot in Turin four years ago but has struggled to overhaul her nemesis on [...]