RSA hoping for better offer as bidders Zurich, Axa and Aviva circle August 2, 2015 Insurer RSA is hoping to attract a better offer than Zurich’s potential bid, revealed last week, with several other companies believed to be interested in entering the race for the troubled British firm. City analysts expect Zurich to make an offer of around 550p per share. That price would provide investors with a premium [...]
Walkie Talkie prompts City clampdown on wind tunnels as skyscrapers transform London July 13, 2015 Complaints over powerful gusts of wind around the base of the Walkie Talkie skyscraper in the City have prompted planners to demand property developers seek a second opinion over their wind reports. Wind tunnels have become a more frequent problem as an apparent result of skyscrapers going up in the capital. The City of London [...]
Legal & General exits Egypt in deal with Axa July 13, 2015 UK INSURANCE and investments group Legal & General (L&G) has exited its Egypt business, Commercial International Life Insurance (CIL), selling it to Axa in a deal worth 763m Egyptian pounds (£62.9m). L&G are joint owners of CIL, holding 55 per cent of the company, while Commercial International Bank owned 45 per cent. The sale to Axa is [...]
BBC charter review panel: Meet the eight people deciding the broadcaster’s future July 12, 2015 The government has selected a panel of independent advisors to lead a review of the BBC's royal charter, which will shape the future of the public broadcaster. An eight-person team of media professionals and experts, with backgrounds in broadcasting, production, technology and media regulation, have been chosen by the culture secretary John Whittingdale to conduct [...]
City Moves for 09 July 2015 | Who’s switching jobs July 8, 2015 Markel International The insurer has appointed David Sawyer as senior underwriter and head of professional indemnity in its professional and financial risks division. He joins from Travelers Insurance Company, where he was responsible for running its professional indemnity portfolio. Axa Investment Managers Paul Squires has been promoted to global head of trading and securities financing [...]
A $28.3bn ACE for Chubb makes it a global giant July 1, 2015 ZURICH-based insurance giant ACE will buy upmarket property insurer Chubb for $28.3bn (£18.1bn) so that it can gain access to higher premium revenue from its wealthy client base, as fierce competition has cut deeply into the industry’s profit margins. Chubb shares jumped to a record high of $129.31, above the offer price of $124.13, suggesting [...]
City Moves for 26 June 2015 | Who’s switching jobs June 25, 2015 Baker Tilly The professional services firm has appointed Kenny McLean as a director in its consulting practice. He joins from Certeco, where he was a director overseeing client change programmes. McLean has also held roles at KPMG, IBM, SAP and EDS. CBRE The commercial real estate services and investment firm has announced two appointments to [...]
Investors turn to cash for safety as Grexit and bond market woes leave fund managers scared June 23, 2015 Investors should raise cash levels while instability in the Eurozone rumbles on, top fund managers are warning. A combination of Greece worries, US rate hike uncertainty alongside recent changes in bond markets mean investors may be better off taking cash out of markets for the summer, says Chris Iggo from Axa Investment Managers. “The more [...]
London Stock Exchange Group appoints Royal Mail’s Donald Brydon to replace Chris Gibson-Smith as its new chairman June 19, 2015 London Stock Exchange Group (LSEG) has appointed Donald Brydon as its new chairman. Brydon has an impressive CV, having served as chairman of Royal Mail as well as spending 15 years at AXA, where he occupied a number of roles. He will be replaced at Royal Mail by Peter Long, co-chief executive of travel company TUI. Read [...]
London space race takes off: City firms scramble for offices as demand hits highest level since 2000 June 18, 2015 Demand for office space in the capital has boomed to levels not seen in 15 years, new figures show, as companies, spurred on by the improving economic environment and stability following the General Election, pick up their search for space. The amount of space under offer in central London leapt by 25 per cent [...]