‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
Riot and looting damage will cost UK well over £100m, insurers say August 9, 2011 RIOTS across London and other UK cities over the past four days caused “well over £100m” of damage to property and businesses, the insurance industry said yesterday. As residents and business owners across the capital and cities such as Birmingham, Leeds and Nottingham counted the cost of days of wrecking and looting, insurers raised their [...]
Insurers say London riot losses “well over £100m” August 9, 2011 Damage from riots in London has cost the capital “well over £100m” in insured losses, an insurance industry group has said. The Association of British Insurers has raised its estimate of the damage from three nights of violence and looting across swathes of London from “at least tens of millions” to more than£100m after it [...]
RSA praised for its results August 4, 2011 ROYAL & Sun Alliance chief executive Andy Haste stood down on a high yesterday after the home and car insurer posted profits ahead of all market expectations. RSA made £467m operating profit in the first half of the year, up 22 per cent on the same period in 2010 and well over the highest analyst [...]
BROCKET DIGS DEEP IN SPORTS CARS HUNT August 3, 2011 IT IS almost 13 years to the day since Lord Brocket walked free from Springhill open prison after serving two-and-half years for insurance fraud, and The Capitalist hears a party is potentially in the offing to mark the happy occasion. This will be no ordinary celebration though, if the outlandish suggestion actually becomes a reality [...]
Comparison site pays out a £20m divi August 2, 2011 PRICE comparison site moneysupermarket.com yesterday announced a special £20m dividend payment triggered by a 28 per cent revenue rise in the first half. Founder Simon Nixon, who owns 52 per cent of the shares, will pocket a £14m payout. The company rejected suggestions that Nixon, who has hinted he might sell his stake, forced the [...]
Esure’s profits surge as Wood takes charge July 27, 2011 HOME and car insurer Esure yesterday said it made £18.8m pre-tax profit in 2010 following a management buyout by Peter Wood, its insurance entrepreneur founder, last February. The lion’s share of profits came from its 49 per cent stake in comparison website GoCompare, which contributed £10.2m in eight months from April to the end of [...]
Markets hit by US debt wrangling July 25, 2011 Stocks suffered another difficult day as sovereign debt worries, this time from the US, weighed on markets. The FTSE 100 saw volatile trading with low volumes as investors anxiously watched for signs of a breakthrough between Democrats and Republicans over the US’ national debt ceiling. The parties are at loggerheads and have just days left [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 21, 2011 FINANCIAL TIMES FSA FINES WILLIS ARM A RECORD £6.9M The UK arm of Willis, the number three global insurance broker, has been fined a record £6.9m by the City watchdog for anti-bribery and corruption failings related to commissions paid overseas. The fine is the largest meted out by the Financial Services Authority for failings in [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 12, 2011 FINANCIAL TIMES MANAGERS STRUGGLE TO WOO THE WEALTHY Private banks across the world are still struggling to attract new clients, as the wealthy continue to shun professional investment managers in the wake of the financial crisis, according to a report published today. New money paid into private banks by clients fell nearly 19 per cent [...]
HSBC sells insurance business July 11, 2011 HSBC exited from the UK car insurance market yesterday with the sale of its closed motor insurance book to US firm Syndicate Holding Corp for £68.5m. HSBC Insurance stopped writing new business in 2009. The policies will largely complete within two years but some accident claims have a longer tail, a bank spokesman said. HSBC [...]