WHAT THE OTHER PAPERS SAY THIS MORNING May 22, 2011 FINANCIAL TIMES BAIN PULLS OUT OF RAC AUCTION Bain Capital has pulled out of the bidding for RAC, the roadside rescue business of UK insurer Aviva. The US private equity group last week dropped out of the auction after bidding less than its rivals, people close to the situation said. That leaves Carlyle, Clayton Dubilier [...]
Aviva enjoys UK sales jump May 17, 2011 GROWTH in UK home and motor insurance boosted Aviva in the first three months of the year, offsetting a sluggish performance in its life division, the company said yesterday. Aviva, the UK’s second-biggest insurer, saw global non-life insurance premiums rise nine per cent to £2.7bn in the quarter, compared with the same period in 2010, [...]
AIR predicts US storm losses May 9, 2011 Insured losses from the tornadoes that devastated the US south last month are likely to reach between $3.7bn (£2.3bn) and $5.5bn, risk modelling consultancy AIR Worldwide said yesterday. The windstorms have killed an estimated 354 people to date in seven US states. The loss will be predominantly from destruction of both residential and commercial property, [...]
Admiral revenues up 50pc in first-quarter May 6, 2011 Admiral Group revenues rose by more than 50 per cent in their first quarter. The car insurer, and owner of Confused.com, said year-on-year turnover also grew by 56 per cent to £539m in the first three months of the year. Shares were pushed to 4.4 per cent thanks to higher premiums and more customers, they [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 14, 2011 FINANCIAL TIMES BOSCH WARNS JAPAN CRISIS WILL SLOW GLOBAL GROWTH The impact of last month’s Japanese earthquake will cut global economic growth by a quarter of a percentage point and could put a big dent in planed increase in car production this year, the head of the world’s largest car parts supplier warned. Franz Fehrenbach, [...]
CITY VIEWS: WOULD YOU BUY A HYBRID AS YOUR NEXT CAR? April 6, 2011 Save or Borrow peer to peer at RateSetter.com SIMON FOSS | RSA INSURANCE “I wouldn’t buy a hybrid as I live in central London so it’s easier for me to use local transport. The benefits are interesting, but I couldn’t take advantage of them anyway.” ALAN GAUDENCIO | WELLS FARGO “No, as it doesn’t suit [...]
Disasters cut Lloyd’s profits March 30, 2011 LONDON’S insurance market Lloyd’s paid out more than £2bn in global catastrophe claims in 2010, pushing its profit down 43 per cent to £2.2bn, it said yesterday. It said the fall was to be expected in a year that saw net claims of £2.18bn and the third-highest level of catastrophe losses in 15 years apart [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 28, 2011 FINANCIAL TIMES ICBC HEAD PLAYS DOWN POST-CRISIS LOAN RISK China’s largest bank lent Rmb640bn ($61bn) to local governments in the post-crisis credit boom, but insists these loans do not pose a danger to the country’s banking system. In an interview with the Financial Times, Jiang Jianqing, chairman of Industrial and Commercial Bank of China, the [...]
WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? March 23, 2011 CATHERINE GANNON, 48 MANAGING DIRECTOR OF CITY LAW FIRM GANNONS LAW LLP Catherine is single with two children, earns a gross income of over £100,000 a year and pays a mortgage on her family home. She has a share portfolio and also has mortgages on various investment properties. She does not drink or smoke. She [...]
FTSE rally ends as Middle East fears resume March 22, 2011 Rising tensions in the Middle East and shrinking appetite for risk caused stocks to give up ground today, ending a three-day rally. Poor UK economic data added to the market’s woes, with inflation and public borrowing hitting new highs. The FTSE 100 closed 0.4 per cent down at 5,762.71. “It is not too surprising that [...]