City Moves for 9 December 2015 | Who’s switching jobs December 8, 2015 ACTIVA CAPITAL French independent private equity company Activa Capital has appointed Mathilde Sergent, 30, as manager. Prior to joining Activa Capital, Mathilde was for five years as M&A associate at Nomura, where she worked in the consumer goods, distribution and transport and infrastructure industries. EY EY has appointed Niranjan Nathan as a partner in its [...]
Insurer AIG backs Camden Market owner Market Tech Holdings with £900m loan December 8, 2015 American insurance giant AIG has thrown its weight behind the owner of Camden Market after agreeing to provide it with a £900m debt package. Market Tech Holdings said the 10-year secured debt facility, arranged by AIG Asset Management, comprises of a committed £300m term loan, which will be drawn down immediately. A further £100m will be [...]
UK weather: Storm Desmond’s cost to insurers creeps up to a possible £325m, far outstripping the costs of 2009 floods, as bad weather threatens further damage December 8, 2015 The predicted cost to insurers of Storm Desmond has crept up, as continued bad weather threatens to cause even greater damage. Professional services firm PwC, which yesterday estimated that the insurance costs would be between £175m and £250m, today suggested insurers could find themselves paying out between £250m and £325m. “Clearly these are initial estimates as [...]
Sequoia Capital just made a big bet on insurance tech with $13m Lemonade investment December 8, 2015 Sequoia Capital, one of the world's leading venture capital firms which was an early backer of Apple, Google and Yahoo, has invested millions in a fintech startup with designs on disrupting the insurance world. New York-based Lemonade, a p2p insurance company which has yet to launch, has landed $13m (£8.7m) from the Sequoia and London-based VC firm Aleph Capital. It's [...]
Cenkos share price rises after it denies probe by the Serious Fraud Office over Quindell December 8, 2015 Shares in Cenkos rose 15.5 per cent to 170.4 p per share today, after the mid-tier broker and investment house said it's not under investigation by the Serious Fraud Office (SFO). Cenkos was formerly the nominated adviser to scandal-engulfed insurance services company Quindell, which is currently being investigated by the SFO over "business and accounting practices". The clarification came [...]
Euler Hermes: Brexit could knock £30bn off export sales by 2020 December 7, 2015 The cost of a Brexit on exports could hit £30bn if the UK decides to leave the EU without a new free trade agreement (FTA), according to new research released yesterday. The report from credit insurance giant Euler Hermes said Brexit without an FTA would cause a sharp contraction in the UK economy, with total [...]
City law firm GQ Employment Law acquires smaller rival Camfords December 7, 2015 City law firm GQ Employment Law has snapped up a smaller boutique rival Camfords for an undisclosed sum, the pair announced today. Founded in 2010 by former Clyde & Co lawyer Richard Harvey, Camfords advises domestic and multi-national businesses and high-net worth individuals across a number of industry sectors including insurance, technology and luxury goods [...]
Storm Desmond’s floods could cost insurers between £175m and £250m, says PwC, highlighting the need for continued investment in flood defences and insurance mechanisms, such as Flood Re December 7, 2015 Audit giant PwC has pegged the estimated insurance costs of flooding caused by Storm Desmond at around £175m to £250m. Based on its analysis of the costs of the previous floods, the professional services firm also estimated today that the total economic costs would be £400m to £450m. Top figures at the firm also said that [...]
Cybercrime: Finance workers most likely to ignore cybersecurity protection December 7, 2015 Finance workers are most likely to circumvent their company’s cybersecurity protection – despite also being the industry that’s hit hardest by cybercrime. One in five working in the finance and insurance sector admitted they ignore cybersecurity policies, according to new research which also found that Britons have little to no idea how to protect themselves [...]
City Moves for 07 December 2015 | Who’s switching jobs December 6, 2015 IG GROUP The online trading firm has named Peter Hetherington (pictured) as chief executive. He took on the role of interim chief exec in October, and has been a member of the IG board since 2002. JP MORGAN JP Morgan Asset Management Global Insurance Solutions (GIS) has appointed James Peagam as head of GIS. He [...]