Stephen Hester’s role at risk as offer for RSA looks likely August 2, 2015 RSA boss Stephen Hester was given a hero’s welcome when he was appointed to lead the embattled insurer just over 18 months ago. However, following last week’s revelation that Zurich is mulling an offer for the group, he could be set to leave before finishing what he has started. The former Royal Bank of [...]
AA to stand against IPT premium rise August 2, 2015 MOTOR association AA has challenged the chancellor’s increase in Insurance Premium Tax, after 87 per cent of drivers surveyed called it unfair. The survey reveals that almost nine out of 10 motorists believe that the tax will tempt drivers to go without insurance. AA Insurance managing director Janet Connor said: “The tax can only lead [...]
Bank of England braced for historic Super Thursday – London Report August 2, 2015 THIS WEEK includes s-called Super Thursday when the Bank of England’s policy announcement, meeting minutes from the monetary policy committee and the latest Inflation Report will – for the first time – all be released simultaneously. HSBC gets the week off with a bang today with interim results, Standard Life tomorrow and Legal & General [...]
Sheffield shows why manufacturing and finance enjoy a glorious synergy August 2, 2015 My title might be “lord mayor of the City of London”, but really that’s quite misleading. It’s my job to represent the whole of the UK’s financial and professional services industry, wherever it’s based. London may well be the largest single financial services centre in the UK, but 1.7m of the 2.1m people employed by [...]
With Lloyds’ PPI bill topping £13bn, should regulators institute a time limit for claims? August 2, 2015 David Buik, a market commentator at Panmure Gordon, says Yes. Lloyds Bank’s decision to buy HBOS when it was drowning in toxic debt, and at an ultimate cost of £25bn to the taxpayer due to its bailout, was injudicious. But the “Black Horse” has recovered remarkably quickly. Though it is not involved in investment banking, [...]
Lloyds share price falls as profits come in below expectations while total PPI bill surges July 31, 2015 Shares in Lloyds were down 2.21 per cent this afternoon to 83.81p per share after profits missed expectations and it announced a £1.4bn provision to cover the cost of mis-selling payment protection insurance (PPI). The figures The state-backed bank said pre-tax profit rose 38 per cent to £1.19bn in the six months to the end of [...]
Uber’s race to the bottom: The wheels will come off this controversial business July 31, 2015 Uber causes a storm wherever it goes. First, there’s the storm of applause as passengers initially embrace what looks like an exciting, disruptive new technology. Then, there’s the storm of protest as people start to understand what the business model is really all about. Treating taxis as just another tech challenge raises all sorts [...]
Best of the Brokers for 31 July 2015 July 31, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com LANCASHIRE HOLDINGS Besi Research downgraded the insurance company from a “buy” to a “neutral” rating after its interim results on Wednesday. The broker updated its estimates, “mainly for a reduction in gross written premiums”, and said: “Growth is certainly proving challenging given Lancashire’s [...]
Lloyd’s of London planning Malaysian office July 31, 2015 SPECIALIST insurance firm Lloyd’s of London is planning to apply for an onshore reinsurance licence and open an office in Malaysia, as part of its push into emerging markets. Lloyd’s has a strategy to expand into developing markets, where insurance typically has low penetration but is growing rapidly, to grab market share from local players.
City Moves for 31 July 2015 | Who’s switching jobs July 30, 2015 Allianz Worldwide Care The health and life insurance firm has appointed Ida Luka-Lognoné as chief executive. Before joining Allianz Worldwide Partners’ executive committee in January 2014, responsible for strategy, innovation, and market management, she was chief executive for Europe, Middle East and Africa at Allianz Global Assistance. Luka-Lognoné has also held roles at Elvia Travel [...]