Borrowers warned of rise in ‘advance fees’ scams with over £700 lost on average and Londoners more likely to fall victim – Lloyds Bank January 24, 2023 The rising cost of living has lead to 82 per cent increase in financial scams that target victims by charging fees for products and services that do not materialise, according to Lloyds bank. Victims lost £711 on average, and although the amount lost is lower than £1,194 recorded the previous year, the bank said fraudsters [...]
Insurance sector exodus could serve major hit to Russia’s energy exports May 25, 2022 Efforts on the part of insurers to cut their links to Russia could put a stranglehold on Russian energy exports, unless the Kremlin fills the void, analysts have said. The push amongst Western insurance companies to distance themselves from Russian clients, to ensure they are not in breach of Western sanctions, could severely impact the [...]
Lloyd’s of London to put up posters in City pubs in bid to tackle culture problems November 19, 2019 Lloyd’s of London is targeting the insurance industry’s bustling pubs and cafes as part of a company campaign to tackle harassment and misconduct. The historic insurance marketplace will put up banners and posters around EC3 following a swathe of misconduct allegations that have rocked its reputation. Read more: Lloyd’s of London sets out electronic modernisation [...]
Hong Kong insurer becomes first in Asia to open up coverage to NFTs April 24, 2022 A Hong Kong insurance firm has opened up its coverage to NFTs – becoming the first insurer in Asia to offer such a service – as the city wrestles with its pandemic-induced “isolated status”. OneDegree, one of four virtual insurers in the global financial hub, has entered a three-year partnership with German reinsurer Munich Re [...]
City of London to ignite UK space boom, says science minister June 24, 2022 Britain’s space boom could be supercharged by the City of London’s expertise and financial muscle, the minister responsible told City A.M. yesterday. While the global space economy has spent the last 40 to 50 years recovering from a Cold War hangover, “We’re now in the hockey stick of a huge commercial space boom,” science, research and innovation [...]
City Moves: Who’s switching jobs in the Square Mile? June 16, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Cromwell Real estate investor and fund manager Cromwell Property Group has hired an abrdn veteran as its new head of investment management for Europe. Having spent a decade at abrdn, Andrew Creighton is set to oversee all [...]
AIG eyes wealthy clients after launching new syndicate at Lloyd’s of London October 23, 2019 Lloyd’s of London has been given a major boost today after American International Group (AIG) revealed plans to set up its new high-end business at the historic marketplace. AIG is launching a syndicate at Lloyd’s of London aimed at serving the specialist US high net worth market in a move that it said could generate [...]
Lloyd’s of London licensed broker launches crypto insurance product May 11, 2022 A Lloyd's licensed insurance broker has launched a dedicated crypto product to shore up legal protections for digital asset firms.
Lloyd’s of London set outs electronic modernisation drive September 30, 2019 Lloyd’s of London has unveiled plans for an electronic risk exchange as part of a sweeping company overhaul aimed at modernising the 331-year-old marketplace. The historic insurance group, which has faced growing calls to revamp both its business model and its culture in recent months, has vowed to deliver a series of “early quick wins” [...]
The unofficial economy of gossip has always been a powerful lure of the City February 8, 2022 The City has weathered an almighty storm over the last two years. And yet, there is still a strong appetite for people to come back to their offices even in the midst of so much uncertainty. The pros and cons of home working, hybrid and the office have been discussed at length. It has become [...]