Stress test finds Europe’s insurers “robust” July 4, 2011 European insurance companies are well prepared for strict new capital requirements being imposed from 2013, the European insurance regulator has said. The latest round of insurance stress tests, designed to see if insurers hold enough capital to be resilient in risky scenarios, found that the industry remains “robust”, according to the European Insurance and Occupational [...]
Yorkshire to buy Egg units from Citi July 25, 2011 Mortgage lender Yorkshire Building Society is to buy the mortgage and savings business of Egg Banking from American bank Citigroup, as Citi continues to sell non-core assets after its bailout during the credit crisis. Yorkshire, owned by its customers, said the Egg businesses it was acquiring comprised of a £2.5bn savings book and a 430 [...]
Yorkshire to buy Egg units from Citi July 25, 2011 Mortgage lender Yorkshire Building Society is to buy the mortgage and savings business of Egg Banking from American bank Citigroup, as Citi continues to sell non-core assets after its bailout during the credit crisis. Yorkshire, owned by its customers, said the Egg businesses it was acquiring comprised of a £2.5bn savings book and a 430 [...]
Call to end referral fees July 4, 2011 Credit rating agency Moody’s yesterday urged UK motor insurers to follow AXA UK’s lead and stop taking referral fees from car injury claims. Moody’s said it believes AXA’s stance on referral fees was good for the industry and increased pressure on its peers to follow suit. The fees have led to a surge in personal [...]
MELTDOWN MONDAY THREE YEARS ON: THE EVENTS OF 15 SEPTEMBER 2008 September 16, 2011 ON 15 September 2008, global markets were thrown into panic mode as US investment bank Lehman Brothers filed for bankruptcy after failing to secure a rescue sale. The announcement kicked off a day of unprecedented corporate chaos in the US – by late morning, Bank of America had agreed to buy struggling Merrill Lynch, and [...]
LORD FINK WARMS UP FOR PARTY MARATHON September 7, 2011 HE HAS survived running the world’s largest hedge fund and managing the books for the Conservative Party. But the test that will really prove the making of Lord Stanley Fink is a 24-hour, country-hopping bender from London to Spain. Next Thursday, Fink and his business associate David Johnstone, who co-founded the luxury brands holding company [...]
LORD FINK WARMS UP FOR PARTY MARATHON September 7, 2011 HE HAS survived running the world’s largest hedge fund and managing the books for the Conservative Party. But the test that will really prove the making of Lord Stanley Fink is a 24-hour, country-hopping bender from London to Spain. Next Thursday, Fink and his business associate David Johnstone, who co-founded the luxury brands holding company [...]
Lloyds pushed into red by insurance mis-selling August 4, 2011 Compensating customers who were mis-sold insurance pushed Lloyds £3.25bn into the red in the first half but the loss was broadly as expected and the bank reiterated its full-year guidance. The banks shares fell by more than five per cent after the announcement. Excluding the £3.2bn Lloyds had already earmarked to cover mis-selling liabilities, the [...]
Lloyds pushed into red by insurance mis-selling August 4, 2011 Compensating customers who were mis-sold insurance pushed Lloyds £3.25bn into the red in the first half but the loss was broadly as expected and the bank reiterated its full-year guidance. The banks shares fell by more than five per cent after the announcement. Excluding the £3.2bn Lloyds had already earmarked to cover mis-selling liabilities, the [...]
Virgin and Resolution ‘circle Northern Rock’ July 28, 2011 Businessmen Richard Branson and Clive Cowdery, founder of insurance takeover specialist Resolution, are expected to be among the bidders for nationalised bank Northern Rock, people familiar with the matter said. Branson’s Virgin Money and Cowdery’s Resolution were likely to make first-round expressions of interest in Northern Rock this week to UK Financial Investments, the organisation [...]