Legal & General’s Nigel Wilson sends slap in the face to Breedon as associates shudder – Inside Track August 13, 2014 Nigel Wilson has hardly put a foot wrong since replacing Tim Breedon, his po-faced predecessor, as chief executive of Legal & General just over two years ago. While investors are happy with the outspoken Geordie, however, his fellow insurance bosses are not – at least not after his latest bombshell dropped yesterday. Confirming [...]
IMA rebrands as The Investment Association and appoints Helena Morrissey as chair June 18, 2014 The Investment Management Association (IMA) yesterday appointed its first female chairman and rebranded the outfit to reflect a recent merger with another trade body. Newton boss and gender diversity campaigner Helena Morrissey, one of the most powerful women in the City, has been appointed to chair the group, which will rebrand as The Investment Association [...]
Investors balk at pub landlord’s debt restructure May 27, 2014 DISGRUNTLED investors wiped almost 30 per cent off the value of Punch Taverns yesterday after the indebted pub company said it is nearing a deal to restructure its £2.3bn debt mountain, which could see it offer bondholders a debt for equity deal. “We’ve made substantial progress with groups including the ABI,” said a person close [...]
Top bondholder group will back Punch debt plan April 7, 2014 INDEBTED pub chain Punch Taverns has finally secured support from bondholders for its plan to push back any upcoming default and extend the window of negotiations for restructuring its £2.3bn debt. Senior bondholders said they would support the extension until 29 August in order to agree a restructuring of the debt by the end of [...]
Essar’s minority investors appeal to UK and India to protect them April 28, 2014 MINORITY investors in Essar Energy have called on the UK and Indian authorities to step in and protect them from the firm’s biggest shareholder, which plans to force the firm off the London stock market. The Association of British Insurers has written to the business secretary Vince Cable and the Indian high commissioner to complain [...]
The shareholder spring is back – but there may be worse to come for CEOs July 16, 2014 This is a rotten year to be a chief executive. The impact of new regulations introduced by the Department for Business has been to rekindle 2012’s “shareholder spring”, with a host of firms feeling the heat as up to 40 per cent of their shareholders opposed policies that could bind pay awards for three years. [...]
Car insurance premiums fall by £30 a month on average in 2014 April 29, 2014 MOTORISTS are enjoying cheaper car insurance premiums as the trend for discounts continues into 2014. Industry body the Association of British Insurers has revealed the results of its latest market tracker, with comprehensive motoring premiums falling by around £30 per month on average. Prices fell by three per cent compared to the same quarter in [...]
Insurers set to take £1.1bn hit after flooding March 12, 2014 THE WETTEST winter on record and flood and storm damage caused as a result is likely to cost the insurance industry £1.1bn, according to the Association of British Insurers (ABI). A total of 17,500 claims were received in the period between 23 December 2013 and 28 February this year; 9,000 from homeowners, 5,400 for flooded [...]
Watchdog was warned by Bank over insurer debacle April 7, 2014 THE CITY regulator failed to respond to calls from the Bank of England to clarify details of a looming insurance probe that wiped billions of pounds off the sector last month, adding renewed pressure to under fire officials yesterday. Representatives from the Prudential Regulation Authority, a division of the central bank, contacted the Financial Conduct [...]
UK residential building enjoys strong February March 20, 2014 HOUSING construction ballooned over the 12 months to February, up by nearly three quarters from the same month last year, and surging back towards pre-crisis levels. According to Barbour ABI, a firm that provides data on the construction sector, house building is the runaway success story of the last year. Though all construction work has [...]