Amlin bounces back thanks to fewer disasters August 20, 2012 INSURER Amlin yesterday reported stronger than expected profits after the firm enjoyed six months without any major catastrophes. The Lloyd’s of London firm reported first half pre-tax profits of £184.5m against a loss of £192.3m for the same period last year. “This is a welcome return to profit and the strength of our underwriting result [...]
Few disasters as Hiscox appoints new chairman July 30, 2012 INSURER Hiscox returned to profit in the first half of this year, assisted by the absence of major disasters, the firm announced yesterday. The Bermuda-based firm made a pre-tax profit of £125.8m against a loss of £85.6m for the same period last year. “The lack of catastrophes has helped but but there has been a [...]
Omega backs Haverford offer October 20, 2011 Insurance entrepreneur Mark Byrne pulled ahead in the race to buy Lloyd’s of London insurer Omega after Omega and its top shareholder backed his offer, prompting his main rival to withdraw. Omega, at the centre of a three-way takeover battle since mid-June, will pursue the offer from Byrne’s Haverford investment vehicle as the support of [...]
Omega backs Haverford offer October 20, 2011 Insurance entrepreneur Mark Byrne pulled ahead in the race to buy Lloyd’s of London insurer Omega after Omega and its top shareholder backed his offer, prompting his main rival to withdraw. Omega, at the centre of a three-way takeover battle since mid-June, will pursue the offer from Byrne’s Haverford investment vehicle as the support of [...]
WOOTTON’S ON TOP OF THE WORLD June 21, 2012 ONE hundred people, including the Lord Mayor’s daughter Sophie Wootton (pictured), took part in an abseil down the side of the Lloyd’s building for the Lord Mayor’s Appeal on behalf of the Trauma Unit at the Royal London Hospital.
WHAT THE OTHER PAPERS SAY THIS MORNING July 12, 2012 FINANCIAL TIMES Co-op nears cut-price Lloyds deal The Co-operative Group is close to agreeing final terms with Lloyds Banking Group to buy 630 of its branches in a deal expected to be struck at a steep discount to the previously mooted £1.5bn price tag. But Lloyds, 40 per cent owned by the government, would be [...]
Another banking scandal was the last thing the City needed August 6, 2012 JUST when it felt as if it couldn’t get any worse for the City, it is now Standard Chartered’s turn to be engulfed in a major scandal. The bank – which didn’t need a bailout and is hugely successful thanks to its emerging market focus – stands accused by US regulators of having deliberately ignored [...]
Scandal is devastating blow to every bank July 1, 2012 IN THE bad old days of 2007 and 2008, at 11am each day, we’d wait with mounting anticipation for the London Interbank Offer Rate (Libor). Queues formed outside branches of Northern Rock, HBOS, RBS and Lloyds teetered on the edge of unsustainability, and we (foolishly) looked to Libor to tell us quite how bad things [...]
Eurozone action helps stem bank losses June 29, 2012 The FTSE 100 rose this morning as a string of measures aimed at patching up the Eurozone injected more confidence into markets. Leaders of the bloc agreed to take emergency action to bring down Italy and Spain’s surging borrowing costs, create a single supervisory body for eurozone banks, and enable the bloc’s ESM bailout fund [...]
FTSE breaks four-day losing run as Draghi’s speech boosts mood July 26, 2012 BRITAIN’S top share index rose yesterday after European Central Bank president Mario Draghi pledged to act if needed to preserve the euro, boosting sentiment among investors hoping for a fresh round of stimulus. Speaking at an investment conference in London, Draghi said the central bank was ready to do whatever it takes within its mandate [...]