CITY MOVES | WHO’S SWITCHING JOBS April 17, 2011 Halifax Share Dealing The execution-only broker has confirmed Damian Stansfield as its new managing director. Stansfield moves from Lloyds Banking Group, where he held the position of risk director for direct channels and group marketing. In his new role, Stansfield will be responsible for the day-to-day management of Halifax Share Dealing and strategic development of [...]
CITY MOVES | WHO’S SWITCHING JOBS April 14, 2011 Lloyds TSB Commercial Finance Andrew Gaunt has been promoted to associate director of Lloyds TSB commercial finance’s business development team in the North East and Yorkshire. Gaunt moves from the lender’s large and major corporates team in the region, where he has spent the last five years as client manager, looking after a combined review [...]
Just three weeks to go to get your entries in for the City’s best awards April 12, 2011 THERE are just three weeks left to get those entries in for City A.M.’s second awards ceremony where we will be celebrating the best of London’s financial business community and its most successful individuals and firms. Anybody present at last year’s inaugural ceremony will bear testimony to the fact that the City A.M. awards have [...]
FTSE falls with investors still cautious ahead of US results April 14, 2011 BRITAIN’S top share index fell yesterday, led by Reckitt Benckiser after the company said its chief executive was retiring, and with banks weaker on renewed worries about sovereign debt levels. The FTSE 100 fell 46.64 points, or 0.8 per cent, to 5,963.80, its lowest close since 31 March. The index is up 1.1 per cent [...]
Gulliver’s off to quiet start at HSBC May 11, 2011 IN the ever changing world of banking, it was the turn of HSBC’s new chief executive Stuart Gulliver yesterday to inform investors of his bank’s strategy for the future. In recent weeks, both Bob Diamond of Barclays and António Horta-Osório of Lloyds Banking Group, have had a turn at imposing their personalities at their new [...]
AIG’s Chartis sells $3.5bn asbestos risk April 20, 2011 WARREN Buffett’s Berkshire Hathaway struck a deal with US insurer American International Group (AIG) yesterday to take a package of high-risk asbestos insurance policies held by AIG subsidiary Chartis off its books. AIG has paid Berkshire-owned National Indemnity, the US’s largest reinsurer, $1.65bn (£1bn) for a retroactive insurance policy that will cover up to $3.5bn [...]
Insurers wage war on Europe April 4, 2011 EUROPE’S insurance industry issued a stark warning to EU lawmakers yesterday that draconian new regulation would have “dire consequences” if implemented in its current form. In an uncharacteristically outspoken protest, Europe’s four major industry bodies signed a joint letter to EU commissioner Michel Barnier objecting to onerous new capital requirements imposed by Brussels. The unprecedented [...]
The man who’s locking horns with indecisive EU regulators April 17, 2011 MENTION Brussels to any senior London-based insurer and you will always get the same reaction: anger and exasperation. With just over 18 months to go before the introduction of Solvency II, the insurance industry’s equivalent of the new Basel III banking rules, European regulators have still not produced a framework that properly reflects the business [...]
Apollo raises bid for Brit Insurance July 28, 2010 Brit Insurance has said Apollo Management had raised its takeover bid to £10.75p a share, valuing it at about £850m ($1.32bn), and that it has opened its books to the US buyout firm. The Lloyd’s of London insurer had rebuffed an improved takeover proposal of £10.50p per share earlier this month, up from Apollo’s original [...]
Apollo raises bid for Brit Insurance July 28, 2010 Brit Insurance has said Apollo Management had raised its takeover bid to £10.75p a share, valuing it at about £850m ($1.32bn), and that it has opened its books to the US buyout firm. The Lloyd’s of London insurer had rebuffed an improved takeover proposal of £10.50p per share earlier this month, up from Apollo’s original [...]