Bargain hunters push markets into recovery mode March 17, 2011 The FTSE rallied to an upbeat close after a six day fall, spending the day “in recovery mode”, analysts said. The FTSE 100 closed up 1.75 per cent at 5,696.11 as investors moved back into oversold stocks, with commodity stocks and chipmakers leading the gains and only six of its constituents closing lower. Stockbroker UBS [...]
Japan’s insured loss may surpass $60bn March 14, 2011 JAPAN’S tsunami damage may cost insurers more than $60bn (£37bn), and lead to premiums rising for the first time in years, analysts said yesterday. Reinsurers such as Swiss Re and Munich Re are likely to consider this a “one-in-200-year” event, which would mean they face losses of up to €2bn (£1.7bn) each. The losses are [...]
Japan’s insured loss may surpass $60bn March 14, 2011 JAPAN’S tsunami damage may cost insurers more than $60bn (£37bn), and lead to premiums rising for the first time in years, analysts said yesterday. Reinsurers such as Swiss Re and Munich Re are likely to consider this a “one-in-200-year” event, which would mean they face losses of up to €2bn (£1.7bn) each. The losses are [...]
Catastrophes send Hiscox’s profit reeling February 28, 2011 LLOYD’S insurer Hiscox yesterday attributed a 34 per cent fall in its 2010 pre-tax profit to devastating earthquakes in Chile and New Zealand. Full-year profit slid to £211.4m from £320.6m in 2009 as disaster claims rose to £165m in the year. “Mother Nature has well and truly tested us this year,” chairman Robert Hiscox said. [...]
Catastrophes send Hiscox’s profit reeling February 28, 2011 LLOYD’S insurer Hiscox yesterday attributed a 34 per cent fall in its 2010 pre-tax profit to devastating earthquakes in Chile and New Zealand. Full-year profit slid to £211.4m from £320.6m in 2009 as disaster claims rose to £165m in the year. “Mother Nature has well and truly tested us this year,” chairman Robert Hiscox said. [...]
Levene says Solvency II to cost Lloyd’s £300m January 26, 2011 THE Lloyd’s of London insurance market expects to pay £300m to implement stringent new capital requirement rules for insurers, its chairman Lord Levene (pictured) said yesterday. Levene criticised the additional burden placed on insurers by the Solvency II rules, imposed by European lawmakers to require insurers to hold more capital to cover the risks they [...]
Topaz eyes a London listing to raise £311m March 16, 2011 DUBAI-based oilfield services firm Topaz Energy and Marine plans to raise $500m (£311m) in a London listing. The firm, which is part of Oman’s Renaissance Services, is likely to power into the FTSE 250 if the listing is successful, with a market capitalisation of $1.7bn. Topaz has set a price range of 170p per share [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 4, 2011 FINANCIAL TIMES LIBYAN REBELS SET FOR FIRST CRUDE EXPORTS Libyan rebels are set for their first oil export as soon as Tuesday as they seek funding to sustain their uprising against Muammer Gaddafi’s rule. The Liberia-flagged Equator tanker was off Port Said, Egypt, early on Monday and is expected to dock at the Marsa el-Hariga [...]
JLT sees soft rates ending March 1, 2011 INSURANCE broker Jardine Lloyd Thompson (JLT) pushed into emerging Asian and Latin American markets to deliver double-digit profit growth in 2010, it said yesterday. JLT beat market expectations with underlying pre-tax profit growth of 24 per cent, to £130.1m from £104.8m in 2009. Underlying earnings per share rose 20 per cent to 40.5p from 33.8p [...]
Virus hits LSE website after trading glitch February 27, 2011 THE LONDON Stock Exchange (LSE) last night said it hoped for a week of glitch free trading following last week’s high profile closure. Although it could not promise there would be no problems, it pointed to the successful reinstatement of its trading system on Friday afternoon. A spokesperson said: “The problem was fixed and the [...]