Motor insurer’s IPO could ignite the market September 16, 2015 Hastings’ float is putting the spark back into personal lines THE PERSONAL lines insurance market has been the less sexy relation to its commercial cousins in recent months. Zurich and RSA are dancing around the idea of a union, following the marriage of Aviva and Friends Life, not to mention XL Group’s successful play for [...]
US probe into Fifa corruption set to expand as Swiss investigators study 121 bank accounts September 14, 2015 The US investigation into corruption at Fifa shows no sign of slowing down, with further arrests expected to be made. Read more: Fifa sponsors Visa, McDonald's and Coca-Cola come together to demand change at football's governing body US attorney general Loretta Lynch, who heads the US Department of Justice (DoJ) probe into Fifa, confirmed today [...]
Zurich calls on government to apply 33 per cent flat rate of pension tax September 13, 2015 The government should introduce a 33 per cent flat rate of pension tax relief to convince more people to save for retirement, insurance group Zurich has claimed today. The firm said a flat rate is a “long-term solution that gives consumers the certainty they need to save”. Research conducted by YouGov for Zurich has shown [...]
George Osborne: The EU needs the City of London to be successful in business September 9, 2015 The success of the Square Mile is of paramount interest to the European Union and the Eurozone, chancellor George Osborne told peers yesterday. “The health of the City is an EU and Eurozone interest,” Osborne told the Lords Economic Affairs Committee. But responding to a question from Lord Kerr of Kinlochard, Osborne also [...]
Mergers and aquisitions defy stormy global financial markets as M&A deals involving UK firms jump past £260bn September 9, 2015 Businesses pushed ahead with billions of dollars’ worth of mergers and acquisitions (M&A) yesterday, unperturbed by recent volatility that has shaken global markets. Deals involving UK firms jumped past the $400bn (£260bn) mark for the year to date as takeover Tuesday gripped the City. PaddyPower and Betfair agreed a £6bn merger; Cinven revealed [...]
RSA Insurance Group’s share price climbs as it sells Latin America business to Suramericana for £403m September 8, 2015 Insurance group and takeover target RSA has sold its Latin American arm for £403m cash. The business, which is currently being wooed by Zurich, has inked the deal with Suramericana, the insurance subsidiary of Grupo de Inversiones Suramericana – more commonly known as Grupo Sura. RSA Latin America had total assets of £1.34bn [...]
JP Morgan Cazenove stays ahead of rival Bank of America Merrill Lynch in top broker battle August 31, 2015 JP Morgan Cazenove’s capture of Barclays’ coveted broking mandate has helped the investment bank stretch its lead at the top of the latest adviser rankings. The bank, which brokers giants like Vodafone and Standard Chartered, has 34 FTSE 100 clients, seven more than its nearest rival Bank of America Merrill Lynch, according to the [...]
City Moves for 27 August 2015 | Who’s switching jobs August 26, 2015 Nomura Asset Management Andreas Koerner has been appointed head of marketing and client relations for Europe, the Middle East and Africa. He has worked for Nomura Asset Management Germany, where he is chief executive, for almost 12 years. ANV Underwriters The specialty insurance group has appointed Christina Lippert as underwriting manager, professional lines, commercial, Europe. [...]
FTSE buoyant as China reassures global investors – London Report August 26, 2015 AFTER China cut interest rates to calm markets, Britain’s top share index posted its biggest one-day rise since 2011 yesterday, following turbulence that has rocked equities globally. The FTSE 100 rebounded, rising 182.47 points, or 3.1 per cent, to 6,081.34 points by the close after dropping to its lowest level since 2012 in the previous [...]
What’s next for Stephen Hester? August 25, 2015 WITH Zurich’s takeover of RSA looking increasingly likely, the question remains: What happens to Stephen Hester? Hester, the former boss of RBS, became chief executive of RSA in February 2014. Since then, he has led an ambitious turnaround plan for the ailing insurer, raising capital, reorganising the business and building investors’ trust – despite multiple [...]