US insurer Metlife appoints new boss after stock slumps following spin-off January 8, 2019 US insurer Metlife today appointed one of its senior employees as chief executive to take over from the current holder of the role Steve Kandarian. Michel Khalaf, the head of the company’s US and Europe, Middle East and Africa business, will take the reins from 1 May when Kandarian retires. Kandarian has led Metlife for eight [...]
Rothesay plans £3.5bn takeover of Swiss Re division January 5, 2019 Insurance company Rothesay Life is planning a £3.5bn takeover bid for a unit of Swiss Re, derailing plans to list it on the stock market. Rothesay approached reinsurance firm Swiss Re a few weeks ago about the possibility of buying ReAssure, the company's British closed books division, according to Sky News. The company plans to a make a [...]
Lloyd’s of London prepares for Brexit with new European team December 20, 2018 Lloyd’s of London has appointed a team to head up its Brussels hub as the insurance giant seeks to insure itself against Brexit. Sonja Rottiers takes over as chief executive of newly formed Lloyd’s Brussels. She will be joined on the board by new chairman Michel Flamée, a former board member of the National Bank of [...]
Fires and explosions cause largest value losses for businesses and insurers globally December 13, 2018 Fires and explosion are the cause of the largest claims for insurers and the businesses they cover. Analysis of over 470,000 global insurance claims from 2013 to 2018 with a value of €58bn (£52bn) by insurer Allianz Global Corporate & Specialty shows the largest financial losses come from fires and explosions. Over the past five [...]
Legal & General hires bankers to sell its general insurance business December 12, 2018 Legal & General has appointed an investment bank to sell its general insurance arm. According to Sky News, L&G has hired Fenchurch Advisory Partners to sell the business in a deal that could be valued at more than £300m. L&G previously tried to dispose of its general insurance arm three years ago, but that attempt [...]
Royal London chief executive to step down by the end of 2019 December 11, 2018 Life insurer Royal London’s chief executive Phil Loney is set to step down by the end of 2019, the company said today. Loney is standing down to concentrate on charity work in the international development sector and helping people with learning difficulties. He joined the insurance and pensions mutual in 2011 during which time it [...]
Royal London to appoint Standard Life Aberdeen board member Kevin Parry as chairman December 10, 2018 Royal London will appoint Standard Life Aberdeen board member Kevin Parry as its chairman this week. The company is set to announce that Parry will replace former Bank of England deputy governor Rupert Pennant-Rea, who has been in the role for five years, Sky News reported. The appointment will see Parry step down from his role [...]
Own, loan, or Drover: How the subscription economy is shaking up the car industry December 7, 2018 Felix Leuschner looks far too young to have founded three successful businesses. This German-born entrepreneur was just 23 when he launched what became Europe’s largest marketplace for gaming goods, where players could trade virtual products. After selling that company just nine months later, he moved to London and started a fast-fashion website called Stylistpick, collaborating with [...]
Debate: Do we need more regulation to tackle late payments to SMEs? December 7, 2018 Do we need more regulation to tackle late payments to SMEs? Yes – Jordan Marshall is policy development manager at IPSE. SMEs represent 99.9 per cent of all private sector businesses. Included in this figure are 4.8m self-employed people – the UK’s smallest enterprises. A report from MPs this week exposed the shoddy practices of [...]
Michael Spencer buys $52m controlling stake in life insurance startup Singapore Life December 6, 2018 Veteran investor Michael Spencer is to invest $52.7m (£41.3m) in insurance startup Singapore Life, in a deal that gives him command over the company. Spencer’s investment company IPGL has acquired a 33.8 per cent stake in the startup from Chong Sing Holdings, a Hong Kong-based financial group, bringing his total stake to 63.2 per cent. The [...]