When compiling a list of who commands the most power in financial markets, some decisions are easier than others. Jamie Dimon is an obvious choice—he heads the world’s most valuable bank, after all. Same goes for Zhou Xiaochuan, because when you run the People’s Bank of China, moving markets is part of the job description. You’ll find both […]

Specialist insurance market Lloyd’s of London is close to announcing whether it is considering relocating part of its operations if the UK loses vital passporting rights as a result of the Brexit vote. Chairman John Nelson told City A.M. he was “hopeful” the UK could strike a deal with the rest of the EU to preserve […]

Aviva has sold its entire stake in Aim-listed Lighthouse Group. According to a spokesman for Aviva, the financial services giant has held around a 4 to 5 per cent stake in the intermediary business for a number of years. That stake increased to 8 per cent this summer. The spokesman for Aviva said the stake in […]

Insurance behemoth Lloyd’s of London has issued another stark warning over the fallout from the UK’s vote to leave the EU as its underwriting profits slipped in the first six months of the year. The figures Lloyd’s, the home of London’s insurance market, reported pre-tax profits of £1.46bnin it half-year results out this morning. That was 22 […]

Start-up Lemonade to give away any money not used to pay claims. Lemonade, which is due to launch with home insurance in New York, is one of a clutch of so-called peer-to-peer insurers. The company will ask customers to nominate a charity when they buy a policy. It will then pool the premiums of everyone who has chosen […]

The London insurance market shouldn’t keep cutting rates to secure business because it may not be adequately pricing the risk it is taking on, the Bank of England said. The key challenge for the industry, which has endured 10 years of falling prices, is to avoid “the winner’s curse of underpricing,” David Rule, the Prudential […]

Britain’s shock vote to leave the European Union has not dented demand for holidays among Britons over 50 years old, travel and insurance firm Saga said on Wednesday. Saga, which offers ocean and river cruises, singles holidays and escorted tours, said a poll of its travel customers showed 99 percent of them were not reconsidering […]

Old Mutual Wealth has denied reports that it is considering cancelling a planned initial public offering due to the spiralling costs of a platform technology change. A Bloomberg report published yesterday claimed the cost of moving the Old Mutual Wealth platform to technology provided by IFDS meant South African parent company Old Mutual was considering selling the business. […]

SINCE it voted to leave the European Union in late June, Britain’s economy has not imploded. The FTSE 250, its main domestically focused stock index, is above its pre-referendum level. The pound, after a few torrid days of trading immediately after the vote, has stabilised. Polls suggest that few Brexiteers regret their vote: indeed, many […]

Old Mutual Plc, Africa’s largest insurer, may drop plans for a listing of its U.K. wealth management unit because of escalating costs from an upgrade of its investment platform, according to a person familiar with the matter. While managers at Old Mutual Wealth want to proceed with an initial public offering, executives at the group […]