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...The company says it still has “reinsurance relationships with some non-Russian entities”. The company is part owned by the Italian insurer Generali, but its stake has been “frozen” since the invasion....
...While a couple of hundred of these still hold unlimited liability, new Names typically have limited liability....
...“Some companies are still paying significant dividends while failing to meet their environmental targets, having unacceptable combined sewer overflow spills and being subject to ongoing legal cases,” Coucher...
...London was “still . . . very investable” despite Brexit and political instability, he added....
...The proposed revamp to its cash cow search engine would mark the first time the company has put any of its core product behind a paywall, and shows it is still grappling with a technology that threatens...
...Recent flooding claims exposed policies that covered flood damage “depending where the water came from”, Hielkema said, which was “completely not understandable” for consumers....
...Regulator Ofwat is still considering that plan, and is set to publish a draft ruling on June 12 and a final assessment by the end of the year....
...Thames Water still needs to find more than £3bn in equity to cover a five-year business plan required by the UK regulator to fix chronic leaks and sewage spills....
...The rising cost of home insurance and motor insurance has exacerbated cost-of-living pressures on households....
...The £1.3bn of so-called class B debt, which is still inside the ringfence but has a lower-ranking claim on the company’s cash flows, could be hit with even deeper 35-40 per cent impairments....
...Further complicating matters, specialised insurance firms have also written contracts protecting some bondholders from a default....
...The flood maps that Fema uses to set premiums for its federally underwritten National Flood Insurance Program — which is how most Americans get flood insurance — are outdated....
...Other water companies have high gearing too, built up in the decades since their 1989 privatisations....
...This is the beginning of the end for Thames Water in its current form. The process will still be tortuous and lengthy. nathalie.thomas@ft.com...
...Are you still confused by Thames Water, as the UK’s largest water utility circles the drain?...
...The culture still needs improvement. But it met its short-term goal of filling 35 per cent of leadership roles with women....
...The group’s hiring strategy got it into hot water last year when it accepted that it, and certain executive officers, had “engaged in unlawful recruitment” of about 30 employees from reinsurance broker Guy...
...The company said it still hoped to agree a business plan with Ofwat that was “affordable for customers, deliverable and financeable for Thames Water, as well as investible for equity investors”....
...The ongoing saga involving the UK’s largest water company took a new turn yesterday after Thames Water said its shareholders were unwilling to stump up £500mn of fresh equity....
...It is time for investors in private companies like Thames Water to take a more scientific view of asset pricing....
...richard.waters@ft.com...
...Debt is secured by share pledges on the opco vehicle, Thames Water Ltd, so insolvency could mean lenders take possession of a big water company no one wants....
...After the water was pumped out, Anwar had to dispose of 10,000 books spoiled by sewage water, which was not covered by insurance....
...Thames Water said its shareholders would no longer provide £500mn of fresh equity by the end of the month, noting that conditions imposed by the industry regulator made the company’s business plan “uninvestable...
...The next potential trigger is a £190mn lending facility at its ultimate parent company, Kemble Water. It requires repayment in April....
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