Hints and tips:
...The new syndicate was announced on the day of its full-year results, which confirmed its best underwriting performance since 2007....
...It is telling that in their hour of need, troubled banks like Citigroup in 2007 and Lloyds in 2009 should have turned for leadership to a man schooled in the values of a different age....
...Overlaps have a mixed history at Lloyd’s: in the so-called LMX spiral in the late 1980s, the practice of Lloyd’s syndicates reinsuring each other on the same risk spectacularly blew up after a series of...
...So they turn to a big deal banker, Sir António Horta-Osório, who was knighted for his turnaround of Lloyds Bank after the financial crisis in the UK....
...The Lloyd’s of London commercial insurance market publishes combined results data for its syndicate members on Thursday....
...This year, the FRC has fined KPMG £4m for its 2009 audit of the Co-operative bank and a further £6m for misconduct in its work for a Lloyd’s insurance syndicate between 2007 and 2009....
...The FRC said on Thursday that Mr Rakow had provided actuarial services to ESML from 2007 to 2009 and that he had “admitted misconduct in relation to the 2008 and 2009 years”....
...BTG has bought a range of businesses, stretching from a Lloyd’s of London reinsurance syndicate (Ariel Re) to a Brazilian gym business (BodyTech). Most are now effectively up for sale....
...It followed in the footsteps of Lloyds, Crédit Agricole, ING and Société Générale, which all issued samurai bonds in June....
...This is twice as many as the pre-crisis average: in 2007 when there was an average of 1.6 bookrunners for every deal....
...Lloyd’s text is joined by the latest meadow thoughts from Fergus Garrett, who is now chief executive of the Great Dixter Charitable Trust....
...(Does this also sound familiar to the collateralised debt obligation markets of 2007?)...
...“The big funds have gathered their own momentum,” says Jon Beckett, a fund buyer for Lloyds Banking Group....
...Mr Gildersleeve was chairman of New Look Group from 2009-2011, EMI Group from 2004-2007, a non-executive director of Lloyds TSB from 1994-1997 and Vodafone from 1998-2000....
...Both the KBC and Barclays issues differ from the type of cocos that were developed after the 2007-08 crisis for banks such as Lloyds to boost capital, which were designed to convert to equity should a pre-agreed...
...Lloyd’s of London has censured a member syndicate for the first time in almost a decade after uncovering failings in the way it managed its financial reserves and claims payments....
...However, until a meeting earlier this week, it did not have enough support from the 20-strong lender syndicate to restructure the group....
...The industry has since been growing rapidly, with competition from international insurers and reinsurers, such as Swiss Re, Zurich Financial, syndicates from Lloyd’s of London, US-based Chartis and others...
...The insurance market’s conservative investment strategy, heavy in government and corporate bonds, saw it chalk up annual returns of 5.6 per cent in 2007, 2.5 per cent in 2008 and 4 per cent in 2009....
...In the UK, Lloyds TSB put down $21.9bn to take over HBOS....
...The product, which is underwritten by a specialist Lloyd’s syndicate and backed by insurance broker Miller, is being sold through surgeons who are members of BAAPS....
...David Postings, who joined the group as chief executive in September 2007 after a career in banking with Lloyds TSB and Barclays, has taken charge of Welcome....
...Under the terms of the settlement, Lloyd’s syndicate 382 operated by Hardy Underwriting will pay €8.5m, while Lloyd’s syndicate 9235 operated by Atrium willpay €7.6m, the two largest pay-outs....
...The combined HBOS-Lloyds group was the biggest member of the banking syndicate and will end up with the largest single stake in the company, although the 50 per cent equity holdings owned by HBOS’s Uberior...
...The leading senior lenders include HBOS, HSBC and Lloyds. HBOS and Sir Tom are also shareholders of retirement home builder McCarthy & Stone....
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