LONDON, Nov 10 (Reuters) – British pension reform hit
annuity provider Just Retirement’s quarterly sales of
individual annuities, the company said on Monday, as it looks to
other products to take up the slack.
Just Retirement, a FTSE 250 company, listed in November last
year, only a few months before the surprise reforms were
announced. The changes that come into effect in April will allow
retirees more freedom on what to do with their pension savings,
with no requirement to buy an income-providing annuity.
LONDON, Nov 5 (Reuters) – Sales at Anglo-South African
financial services group Old Mutual fell in the third
quarter due to weakness in the rand and outflows from
institutional investors, though funds under management rose on
the year, the London-listed firm said in a trading statement on
Old Mutual has been restructuring its business, selling off
some European assets and listing its U.S. asset management arm.
LONDON, Nov 4 (Reuters) – British life insurer and pensions
group Legal & General said it generated 12 percent more
cash in the first nine months of 2014 than a year ago, as
corporate annuity sales helped cushion the impact of changes to
rules for individual savers.
Under reforms announced in the UK budget in March, retirees
no longer need to use their pension pots to buy an annuity,
which gives an income for life, and are free to invest them as
they see fit. Annuity provider L&G has been seen as one of those
most affected by the change.
LONDON, Oct 29 (Reuters) – The unmanned U.S. supply rocket
which exploded shortly after lift-off late on Tuesday was
insured for around $40 million to $50 million of losses,
insurance sources said, though one pinned the loss specifically
at $48 million.
The 14-story Antares rocket, built and launched by Orbital
Sciences Corp, burst into flames moments after blasting
off from the Wallops Flight Facility in Virginia on Tuesday
before plunging back to earth in a ball of fire and smoke.
LONDON (Reuters) – Hedge funds are muscling their way into the market to share the cost of cleaning up after natural catastrophes, but sceptics are questioning whether they will stick around ahead of the next “big one” as underwriting returns fall.
Hedge funds have long been big buyers of insurance-linked securities such as catastrophe bonds, which pay high yields until a disaster hits and make up more than 10 percent of the $570 billion global reinsurance market.
LONDON (Reuters) – Insurer Standard Life (SL.L: Quote, Profile, Research, Stock Buzz) reported strong net inflows in the third quarter but said that changes in British pension rules cut sales of key products and made the outlook uncertain.
The government’s Budget changes in March mean that British savers will be given more access to their pension pots, with no obligation to buy an annuity, with further changes this month making it easier for over-55s to withdraw money from their pension schemes.
LONDON, Oct 23 (Reuters) – U.S. insurer Epic said on
Thursday it had launched Ebola indemnity cover for U.S.
healthcare and emergency workers.
At least 4,877 people have died in the world’s worst
recorded outbreak of Ebola, mainly in West Africa. Three cases
have been diagnosed inside the United States and the spread of
the disease has prompted some insurers to exclude Ebola from
(Reuters) – As fear of Ebola infections spreads to developed economies, U.S. and British insurance companies have begun writing Ebola exclusions into standard policies to cover hospitals, event organizers and other businesses vulnerable to local disruptions.
As a result, new policies and renewals will become costlier for companies opting to insure business travel to West Africa or to cover the risk of losses from quarantine shutdowns at home, industry officials told Reuters.
Oct 21 (Reuters) – Insurers worldwide are going to have to
pay up to a record $800 million to cover the damage done by
attacks on airplanes this year, driving prices up and drawing
rivals into the market.
The hefty bill dwarfs the $60-$90 million in income insurers
received last year to cover the incidents, which have included
the downing of Malaysia Airlines’ MH17 passenger jet in Ukraine,
and could mean some bow out of the market if the price increases
are not enough to stay profitable.
LONDON, Oct 17 (Reuters) – Financial services group Old
Mutual’s wealth arm said on Friday it would buy money
manager Quilter Cheviot from European private equity house
Bridgepoint, strengthening its focus on richer customers.
The 585 million pound ($941 million) purchase brings Old
Mutual Wealth’s assets under management to 92 billion pounds
($148 billion), a rise of more than 20 percent.