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UK P&I Club seeks to raise £50m through hybrid capital

UK Protection and Indemnity Club has unveiled its plans to launch its first hybrid capital calling of £50m.

The London-based mutual insurer, which insures the third-party risks of ships, made the stark announcement as it prepares to increase its solvency requirements inline with new European Union Directive coming into force in 2012.

The Club, which has already secured commitments from a small number of members, hopes the capital raising will provide an additional safeguard against any future requirement to increase solvency capital.

Standard & Poor’s is expected to assign a BBB+ rating to the capital securities, while
UBS is lead manager, bookrunner and structuring advisor.

The capital securities are to be listed on the London Stock Exchange.


Societies warn of advantage to Rock

The Building Societies Association has written to the European Commission expressing concern that Northern Rock has an unfair competitive advantage due to its Government guarantee.

‘Pull something special out of the hat’

Specialist funds that focus on specific themes and investment opportunities are the key to producing positive returns in difficult market conditions, says M&G multi-manager David Jane.

Path finders

There are both advantages and disadvantages to being detached from a major investment house when it comes to commenting on the likely outcome of differing market scenarios. You are no longer constrained by the house view and are able to tell it as it is. However, seldom does a distinct line emerge from all the comment, putting the responsibility of coming up with a clear message back on you.

FSA took on crucial role in B&B crisis

The FSA was forced to co-ordinate the rescue of Bradford & Bingley by its four biggest shareholders after private equity firm Texas Pacific Group withdrew from its £179m cash injection last week.


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