Hiscox insurance portfolio manager Alec Foster says the 68m fund’s recent performance has been driven by the benign US hurricane season.Foster says many insurers took evasive action after destructive hurricane seasons in 2004 and 2005 by increasing premiums. The 32-stock fund has a 40 per cent weighting in reinsurance and Foster says it has benefited from its UK motor insurance holdings, which were boosted by the prolonged good summer weather, resulting in fewer accidents. Foster added Admiral last month to its existing holdings with motor insurance exposure, including Aviva, Chaucer and Amlin. Hiscox’s Aviva subsidiary is set to increase premiums by an average of 16 per cent in the coming year, further boosting profitability. The fund is up 11.3 per cent over three months compared with the specialist sector average of 4 per cent. Foster says: “Even if the hurricane season had been nasty, the evasive action insurers have taken would have meant good results anyway. The benign season is an added bonus.”
High exit fees are not a problem as long as the mortgage itself is good value, says John Charcol senior technical director Ray Boulger. He believes that a good deal will often mean an exit fee will not be triggered as the borrower will stay with the lender. Boulger’s comments come after new lender ING […]
The Midland Bank was once regarded as the Listening Bank but today it can be applied more deservingly to HBOS which is winning graciously and seems unencumbered by arrogance, vanity or complacency.
Resolution Asset Management has completed its search for a third senior European equity team member by recruiting Singer and Friedlander head of European equity Ian Ormiston.Ormiston joins European team head Adrian Darley and Jonathan Fearon who both arrived recently after resigning from Gartmore in the Summer.Tim Callaghan was originally earmarked to head up Resolution’s new […]
Swiss Re has bought GE Life for £465m, following months of speculation surrounding the future of the life office and equity release specialist.GE Life will continue to write new business through financial advisers, under a new brand name to be announced in 2007. Swiss Re will acquire around 400,000 policies with total assets of approximately […]
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The majority of providers are failing to ask customers how likely they are to access their pensions, according to FCA data. The FCA yesterday published data on its website about pension decumulation coming out of its 2017 Financial Lives Survey. The data, which looks at all adults planning to access their defined contribution pensions in […]
Clients cannot always rely on pension providers to follow their wishes when it comes to beneficiaries on death Headlines earlier this year drew attention to a startling statistic that 750,000 people coming up to retirement are at risk of their pension being passed on to an ex-partner when they die because they have not updated […]