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Zurich doubles terror attack loss estimate

Zurich Financial Services is now estimating its losses from the US terrorist attacks are between $700m to $900m, up from its $400m estimate shortly after the attacks.

This is the largest loss ever experienced by the company. Its US direct non-life and reinsurance businesses will bear the brunt of the costs.

Zurich is warning of further income falls through lower capital gains and investment income, as well as reduced earnings businesses linked to equity markets such as asset management and life insurance.

But the group says it is financially strong enough to match the losses.


Swiss Re sees role for CAB

Citizens&#39 Advice Bureaux should give independent financial advice from a league of retired financial services personnel, says Swiss Re&#39s response to the Sandler review.It says market consolidation in financial services has resulted in employees with many years of service and experience retiring and the firm feels that many of these people could play a useful […]

First National Asset Finance picked to aid network firms

Bankhall has chosen First National Asset Finance as its first-choice supplier of asset finance to help members offer additional services to clients.First National, part of the Abbey National Group, provides funds to help small to medium-sized companies, including IFAs, invest in assets such as IT equipment to expand their business.It said the deal with Bankhall, […]

L&G cuts terminal bonuses by 7.5 per cent

Legal & General is cutting terminal bonuses on most with-profits policies by around 7.5 per cent to reflect stockmarket falls. Annual bonus rates remain unchanged and will be reviewed at the year end. L&G says these cuts will bring maturity payouts with underlying assets. The maturity payout on a 10 year endowment for a male […]

Walter Merricks

Lives: Highgate, North LondonBorn: June 4, 1945, in East SussexAge: 56Education: Bradfield College, Berkshire and Trinity College, OxfordCareer to date: Director of Camden Community Law Centre, Writer for New Law Journal, Head of Communications at the Law Society, Insurance OmbudsmanCareer Ambition: “Very happy with whatI am doing now, thank you.”Life ambition: “To win the tennis […]

How to balance bottom-up with top-down research in constructing multi-asset credit portfolios

In this short video, Azhar Hussain, head of global high yield at Royal London Asset Management, explains how his team balance bottom-up with top-down research in constructing multi-asset credit portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up […]


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