Profit up 128% at LV=
Operating profit at LV= soared to £62.8m in 2008, up 128% from £27.5m in 2007. Gross premium rose 38% to £917m, from £665m in 2007. But International Financial Reporting Standards loss after tax was £202m, down from a £50m profit in 2007. LV= attributed the loss to “short-term investment fluctuations”. Mike Rogers, chief executive of LV=, said: “Our focus on high-quality, long-term investments has allowed us to maintain our relatively strong investment performance.”
HSBC in $3bn Madoff suit
The British bank HSBC and the accountants Ernst & Young and PricewaterhouseCoopers are being sued for $3bn (£2.1bn) by investors in offshore hedge funds who fell victim to Bernard Madoff, according to press reports. The class action filed in New York is the latest in a line of suits brought by those who lost money to Madoff.
Bolt to succeed Tolle
Tom Bolt has been appointed underwriting performance director at Lloyd’s. He will take up the post in early autumn, replacing Rolf Tolle, who will retire at the end of the year. Bolt was previously managing director of Marlborough Managing Agency.