New Lloyd’s syndicate
Chaucer will manage a new syndicate, Antares, on behalf of Lightyear Capital, a New York private equity firm, and a German insurer. Antares Syndicate 1274 will begin writing speciality business for the 2008 year of account with a capacity of £135m.
Benfield bid ruled out
A current friendly bid for Benfield Group was ruled out after a senior executive at the broker, Robert Bredahl, sold nearly £800,000 of shares this week. He sold his entire shareholding of 260,419 shares at 305.25p, according to a stock exchange announcement. The sale meant that a friendly bid for the company was not currently taking place. Last week, it was reported that Goldman Sachs’s talks with Benfield over a £700m bid had broken down.
Smat & Cook profit surge
Smart & Cook announced operating profits [before goodwill] of £8.22m for the year ended April 2007, an increase of 107% on the previous year. Revenues were up by 41% from £26.98m to £38.15m. Pre-tax profits stood at £4.16m, up from £1.14m last year.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
