With Angelique Ruzicka
As we went to press this week, Chaucer was the only FTSE-listed insurer on our watch list to have recorded a large share price increase – 17.21% to 63p over the week (right). Speculation is rife that the company is up for grabs and that an old suitor, Amlin, is knocking on its door, something both deny.
It is also rumoured that Lloyd’s insurers are struggling to raise capital – hardly surprising in the current environment. A source told me they would probably look for a straight equity placing from fund managers. “It isn’t a secret that the sector would like more capital if they can get it,” he said. “But they would have to come up with a pretty good case on how they would invest the money.”
Also this week, Aviva’s share price rose 23.44% to 296.25p, while Pru’s jumped 10% to 324.5p.
Even the banks had a good time. Shares in Barclays rose 11.74% to 163.7p and shares in Lloyds TSB increased 10.74% to 149.50p. Royal Bank of Scotland enjoyed a rise of 6.69% to 54.2p a share. Perhaps the market is warming up to the bank’s pledge to give at least six months breathing space to homeowners struggling with mortgage payments.
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.
