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John Makinson, a director at the publisher Pearson and chairman and chief executive of its book publishing arm Penguin, has pocketed £2.2m from the sale of shares in the company. He sold 200,000 Pearson shares at 1,106p a time leaving him with 402,815 shares. Makinson was finance director of Pears
Read moreSpecialist insurance group Novae today provided a preliminary assessment for the cost of the multiple natural disasters which occurred in the first quarter of 2011, in Australia and Japan. As such, it has also warned that any current assessment is subject to change as more information becomes availa
Read moreF&C Asset Management chairman Edward Bramson's investment vehicle SIGA LP has acquired more shares in the asset management company. Bramson was appointed chairman of F&C last month after a shareholder coup removed the previous incumbent, along with another non-executive, and appointed three new di
Read moreShares in Lloyd's insurance group Novae moved close to a 52-week high after the group said it expects full year profits to be ahead of current market consensus. The group, which has announced the closure of one of its syndicates and the roll-up of two others into Syndicate 2007, the group's ongoing
Read moreSpecialist insurance group Novae has maintained progress across the group since the time of its interim results, chief executive Matthew Fosh claimed. Gross written premiums for the first nine months of 2010 were up 54% to £473.3m from £308.2m in the corresponding period of 2009. This represents
Read moreBrewing giant SABMiller is to move towards the centralised business model adopted by its multi-national rivals but this could lead to some short term volatility in the business, Nomura Securities believes. SABMiller's chief executive officer Graham McKay said in a press interview that the company w
Read moreThe buy out of insurer Brit Insurance by private equity should focus attention on the remaining members of the sector, five of which are trading at a substantial discount to asset value, on top of which some also offer juicy yields, FinnCap notes. "Catlin is the most liquid, and finnCap's top pick
Read moreSpecialist insurance group Novae moved back into profit at the interim stage, while net premium revenue grew by almost one-third. Profit before tax and foreign exchange movement on non-monetary items was £13.6m in the first half of 2010, compared to a loss of £2.1m at the interim stage last year.
Read moreChief executive John Burns and head of development Simon Silver have both reduced their stakes in real estate investment trust Derwent Valley. Burns raised just over £1m from the sale of 76,000 shares at £13.30 each. Silver sold 45,000 shares at the same share price and raised just short of £600,0
Read moreBy Vladimir Guevarra Of DOW JONES NEWSWIRES LONDON (Dow Jones)--An indicative takeover offer for Brit Insurance Holdings NV (BRE.LN) this week, though rejected by the company, could herald the start of merger-and-acquisition activity in the U.K.'s non-life insurance sector. Brit Insuranc
Read moreNewly appointed non-executive chairman Sir Roy Gardner has invested nearly £500,000 in social housing repairs group Connaught. He has bought 158,808 shares at 314.8p a share. He did not own any shares prior to the purchase. Sir Roy is an ex-chief executive of Centrica and the current chairman of
Read moreUnderwriter Novae recovered in the second half after hefty aviation and credit losses hit the early part of the year. Underlying profit before tax fell to £17.7m from £27.3m, with pre-tax profits tumbling to £4.2m from £40.2m. The group lost £18.5m at the half-year. Net assets per share rose 4% to
Read moreInchcape non-executive chairman Ken Hanna has nearly doubled his stake in the vehicle distributor and dealer. Hanna has acquired 330,000 shares at 29.58p each, costing a total of £97,614. That takes his stake to 700,000 shares. Hanna acquired 333,000 shares at 6p each in April's rights issue. T
Read moreThe fundamentals for both BHP Billiton and Rio Tinto look good now their iron ore tie-up in Australia has finally happened. Spot iron ore prices are currently around one-third higher than contract prices, indicating the latter will move in line, and Chinese steel production continues at high level
Read moreUnderwriter Novae has seen an improvement in its business in the third quarter, which if maintained, will 'counter the disappointments of the first half'. Group gross written premium for the nine months of 2009 rose to £308.2m, up 15.1%, while rate increases averaged 9% against a 7% reduction this
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