UK: Cornhill Life leaves non-investment mortgages

Article Abstract:

Cornhill Life of Guildford, UK, a subsidiary of Allianz of Germany, insurance giant, has decided to cease involvement in the non-investment mortgage business, whose long-term profitability is considered inadequate. The company, which ranks second in the UK in the direct life market, will cut around 30 jobs at its headquarters, and will not operate via independent financial advisers or brokers from 31 December 2001. In 2000, premiums from new life business were GBu 46.6mn, making just a minor contribution to turnover.

Strategy & planning, Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Abstract, Allianz Aktiengesellschaft Holding, Cornhill Insurance PLC

---

UK: Government warned off housing market

Article Abstract:

The Council of Mortgage Lenders (CML) has warned the UK government against managing the housing market to help stabilise the rest of the economy. The council says that measures such as taxation reform should not be allowed to influence the wider economy, although it agrees the government can play a part in helping borrowers who are in financial difficulty. The CML's director general Michael Coogan believes that house prices will rise more slowly in 2002, with less dramatic swings expected.

Residential Buildings, Residential Building Construction, Taxes, Residential construction

---

Similar abstracts:

• Abstracts: EU-U.S. deal leaves questions. Monsanto may split off its pharmaceuticals unit. Purina says it is considering unnamed party's purchase bid
• Abstracts: U.S. steel tariffs may continue. Geneva Steel shuts most operations, lays off many staff. USX decides to separate U.S. Steel, Marathon Oil
• Abstracts: Unipetrol will probably be privatized in 2002. Unipetrol wins an award of Trade Finance. Unipetrol raised proceeds in 2000
• Abstracts: Gallaher changes may deter takeover. NTL narrows loss; CEO to quit. BAT's pretax profit more than doubled in the first quarter
• Abstracts: China gets attention, India gets returns. Reluctant insiders indicate recovery might be far off. China's Class B sector shows promise

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.