Updates from Amlin and Electra Private Equity


The FTSE 100 ended Friday at 6,829.3, almost 14 points up, hoisting the Board +0.20% higher. Admiral Group was the day's biggest riser by some margin, up +6.11% to 1407p while William Hill saw the greatest pressure, down -3.38% to 360.10p.

The Dow Jones picked up +0.25%, up almost 42 points to 16,458, meaning it ended the week just +0.1% higher as a whole.

A quiet day on the numbers front. We start with news that Amlin Europe has received permission from DNB and BaFin, the Dutch and German regulatory authorities, to offer insurance products in Germany from 1st January, 2014.

Upping Amlin Europe's non-marine business into Germany will be key. Operating from Hamburg as a branch of Amlin Europe N.V., Amlin will focus on building a portfolio of specialised commercial SME Property and Casualty products.

"Amlin Europe," says Charles Philipps, CEO of Amlin plc,"has a well-established position in the Benelux and French markets with a strong client proposition. I am confident we will be able to develop a similar position over time in the German market."

Next, Bankers Investment Trust claims a Net Asset Value hike of 23.8% with a share price increase of 33.9% - its 47th consecutive year of dividend increases. In the last year 350,000 shares were issued at a premium to net asset value it says.

Since the year end it has issued a further 400,000 shares. Bankers is now recommending a final dividend of 3.6p per share, making a total of 14.13p for the year, an increase of 6%.

"Whilst many headwinds remain," it says, "Continental European growth being a key one, investor sentiment has turned positive and, with large global institutions repositioning their asset allocation back towards equities for the first time in over five years."

Finally, ElectraPrivate Equity announces an £85 million investment in shoe chain Hotter Shoes. The shoe operator, formerly Beaconsfield Footwear, explored options with investment bank Rothschild last year.

The Telegraph claims the company saw almost a 10% jump in sales in 2012 to £74.9m "while overseas revenue grew 44pc, boosted by strong US demand."

This investment has no impact on Electra's diluted net asset value per share at 30 September 2013 the company claims.