Amlin crashed out of the index after its share price plummeted
A quarterly reshuffle of the FTSE 100 has eliminated Lloyd’s insurers from the index of Britain’s most prosperous companies.
Amlin was the last Lloyd’s insurer remaining on the FTSE 100 but it dropped off the list when its share price plummeted following the purchase of Fortis Corporate Insurance.
Kirstie Gordon, Insurance Specialist within BDO Stoy Hayward Financial Services Group, commented: ‘The timing of Amlin's announcement of a placing of 23.5million shares to fund the purchase of Fortis Corporate Insurance (FCI), and the subsequent significant fall of its share price, has led to the insurer being unable to maintain its position in the list of Britain's 100 largest companies.’
“The insurer looks set to benefit from an upward trend in insurance and reinsurance pricing.
Kirstie Gordon, Insurance Specialist within BDO Stoy Hayward
But Gordon predicted that a move back into the FTSE 100 may not be that far away. ‘The insurer looks set to benefit from an upward trend in insurance and reinsurance pricing,’ she added.
FTSE 100 companies represent about 81% of the market capitalisation of the whole London Stock Exchange.