Seen & Heard: Laya replies to Irish Life’s entry into health insurance

Laya versus Irish Life Insurer Laya Healthcare is preparing a pre-emptive strike against Irish Life’s entry into health insurance by moving deeper into its new rival’s core

life insurance market, the Sunday Times reported.

Having offered term cover since 2014 with premiums from €10 a month, Laya is working on plans to expand its range from later this year.

New products under consideration include mortgage protection cover, which lenders require from all homeowners, and death-in-service benefits, which employers offer as a job perk and pay a multiple of salary for workers who die while on the payroll.

It is expected the new products will be underwritten by AIG, the US insurance giant that acquired Laya last year.

Manifold best paid CEO

CRH

chief executive

Albert Manifold

was the best-paid chief executive of a major Irish-listed company in 2015, according to a survey by the

Sunday Independent

. He succeeded the 2014 winner Gary McGann with a pay package of €5.53 million.

In second place was Kerry Group boss Stan McCarthy, who made $4.61 million (€4.23 million based on the dollar-euro exchange rate at the end of the company's financial year). ICG chief executive Eamonn Rothwell rounded out the top three with a €3.71 million package. ICG operates Irish Ferries.

Nama’s debtors

Fewer than 6 per cent of property developers who had loans transferred to Nama after the crash in 2008 have paid off their debts in full to the State agency, the

Sunday Business Post

said.

Some 779 borrowers had their debts moved to Nama from the domestic Irish banks and by the end of last March, 442 had exited from the agency. But just 44 of them had paid off their debt at part, or the original value of their loans.

The total amount repaid by those who have exited Nama came to €9.6 billion, just over half of the €18.5 billion value of their original loans.

O’Leary on Brexit benefits

Ryanair

chief executive Michael O’Leary said Dublin could benefit from a British withdrawal from the EU as financial services companies will look to relocate from London, the

Sunday Independent

reported.

Although Mr O’Leary is openly urging British voters to remain in the EU, claiming it would be a “crazy act of economic folly” to pull out, he said there could be at least one positive for Ireland.

“London will stay one of Europe’s big financial capitals,” he said. “But a lot of the financial services industry will leave London and will relocate either to Frankfurt or to Dublin. Dublin will do well, especially in the financial services sector, because you’ll find a lot of the foreign inward investment moving to an English-speaking economy like Ireland.”

One51 boss faces IPO wrath

One51 chief executive

Alan Walsh

will face tough questions from long-suffering shareholders at the company’s annual meeting on Thursday after plans to float were dramatically aborted last week, according to the

Sunday Times

.

One51 shelved its IPO because of objections from Dermot Desmond, its largest shareholder. An extraordinary meeting, called to approve the flotation and due to be held after the annual meeting, has been postponed.The flotation had been planned since early last year and would have provided a long-awaited exit for many shareholders. One51 currently trades on an informal, illiquid grey market.Desmond, who owns just over 20 per cent of the company, was unhappy with an agreement to buy out minority shareholders in IPL, a Canadian plastics subsidiary, with new One51 shares.

This would have resulted in Canadian investors owning up to 20 per cent of the company and diluting the stakes held by Desmond and others. Shareholders are also likely to question Walsh on his future expansion strategy, which was to be funded from the proceeds of the IPO.

Ronan’s docklands deal

Property developer

Johnny Ronan

is poised to regain a jewel in his former empire’s crown by acquiring a key six-acre waterfront site at Spencer Dock for an estimated €50 million.

Ronan Group Real Estate is being backed in its bid by private equity fund Colony Capital, which is led by US billionaire Tom Barrack.

Bids for the site, which has planning permission for a 169-bedroom hotel, 165 apartments and offices were submitted last Thursday. The deal by receiver EY will require the approval of Nama before conclusion.