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Chubb Report: Damage During Home Renovations and from Extreme Weather are Top Concerns of U.K. High Earners

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Inaugural Wealth Report survey offers insight on the wealthy, their passions, and protecting what matters

LONDON, April 25, 2024 /PRNewswire/ — Extreme weather, the competitiveness of the U.K. economy, and challenges to building and preserving wealth: these are among the top concerns of the U.K.’s highest earners.  Yet many of the most damaging threats on the minds of the wealthy are much closer to home. More than seven in 10 (71%) said that damage during renovations was the greatest risk to their homes, while half are worried about exposure to extreme weather due to climate change.

These are some of the key findings of the inaugural Wealth Report from Chubb, which gauges perceptions of affluent people about their passions, mindset about wealth, and the risks they face in protecting what matters most to them.

Stephen Vaughan, Chubb’s Head of Personal Risk Services in Europe, said: “In places where there is less available space, such as London and the home counties, more people are building subterranean living spaces, sometimes going down three or four stories. Such renovations entail significant changes to the floor plan and often increases the risk of flooding. The Wealth Report provides an insightful lens into the concerns and pressures the affluent are facing in the U.K. It shows a shift in how they value and invest their wealth, who they seek advice from to protect it, and what keeps them up at night.”

Theft is a primary concern. Nearly nine in 10 respondents (86%) said that theft is the primary worry when it comes to their collections, with many believing social media exposure is making them more of a target for thieves. “Watch thefts have risen dramatically,” said Vaughan. “It is really important for collectors to think about their surroundings and whether they really want to wear their most expensive pieces in places where they are hard to protect.” 

Eight out of 10 respondents are collectors of fine art, jewellery, watches, cars, wine and other valuables. More than six in ten (62%) say they have a passion for what they collect, while 38% see it primarily as an investment.

Building wealth is now more challenging than ever before. Half of the U.K.’s most affluent do not yet consider themselves wealthy, and 72% say that affluence, upward mobility and prosperity are out of reach for middle-income families. Survey respondents are also working harder to keep their wealth: the majority (68%) are working, and 39% say they would prefer never to retire.

What keeps successful people up at night? Competitiveness of the U.K. economy was perceived as the greatest risk to affluent individuals’ wealth and lifestyle, with over three quarters (77%) of respondents identifying this as a top concern. Government spending, and conflicts between global powers, were also issues that 35% of respondents said kept them up at night.

The complete Chubb Wealth Survey report findings can be found here.

Chubb Wealth Report Survey Methodology

Findings are based on a survey of 350 high net worth individuals in the United Kingdom, conducted by iResearch Services in September and October 2023 on behalf of Chubb Personal Risk Services. Respondents have a net worth from £1 million upwards. Participants reside predominately in London and surrounding suburbs.

About Chubb

Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 40,000 people worldwide. Additional information can be found at: www.chubb.com.

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UK challenger GB Bank lands £85m investment

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GB Bank, a specialist property finance bank based in Middlesbrough, UK, has secured an £85 million investment from new backer Hera Holdings and existing shareholder the Teesside Pension Fund.

Over the next 12 months, Hera Holdings is investing an initial £40 million into the bank, with an additional £40 million earmarked for investment throughout 2025 and 2026.

Meanwhile, the Teesside Pension Fund, which serves as the Local Government Pension Scheme for local authority employees in the Teesside region, is contributing an additional £5 million to the funding round.

Founded in 2017, GB Bank provides financing solutions for commercial and residential property developments in underserved areas of the UK.

The bank, which secured its full banking licence in the summer of 2022, claims to have approved “more than £80 million in loans to support over 100 property projects in locations from Northumberland to the south coast”, while also attracting “over £300 million in deposits from savers” for its fixed-term and instant access accounts.

GB Bank anticipates that the cash injection will drive “extensive growth” for the company, with plans to expand its customer base to include portfolio landlords, expatriates, and foreign nationals.

Specifically, the challenger bank states that the investment will enhance its lending capabilities, allowing it to offer funding of up to £10 million and up to 80% Loan To Value.

Moreover, GB Bank expects that the expansion will boost its capacity for commercial owner-occupier and investment mortgages as well as for its commercial and residential bridging solutions.

The bank projects that the new investment will allow it to increase its lending to £500 million over the next 12 months. As part of this growth, it intends to expand its team and infrastructure, with plans to double its current workforce this year.

Earlier this year, the company appointed industry veteran Mark Sismey-Durrant as its new chair.

Source: fintechfutures.com

The post UK challenger GB Bank lands £85m investment appeared first on HIPTHER Alerts.

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Teal secures $8M seed funding for groundbreaking accounting solution

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Teal has announced a significant milestone in its journey to transform SMB accounting with the closure of an $8 million seed funding round.

According to TechFundingNews, the company, which focuses on providing accounting infrastructure for Vertical SaaS businesses, aims to address the critical need for integrated financial solutions within various platforms.

Founded by industry veterans Ian Crosby and Adam Saint, Teal stands out in the FinTech landscape for its unique approach to accounting services. Leveraging their expertise from founding Bench Accounting and working at Shopify, Crosby and Saint have developed a platform that empowers Vertical SaaS businesses to offer customised accounting suites to their SMB customers.

One of the key challenges faced by SMBs is the lack of seamless accounting solutions integrated into their core business platforms. Teal aims to bridge this gap by equipping companies with the necessary APIs and tools to build their own accounting offerings. This enables SMBs to access crucial insights such as real-time cash flow, per-product profitability, and streamlined tax filing processes.

Teal’s comprehensive suite of out-of-the-box tools enables Vertical SaaS companies to launch their accounting platforms swiftly, often in as little as four weeks. These tools include fully functioning app code repositories and seamless data integrations with external sources like Plaid, enhancing the overall user experience for SMBs.

According to Ian Crosby, Co-Founder and CEO of Teal, the company’s vision is to become the “Stripe for accounting,” providing the foundational infrastructure for Vertical SaaS companies to embed accounting features seamlessly. By integrating accounting software directly into their platforms, businesses can enhance customer engagement and drive adoption of financial services features.

The significance of Teal’s innovative approach has not gone unnoticed in the investment landscape. Torch Capital, a leading investor in tools and platforms for SMBs, led the recent $8 million seed funding round. Partner Katie Reiner expressed enthusiasm for Teal’s mission to revolutionize the SMB accounting space, citing the dire need for intuitive and streamlined accounting tools.

In an era where embedded finance is gaining traction, Teal’s commitment to offering tailored accounting solutions signifies a promising step towards empowering SMBs with the financial tools they need to thrive in today’s competitive landscape.

Source: fintech.global

The post Teal secures $8M seed funding for groundbreaking accounting solution appeared first on HIPTHER Alerts.

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Digital China’s Guo Wei Shares ‘China’s Sample’ of Global Digital Innovation with London Business School

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LONDON, May 22, 2024 /PRNewswire/ — On May 21st, at the invitation of London Business School (LBS), Guo Wei, Chairman of Digital China, participated in the esteemed “Managing the Digital Organization” lecture, engaging with a cohort of prospective business leaders. Focusing on the trending topics of ‘Artificial Intelligence’ and ‘Digital Transformation’, he imparted the digital philosophy and practices of Chinese enterprises amidst the digital civilization era.

Digital China, a prominent player in China’s digital economy, has harnessed over two decades of deep involvement in the nation’s information industry to embrace the power of digitization. This has culminated in what Guo Wei refers to as ‘China’s Vibrant Blueprint for Digital Transformation’, carving a distinctive path of digital metamorphosis. Notably, Digital China’s transformation narrative has been incorporated into LBS’s esteemed case library, underscoring its significance as a teaching instrument.

In his lecture, Guo Wei emphasized that the digital economy now constitutes the backbone of supply, with digital technology emerging as the paramount catalyst for economic expansion. The hastening pace of global digitization propels us into an epoch of digital civilization. For multinational corporations, digital strategies have escalated to the status of corporate strategy, and the amassing of data assets constitutes the pivotal lever for business innovation. Amidst this evolution, AI-fueled digital-cloud integration signifies a disruptive technological innovation, poised to invigorate the global landscape. Digital China feels honored to reprise its role in elite international business school case repositories, thereby contributing insights to academia. This recognition signifies that Chinese enterprises’ digital and AI acumen resonates globally, exemplifying world-class practices.

Professor Julian Birkinshaw, Vice Dean and Professor of Strategy and Entrepreneurship at LBS, remarked, “As a global institution, we constantly seek out exemplary cases worldwide. Digital China was chosen not solely due to its prominence in China but also its sophisticated implementation of digital technologies, demonstrating adaptability and offering invaluable insights to our students about the contemporary business milieu. The story of Digital China encapsulates Mr. Guo Wei’s philosophy – digitization transcends being a mere process; it embodies the existential rationale for companies. This philosophy underpins our decision to feature Digital China in our case studies.”

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