Gallagher introduces new chief executive for reinsurance business

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It was just last year that Capsicum Re became Gallagher Re, and now the brokerage giant’s reinsurance arm is set for another major change – thanks to the arrival of a new CEO.

Read more: Gallagher finalises 100% deal for Capsicum

Simon Behagg is set to take the role from Rupert Swallow in February, subject to regulatory approval. The move brings to the end a seven-year stint for Swallow who helped to oversee the transition to Gallagher Re, with its 180-strong team and operations moving into Gallagher’s UK broking division. The rebrand became complete in October last year.

“The enormity

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Macy’s (M) reports Q2 2020 net loss, same-store sales down 35%

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An indoor shopping mall is seen before having to close due to new restrictions by the State of California during the global outbreak of the coronavirus disease (COVID-19) in Carlsbad, California, U.S., July 14, 2020.

Mike Blake | Reuters

Macy’s said Wednesday its same-store sales tumbled 35.1% during the second quarter, despite a strong showing online. 

Its digital sales were up 53% from a year ago, it said, as more shoppers visited its website during the coronavirus pandemic to buy workout clothes and home decor. 

Macy’s shares rose more than 6% in premarket trading

“We are encouraged by our

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AmEx quarterly profit plunges 76% on $1.7 billion reserve build

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FILE PHOTO: Pedestrians walk past an American Express sign in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

(Reuters) – Credit card issuer American Express Co (AXP.N) posted a 76% drop in quarterly profit on Friday, as it set aside $1.7 billion to brace itself against potential non-payments due to a wave of coronavirus-led layoffs.

The pandemic has hammered the global economy, hurting consumers’ ability to make payments on their credit cards. The lockdowns around the world are also hitting transaction volume as people stay at home.

“In light of the current environment, we are aggressively reducing costs

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