Lazard duo prepare to ride insurer rebound after Budget chaos

Alan Custis and Alan Clifford have stuck with insurers amid early signs the sector is rebounding from the sharp falls sparked by Chancellor George Osborne's move to change the pensions landscape.

Insurers were put through the wringer on Budget Day after Osborne announced sweeping reforms of the sector, in particular scrapping the requirement for retirees to buy an annuity. The subsequent sell-off was brutal, with some share prices down more than 50% in reaction to the announcement, and shares were hit again later in the month by reports of the FCA's investigation into insurers' back book policies. However, Custis (pictured) - speaking after the Budget announcement - said the sell-off had been overdone, and the duo have stuck with the stocks in their Lazard Multi-Cap UK Income ...