UK floods swamp insurance firm

Shares in insurance giant Legal & General sank today after the company warned it was facing millions of pounds in costs linked to recent flooding which has wreaked havoc across the UK.

Legal said it was already facing a bill of £40m (€59m) from flooding in June and, while the impact of the current severe flooding had not been fully assessed, it said the fresh deluge affecting large areas of the south of England could add a further £30m (€44m) in costs.