Insurance chief's record of misfortune

THE icy reception on the stock market for the Prudential's £1bn rights issue is yet another blow for Jonathan Bloomer, the group's chief executive.

A youthful looking 50, Bloomer sports an impressively full head of dark hair - but the fall in the insurer's share price during his tenure, from more than £12 to just over £4, is enough to turn shareholders grey.

The entire insurance sector has suffered in the bear market, but 'Bloomer's bloomers' are becoming a City bugbear.

They include his failure to sell internet bank Egg and his cut in the dividend earlier this year - the first since the First World War.

He was forced to scrap a proposed pay package that could have netted him £18m, and his attempt to take over American General in 2001 was trounced by a rival bidder.

Bloomer, who made £1.1m last year, spent 20 years at accountant Arthur Andersen before joining the Pru board in 1995. He succeeded Sir Peter Davis as chief executive in 2000.

His hobbies include rugby, music and sailing. If there are many more upsets, shareholders may see to it that he is soon spending more time on his boat.