Business news in brief: Mitie | Hiscox | Standard Life

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Mitie has been awarded a ten-year repair and maintenance contract with a housing association in Kent that could be worth up to £120 million to the outsourcing specialist.

The contract, to look after 6,000 properties, is initially worth £70m but could rise substantially if Golding Homes hands it more work.

Chemical reaction is to invest more

The chemicals sector has invested £82 million in research and development in the last six years enabling it to restore output to pre-2008 levels.

The Chemical Sciences Scotland conference heard that, with help from Scottish Enterprise, companies are increasing their productivity, competitiveness and exporting opportunities. CSC Scotland chairmanSandy Dobbie said: “Scotland is increasingly recognised as a place where companies want to invest.”

Hiscox plays down the risks of Sandy

Superstorm Sandy won’t put insurers’ finances under severe strain, and may allow them to push through a profit-boosting rise in prices next year, Hiscox, the biggest London-listed reinsurer, said yesterday.

Sandy killed at least 113 and caused severe damage across a swathe of the north-eastern US including New York last week. According to early estimates, insurers face a claims bill of up to $20 billion (£12.5bn), potentially making Sandy the US’s fourth-costliest natural catastrophe ever.

Rudd’s investment role with SLI team

Standard Life Investments has expanded its multi-asset investment team with the appointment of Adam Rudd as an investment director.

The Edinburgh-based firm said Rudd, who previously worked for JP Morgan in New York as an equity derivatives strategist, will be part of a 25-strong team providing analysis and investment recommendations and will report to Guy Stern, head of multi-asset fund management.