Accenture wins contract

(Bloomberg) ? Barclays Plc, the UK's third-largest bank by assets, has awarded a contract worth more than ?400 million ($727 million) to Accenture Ltd. for the management of its UK banking computer systems.

Accenture will develop and manage the computer systems for six years, Barclays said. The contract doesn't cover its investment banking and asset management computers. About 900 Barclays employees will transfer to Accenture over 12 months under terms of the contract.

The contract will lower costs of making and maintaining software, Barclays said in a statement. Barclays is trying to cut costs at its UK banking business as mounting competition cuts the profitability of lending. The London-based lender has a target of being in the top quarter of its competitors when measured by productivity, Finance Director Naguib Kheraj told analysts last month.

Axis offers D&O insurance

Bermuda-based Axis Capital Holdings Limited is offering directors and officers (D&O) liability insurance and other professional lines insurance outside of the US.

The coverage will be offered through Axis' European insurance subsidiary, Axis Specialty Europe Ltd., according to a statement from the company.

"The Financial Lines team will be led by Graham Evans, Financial Lines Manager and supported by Colin Thompson, Deputy Financial Lines Manager and Dax Gulmohammed, Senior Financial Lines Underwriter," the announcement continued. Axis Europe will focus on providing coverage for commercial and financial institution risks predominately in the United Kingdom, Continental Europe, Australia and Asia.

The company will offer limits of liability up to ?15 million ($27.5 million) for professional lines coverages underwritten on a primary and excess basis.