Lloyds bank set to disinvest stake in esure
Lloyds bank has today revealed plans to sell off its 70% stake in esure at a price which is believed to be in excess of the current book value of £185 million. It is believed that Peter Woods, co-founder and chairman of esure, is to acquire the stake via a new holding company. Those who follow the insurance market may be aware that Peter Woods, originally famed because of his Direct Line insurance creation, set up the esure business with HBOS back in 2001.
However, since HBOS became part of the Lloyds bank group there has been friction between Peter Woods and the Lloyds bank management and the sale of the Lloyds bank stake was expected by many. Esure is a well-known insurance brand in the UK and is also the owner of the infamous Sheilas Wheels brand with its array of striking adverts on the TV.
The company specialises in various niche markets and has made an excellent name for itself with profits topping £38 million in 2008. Quite what Peter Woods has in store for the future remains to be seen but he appears relieved to be on the verge of taking total control of his "baby".
Government backtracks on national insurance argument
The UK government, and especially Lord Mandelson, have this weekend backtracked on a number of allegations made against the business community in the UK. Lord Mandelson had been highly critical of many business leaders who signed a letter in support of the Conservative party's intention to reduce the proposed national insurance tax increase. The government appeared to suggest that business leaders...Read More
UK government announces crackdown on payment protection insurance
The UK government has today announced a substantial change in the regulations governing the sale of payment protection insurance (PPI) in relation to loans and credit cards. This area of the market has been relatively untouched for some time despite growing complaints of aggressive sales pitches and some customers feeling they had no choice but to take out PPI with their loan or credit card compan...Read More
When should you realign your assets?
Over the last few months the UK stock market has performed admirably even though the UK economy has not matched this particular feat. However, a number of investors in the UK have seen their investments rise significantly over the short to medium term and many are now starting to look into potentially realign their assets and possibly taking profits where possible. This prompts the question, when...Read More
Halloween proves a difficult period for insurance companies
Insurance company Aviva has today issued a statement warning customers to be wary of damage to their cars and burglaries over the Halloween and bonfire night period. The company has released statistics showing that on Halloween and bonfire night especially there have historically been significant increases in claims with regards to damage to motor vehicles and burglaries.
UK Insurers Delay Introduction Of Genetic Testing
While the subject of genetic testing has been at the forefront of the British insurance industry for many years, the industry spokesperson, the Associations of British Insurers, has announced plans for a further freeze until 2014. Under the freeze, consumers will still be able to take out insurance cover without disclosing the results of any genetic tests which they may have had carried out.