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".
Hated hand-me downs worth £50 million
Brits are hoarding hated hand-me-downs and inherited items worth a whopping £50 million, according to home insurance provider Abbey. Some 12 per cent of people admit to living in homes cluttered up by inherited items, with the average person owning 12 such items, worth an estimated £9,466 per person. Over half (53 per cent) hide the heirlooms around the house, while one-in-five (20 per cent) s...Read More
Uninsured driver claims starting to fall
For many years the problem of uninsured drivers in the UK has been a significant problem for the car insurance market. The Motor Insurers Bureau, which effectively looks after situations where uninsured drivers are involved in accidents, will this year take a £407 million levy from car insurance premiums, down from the £417 million figure last year. However, this is still a significant amount of...Read More
Equitable Life sufferers to receive compensation
The government has finally come clean with regards to the shocking saga of the collapse of Equitable Life. Many thousands of UK investors lost substantial amounts of money when the former insurance company collapsed after a bid to reduce its mortgage guarantee liabilities. The announcement of a compensation scheme administered by the government comes with an apology from Treasury Minister Yvette C...Read More
Prudential admits to further delays in AIG acquisition
The reputation of the Prudential management is today in tatters with confirmation that planned stock market listings in Hong Kong and Singapore have been delayed due to concerns expressed by the Financial Services Authority [FSA] with regards to capital requirements for the enlarged group. While there are no problems with regards to Prudential itself, it is the massive changes the acquisition woul...Read More
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