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".
Abbey Home Insurance burglary warning
Domestic burglaries increase during recessions, meaning homeowners should be on guard, according to research from Abbey Home Insurance.The firm revealed that there was a 33.8 per cent rise in the number of burglaries in England and Wales during the last recession between 1990 and 1992.In addition, statistics from the British Crime Survey recorded a similar trend.It warned that, despite the temptat...Read More
Gordon Brown forced to reconsider national insurance rise in 2011
Gordon Brown is tonight under serious pressure from backbenchers to reconsider the 0.5% increase in National Insurance which he intends to implement in 2011. The move is forecast to increase costs to UK business by something in the region of £2.65 billion and severely dent industries ability to bounce back from the ongoing recession. While 2011 may seem some time away, the ongoing UK recession is...Read More
BCC demands increase in VAT not national insurance
The British Chamber of Commerce (BCC) has today pleaded with the UK government to increase VAT to 18.5% instead of increasing the rate of national insurance contributions. Figures from the BCC suggest that the scrapping of next year's national insurance contribution increase would benefit businesses by £5.1 billion while an increase of just 1% in the rate of VAT would bring in around £4.5 billio...Read More
Abbey issues tips for flood-risk homeowners
Homeowners who fear they are risk of flooding in the event of a repeat of this week's storms can ensure their safety by following a series of simple tips, it has been claimed. Abbey Insurance this week confirmed that as a result of the deluges it has received the highest number of calls regarding home insurance since the summer. In response, the home insurance provider has issued a set of practica...Read More
Level term life assurance is seen as a ‘safe’ option. When you take out the policy you agree a term length with the insurance provider, as well as an amount you wish to have paid to your estate in the event that you die during the agreed term. In a sense it is a type of insurance you never want a payout from, but it also an extremely useful and simple way of providing your family with future f...Read More