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".
Insurance is a product designed to protect you against financial loss in the event that something unexpected happens. It is common place for people to ensure items and belongings that are of a high value, either in terms of their financial or sentimental importance to a person. Common insurance products include life insurance, income protection insurance, pet insurance, car insurance, phone in...Read More
Quinn Insurance announces 900 job losses
The administrators for Quinn Insurance have today announced 900 job losses and confirmed that the Quinn Insurance is officially now up for sale. This is the next stage in a long-running saga involving parent group Quinn Group, which is owned by one of Ireland's wealthiest businessmen, Sean Quinn. The regulators became involved with regards to Quinn Insurance a few weeks ago and effectively closed...Read More
Lloyds bank insurance scheme fails FSA stress test
Lloyds bank has been dealt a bitter blow today with news that the company's proposal to sidestep the UK government's toxic debt insurance scheme has been rejected by the Financial Services Authority (FSA) on the grounds that the company could not raise sufficient capital to withstand potentially escalating bad debts. Lloyds bank has for some weeks now been contemplating a £15 billion rights issue...Read More
Should there be more regulation of the UK insurance market?
If there is one area of household expenses which attract controversy and complaints it has to be insurance, with car insurance one which is always to the forefront. More and more people in the UK are now claiming that despite having a clean driving licence and a no-claims bonus they continue to see significations and ongoing increases in their premiums. Should there be more regulation of the UK ca...Read More
High Fuel Prices Are Feeding The Online Car Insurance Market
As fuel prices continue to creep higher and higher there are signs that more car owners are looking to the internet for the best car insurance deals. Recent figures have shown a marked increase in the number of car insurance policies granted over the internet and many observers expect this trend to continue for some time.
It seems that while just a year ago many people would not ha...