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".
Young drivers could become 'uninsurable'
Young drivers could be priced out of the insurance market if action is not taken to reduce the number of deaths and injuries caused by motorists aged under-25, one insurer has warned.Speaking following the release of a new education pack aimed at teaching school pupils about the impact of dangerous driving, Co-operative Insurance (CIS) warned that such drivers were responsible for causing 35 death...Read More
UK Flood Defence Investment In Disarray
Whether the UK insurance sector knew of the slow pace with which government investment in flood defences was progressing, or insurance companies were trying to give the authorities a wake up call it seems promises of major investment in flood defences are at least 2 years away, as they suggested. The insurance sector has already stated that many areas of the UK will be without flood insurance in...Read More
Prudential shares soar as financial position is strengthened
The Prudential has today announced a £1.1 billion cash injection to the company reserves via an asset sale in Taiwan and the receipt of future income from it's with profits fund. There had been severe fears in the market that companies such as Prudential would struggle to cope with any further downturns in the UK and worldwide stock markets but these fears seem to have been allayed, at least in t...Read More
Three-quarters of a million Brits commit travel insurance fraud
As many as three-quarters of a million Brits are making false travel insurance claims, with many failing to realise that they are committing fraud by doing so, according to research from Direct Line Travel Insurance.Research found that many travellers exaggerate or falsify their claims - 11 per cent confessed to increasing the value of their claim and five per cent admitted they added extra items....Read More
Why Is The UK Credit Card Market Contracting?
News of job loses at HBOS was widely expected but the closure of the Intelligent Finance (IF) division was something which few had forecast, at least in the short term. The closure has seen HBOS reduce its exposure to the credit card market at a time when competition needs to be increased not reduced. So what it happening to the UK credit card market?
The UK credit card ma...