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".
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
Prudential Directors Cancel Orphan Fund Payments
Just a few months ago it was suggested that the Prudential was looking at the possibility of authorising a one-off payment to policy holders in exchange for giving up their future rights to the company’s so called orphan assets. There were rumours that the payment would have been several hundred pounds for each of the company’s 4.5 million policyholders, but the company has decided no...Read More
Buy to let investors urged to review home insurance
Landlords whose property portfolios have increased in value over the last year should act now to review their home insurance cover, Sainsbury's Home Insurance has advised. Research conducted by the home insurance provider shows that at the end of 2006, the cumulative value of rental property stood at £571.38 billion. However, as a result of price inflation over 2007, this now stands at £641 bill...Read More
Are you fully insured?
As you might expect, the recession has brought a number of criminals into play and burglaries and thefts have increased dramatically over the last two years. Even though many people are insured for the household goods and possibly garden items, it would appear that many people are underinsured as they have not reviewed their insurance policies for many years.
It is no secret that mo...
Car insurance premiums show record rise
Despite the fact that the UK is suffering from a full-blown recession with money tighter than ever before, it seems as though UK car insurance companies are pushing premiums higher and higher. A report by the AA confirms that UK car insurance premiums rose by 3.5% over the last three months and a massive 11% over last year. When you consider that inflation has fallen towards zero over the last few...Read More