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".
Disabled holidaymakers advised to check travel insurance
Disabled holidaymakers have been advised to check their travel insurance to make sure it covers key areas. Brian Seaman, head of consultancy at Tourism for All, said individuals with a disability should ensure they have enough medication with them to last the trip and to check any accommodation they plan to stay in has sufficient facilities to cover their needs. He noted: "You may need to ask a fe...Read More
Life insurance costs 'could fall'
Life insurance costs could drop "dramatically" over the years ahead as conditions arise to make policies more affordable.It has been claimed that medical improvements and increased longevity will make life insurance far cheaper for people to purchase.A spokesperson for Libra Financial Planning explained: "The cost of life insurance seems to be coming down dramatically because it would seem that pe...Read More
Santander announces agreement with Aviva
Spanish financial giant Santander, the owner of UK assets such as Abbey, Alliance and Leicester and parts of Bradford and Bingley, has today announced an exclusive five-year deal with UK insurance giant Aviva. The agreement sees Santander enter into an exclusive deal which will see the company sell Aviva life insurance through its 1300 UK branches. This is not the first deal between Santander a...Read More
Brits urged to take action over mis-sold PPI
Britons who suspect that they have been mis-sold payment protection insurance (PPI) should act now to claim compensation, a consumer magazine has advised. According to new research conducted by Which?, over the last five years up to two million people who have been sold the cover are likely to find they will not be able to make a claim. This is because they fall foul of exclusions stipulated withi...Read More
Zurich Financial Services To Cut 700-900 Jobs In The UK
Hot on the heels of the announcement of a possible 1,800 job cuts by UK rival Aviva, the news of more job losses as Zurich Financial Services is not what the sector or the economy needed to hear. While the numbers are significantly less than those of Aviva, there seems to be a worrying trend starting in the financial sector.
The move was announced as part of an ongoing financial re...