Royal Bank of Scotland on the verge of Direct Line sale
Despite the fact that Royal Bank of Scotland had initially wanted to sell its Direct Line insurance division in 2012 via an IPO it is believed the company is on the verge of announcing a trade sale very soon. There is speculation that figures such as Warren Buffett, the investment guru, have already stepped forward to show their interest in what is a quality operation.
It seems rather strange that Royal Bank of Scotland is effectively being forced to sell the family silver because of the way it was rescued by the UK government. However, these are the rules of the EU and the bank and the UK government have been forced to abide by them. There is no doubt that many interested parties will step forward in the knowledge that the company is a "forced seller" and cannot therefore in theory hold on for the best price.
When you also consider the company is also being forced to sell its Churchill Insurance operation it is highly likely that Royal Bank of Scotland will exit this particular area of business in the future. This is a company which is slowly but surely being stripped of its former jewels as a consequence of the deeply damaging credit crunch.
Insurance companies set to increase premiums across the board
As we have covered on a number of occasions, many insurance companies have "sneaked in" premium increases over the last few weeks when their sector has been overshadowed by that of the banking and mortgage industry. This constant increase in premiums has gone largely unnoticed but over the next six months, as UK consumers look to renew their policies, they will become all too evident.
Why paying your car insurance monthly could cost you an extra 40%!
A report by the AA has confirmed that motorists in the UK who pay their car insurance premiums monthly are paying the price in more ways than one. It has been revealed that some car insurance companies are adding up to 40% to the cost of a basic car insurance quote if the motorist decides to pay monthly. As a consequence the average annual car insurance premium of £778 (up 11% over last month) co...Read More
Protecting your family
As the employment situation in the UK continues to worsen, at least in the short term, many families are now looking at insurance protection aimed at ensuring that at least part of their income is protected in the event of unemployment or illness. Never has it been more vital to ensure that you have at least some form of insurance protection not only for peace of mind, but to ensure that you have...Read More
HM Revenue and Customs announces national insurance holiday
HM Revenue and Customs have today announced a surprise national insurance holiday for new companies in the UK in areas of the country likely to be hardest hit by the reduction in public-sector investment. Those who are eligible for the national insurance holiday will be able to claim relief for the first 10 employees they hire in their first year of operation. HM Revenue and Customs believes that...Read More
Aon fined £5.25 million for compliance failures
The financial services authority (FSA) has today levied the largest fine ever on a UK insurance company with news that Aon has been fined £5.25 million for having insufficient internal controls to stop over $7 million worth of suspicious payments being made to overseas firms and individuals. It is not clear as to whether these payments were actually illegal or fraudulent but the fact that the int...Read More