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.
Insurers forced to be clearer over premiums
10/07/2014 Insurance companies will soon be expected to provide clearer information on renewal quotes, as the Financial Conduct Authority (FCA) prepares to draw up new rules for the industry. The new regulations are likely to include measures to force insurance companies to provide extra details when a customer comes to renew their policy. It’s claimed that customers will now have to b...Read More
Lloyds bank in dispute with the Treasury
As we approach D-Day for the Lloyds bank rights issue, it would appear that the company is currently in dispute with the Treasury over the its participation in the government's asset protection scheme. The whole point of the proposed £25 billion pounds rights issue is so that the company can improve its balance sheet and also protect the assets which were going to be injected into the asset prote...Read More
Car insurance cost falls, and ministers target whiplash fraud
The cost of insuring your car has fallen at the fastest rate in the last 20 years, as an average of £80 was saved per policy over the last 12 months. The news comes as ministers announce plans to reduce the cost of motoring, focusing on bringing down the amount of fraudulent whiplash claims, which result in higher premiums for everyone. The fall in motor insurance, announced by the AA Brit...Read More
Tesco moves into insurance in a big way
UK supermarket giant Tesco has signed a deal with insurance giant Fortis which will see Tesco Financial providing motor and household insurance in a partnership which will last at least until 2015 and possibly beyond. While there are specific benefits for Fortis, making the group the largest insurer of UK motor vehicles with around 2.7 million customers, the benefits for Tesco are potentially enor...Read More
Home insurance warning for cold snap
Home insurance policies will need to be checked over the coming few weeks, it has been claimed, as cold weather is on the way.Home insurer More Than has warned that properties could be at risk of damage as weather forecasters are predicting a sharp deterioration in the weather, with temperatures plummeting.Taking precautions such as checking lagging is in place on pipes and keeping the heating on...Read More