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.
Cost-cutting skiers 'facing underinsurance risk'
Many skiers will put themselves at risk of being left out of pocket this winter - due to not having taken out travel insurance.According to new figures from esure, 18 per cent of Britons planning to hit the slopes this season are cutting costs by dropping the cover.Meanwhile, 65 per cent are considering cutting their trip short in order to save money - while 53 per cent could have their holiday in...Read More
Saga predicts spike in home thefts
Home insurance firms are braced for a flurry of claims in upcoming months, Saga suggested today.New figures from the provider show that burglary numbers in November are 24 per cent higher than those in February.The report also said that thefts from homes are at their highest levels from October to December, with a particular rise generally seen after the clocks go back to GMT.This occurs on Sunday...Read More
CI insurance needs customer trust back
The critical illness (CI) insurance industry needs to rebuild consumer trust, claims Defaqto, after finding that consumers have felt let down over the last year.Defaqto says that CI insurers need to pull together as a whole to ensure that the British public can regain trust in the CI industry after a lot of bad PR over failed claims has appeared in the news recently.Although many rejected CI claim...Read More
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Pet insurance 'crucial for vet fees'
Veterinary fees can cripple family finances unless people have adequate pet insurance, it has been claimed.Owners who do not insure their pets could face a "major problem" if treatment is needed, the British Small Animal Veterinary Association (BSAVA) has warned.The introduction of new treatments all the time means that vets' fees are now rising on an annual basis, meaning any treatment that is ne...Read More