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".
Irish authorities place Quinn Insurance into administration
The Irish financial regulatory authorities have today placed Quinn Insurance Ltd, one of Ireland's largest insurance companies, into administration amid unclear matters which have come to light after an investigation of the company. However, the company, founded by one of Ireland's richest investors Sean Quinn, believes it could have corrected the mystery issues without being placed into administr...Read More
Prudential chief executive under pressure
Tidjane Thiam is under growing pressure today as more and more institutional shareholders in Prudential join the call for management changes. The unrest among shareholders is related to the collapse of the USD35.5 billion bid for the Asian assets of AIG which the Prudential management committed to a few weeks ago. However, the bid collapsed earlier this month and the company has taken a £450 mill...Read More
Checking life insurance 'important'
With the lives of modern consumers becoming ever-more complex, a life insurance specialist has urged people to consider all their circumstances when checking their policies.Life Direct, a website that offers brokered life insurance products at discounted prices, said that a worrying number of people were risking invalidating their insurance by failing to inform their insurer about changes to their...Read More
Prudential shares soar as financial position is strengthened
The Prudential has today announced a £1.1 billion cash injection to the company reserves via an asset sale in Taiwan and the receipt of future income from it's with profits fund. There had been severe fears in the market that companies such as Prudential would struggle to cope with any further downturns in the UK and worldwide stock markets but these fears seem to have been allayed, at least in t...Read More
Online car insurance is benefiting from the downturn
The online car insurance industry appears to be benefiting from the ongoing recession as Admiral Group reported profits up 11% at £202.5 million. The figures are slightly above expectations although there was a disappointing 30% fall in profits afforded to the Confused.com website. The last few months have seen a number of car insurance companies withdraw from the insurance comparison sector whic...Read More