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".
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
RBS still looking to sell insurance unit
Contrary to some reports in the press it has this evening been revealed that Royal Bank of Scotland is still looking to sell its insurance arm which has been up for sale for some months. There had been rumours that the sale had been pulled due to the government led bailout of industry but this would appear to be well wide of the mark. The insurance division had been expected to bring in around £7...Read More
Mergers and acquisitions expected in the UK insurance sector
Over the last few days the ongoing dispute between Aviva and the RSA has dominated the headlines and many people believe that the insurance industry is very much primed for a number of mergers and acquisitions in the short to medium term. Royal Bank of Scotland is already under pressure from the European Union to dispose of its Direct Line and Churchill insurance operations in the short to medium...Read More
Nottingham residents most likely to be burgled
Householders in Nottingham are more likely to be burgled than anyone else in Britain, it has been revealed.A new survey shows that people in the East Midlands city are at an 88.7 per cent increased risk of having their homes broken in to.The claim is made by Endsleigh, which has analysed insurance claims in the UK over the last four years to deduce the riskiest and safest towns in Britain in terms...Read More
Direct Debit insurance 'con'
The average charge each year levied against Britons choosing to pay for home contents insurance via Direct Debit is £31, a new survey shows.Abbey Home Insurance estimates that British households are paying a total of £290 million per year simply for the convenience of paying their home contents insurance premiums by Direct Debit.An estimated 9.3 million people pay for home insurance by Direct De...Read More