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.
Homeowners urged to carry out 'winter property checks'
General upkeep and maintenance of property is especially important in winter, homeowners have been warned. Legal & General (L&G) suggested that the value of houses makes it financial sense as well as common sense to keep a house in a good state of repair. Insurers could penalise or dismiss claims if a house has not been looked after. Elaine Parkes, head of technical services at L&G's general insu...Read More
Does your insurance cover you for snow related incidents?
As the UK population get to grips with the heaviest snowfall for nearly 20 years, the ABI (Association of British insurers) has stepped forward to suggest that members of the UK population check their insurance policies if they have been affected by snow. The ABI has specifically targeted travel insurance and car insurance which can in many circumstances offer significant cover for incidents relat...Read More
Lloyds bank looking to pull out of government asset protection scheme
Lloyds bank is today in talks with Treasury ministers and FSA regulators as the company looks to withdraw or reduce its proposed exposure to the government asset protection scheme. This is the scheme which would see Lloyds bank insure £260 billion of risky debt which is currently untradeable, therefore reducing any further downside in the short term. However, the company has been struggling to ra...Read More
Nationwide warns consumers over garden contents insurance
A study by Nationwide has highlighted the need for homeowners to ensure their garden contents are comprehensively insured. A poll conducted by Nationwide found that one-third of respondents estimate that the contents of their garden - including garden furniture and lawnmowers - is between £250 and £1,000. Robin Bailey, insurance director at the firm, said that the high value of such goods means...Read More
Car insurance to rise 10%, says AA
21/01/2015 The AA have claimed that car insurance costs could rise by up to 10% throughout the year. Annual car insurance prices have fallen in the last three years due to a crackdown on fake whiplash claims and inflated hire car and repair bills that padded out premiums, but the AA have predicted 2015 to see an increase in costs. The cost of annual comprehensive car insurance has risen b...Read More