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.
Under-25s' 'car insurance gender gap' grows
Young men continue to pay much more for their car insurance than young women.According to figures from the AA, released today, this "gender gap" has increased markedly over recent years - swelling by 60 per cent since 2003.The car insurance provider also said that premiums for young women have been falling over the past five years.Government figures show that under-25s cause 29 per cent of deaths...Read More
Grand designs not matched by grand handiwork
Brits do not seem to be able to translate their ideas for making their homes into palaces into reality, with over £670 million a year paid out to fix botched DIY jobs.According to Halifax Home Insurance, 11 million UK households are dreaming of grand designs for their property, yet 4.1 million of these will have to shell out for professionals to correct the job they started.People in the Midlands...Read More
AXA rewards safe motorists
Financial giant AXA has revealed a new car insurance policy which will see those with eight or more years no claims bonus receiving a 90% discount on their premiums. This compares to the average discount of 65% on a maximum five-year no claims bonus and will obviously further benefit the vast majority of drivers in the UK who do not claim on their car insurance. This comes at a time when the AA...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
No loyalty points for car insurance
Almost 60 per cent of respondents to Moneysupermarket.com's most recent Rate Alert poll reported that their motor insurance premiums had risen by over £20 at the last renewal, with 13.3 per cent saying their new quote was over £160 more than last time.Yet the website's records show that discerning claim-free shoppers can instead save five per cent on last year's premium price by choosing a diffe...Read More