Esure chairman seeks buyout
Esure chairman, Peter Wood, is reported to be negotiating the purchase of the business.
Mr Wood pioneered the direct selling of insurance over the telephone back in 1985, when he launched Direct Line.
He went on to set up esure in a joint venture with Halifax in 2001, and in 2005 launched the Sheilas’ Wheels brand, targeted at women drivers.
Majority ownership of esure passed to Lloyds Banking Group early this year, when Lloyds TSB merged with HBOS.
Lloyds holds a 70% interest in the business and its chairman 24%, with a further 6% held by management.
Since the merger, the group has been considering a number of divestments in attempts to keep out of the Government’s Asset Protection Scheme and avoid majority state ownership.
Esure, which operates UK only call centres, employs over 1,500 staff, and according to The Daily Telegraph, is valued at between £200 million and £250 million.
Category: Companies News, Insurance News
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