Story link: Direct Line wins most trusted insurer title

Marketingweek.co.uk has reported the results of the Reader’s Digest annual survey, the ninth of its kind.
After five years of holding onto the top spot as most trusted insurance provider Norwich Union has lost out to Direct Line.
Brand loyalty is of utmost importance to firms, and many established financial brands have seen their reputations take a [...]

One in six van drivers leave doors open

by David Masters

Story link: One in six van drivers leave doors open

Theft from vans is rife in the UK, with 21 vans being broken into every hour, research from Direct Line for Business has revealed.
Over 550,000 vans have been broken into in the last three years - hardly surprising considering one in six van drivers don’t bother to lock their vehicle.
Half of vans have no alarm [...]

New private equity interest in RBS insurance

by Gill Montia

Story link: New private equity interest in RBS insurance

New private equity bidders may emerge for Royal Bank of Scotland’s (RBS) insurance business.
The bank has been blowing hot and cold over the sale of the division, which includes the Churchill, Direct Line, Privilege, UKI and NIG brands, and reportedly rejected an offer from CVC Capital Partners in December, raising speculation that the auction would [...]

RBS may abandon insurance arm sale

by David Masters

Story link: RBS may abandon insurance arm sale

Royal Bank of Scotland (RBS) may call off the £7 billion sale of its insurance unit, which includes the Direct Line and Churchill brands.
The Sunday Times reported yesterday that RBS, the UK’s second largest banking group, has already rejected an offer for its insurance business from private equity group CVC Capital Partners.
RBS said it was [...]

CVC joins forces with Swiss Re in RBS insurance bid

by Gill Montia

Story link: CVC joins forces with Swiss Re in RBS insurance bid

CVC Capital Partners, the Luxembourg-based private equity firm, is reported to have joined forces with Swiss re, the world’s largest reinsurer, to make a bid for the insurance business of Royal Bank of Scotland (RBS).
The unit, which includes the Direct Line, Churchill, Privilege, UKI and NIG brands, was put up for sale during the summer, [...]

RBS rumoured to talking to CVC capital on insurance sale

by Gill Montia

Story link: RBS rumoured to talking to CVC capital on insurance sale

Royal Bank of Scotland (RBS) is rumoured to be in talks with Luxembourg-based private equity firm, CVC Capital Partners, over the sale of its insurance business.
Both Reuters and The Times have reported that the bank is understood to be negotiating the sale of its Direct Line and Churchill brands and CVC is thought to be [...]

Allstate makes second round bid for RBS insurance business

by Gill Montia

Story link: Allstate makes second round bid for RBS insurance business

Allstate, the US insurance group, is reported to have submitted a bid for Royal Bank of Scotland’s (RBS) insurance business, which includes the Direct Line, Churchill, Privilege, UKI and NIG brands.
The deadline for second-round offers was Friday of last week and according to the Financial Times, Allstate will be offering less than the £7 [...]

RBS holds out for full price on insurance business

by Gill Montia

Story link: RBS holds out for full price on insurance business

In a statement following Royal Bank of Scotland’s (RBS) successful fundraising (in the form of a £12 billion rights issue), the group’s chief executive, Sir Fred Goodwin, said that he is confident of getting a full price for the group’s insurance business.
RBS was caught short when the credit squeeze turned into a crisis because of [...]

Ping An withdraws from RBS Insurance sale

by Gill Montia

Story link: Ping An withdraws from RBS Insurance sale

Bidders for Royal Bank of Scotland’s (RBS) insurance business are now down to five.
Ping An, has withdrawn from the contest, leaving Zurich, Allstate, Travelers, AIG and Allianz to battle it out.
Ping An had been tipped as a strong candidate for a successful acquisition of the business, which could have provided the Chinese insurer with opportunities [...]

Churchill and Direct Line bidders line up

by Gill Montia

Story link: Churchill and Direct Line bidders line up

Royal Bank of Scotland’s (RBS) auction of its insurance businesses, which include Churchill and Direct Line, is reported to have attracted seven bidders so far.
The bank’s advisers, Goldman Sachs and Merrill Lynch, have excluded private equity firms from the sale, which is expected to raise around £6 billion.
Zurich, Allianz and Generali of Italy are thought [...]

Direct Line launches hotelier policy

by Gill Montia

Story link: Direct Line launches hotelier policy

Direct Line has expanded its Direct Line for Business brand with the launch of a policy aimed at owners of small hotels, guesthouses and bed & breakfast establishments.
Applicants will need to be operating from one property and providing accommodation in a maximum of 12 rooms.
Cover includes public and products liability of up to £2 million [...]

Bankinter approaches RBS on sale of Linea Directa

by Gill Montia

Story link: Bankinter approaches RBS on sale of Linea Directa

Royal Bank of Scotland (RBS) is reported to have been approached by Bankinter of Spain about the sale of its stake in Linea Directa, the Spanish insurance business held as a 50/50 joint venture between both banks.
RBS is auctioning its insurance operations in efforts to raise around £4 billion to improve its capital position. The [...]

RBS considers sale of Direct Line and Churchill

by Gill Montia

Story link: RBS considers sale of Direct Line and Churchill

The future of Direct Line and Churchill hang in the balance as their owner, Royal Bank of Scotland (RBS), considers means of raising new capital.
Last week, RBS shareholders were surprised and angered by reports that the bank was planning a deeply discounted rights issue.
Only last month, RBS chief executive, Sir Fred Goodwin, strongly denied suggestions [...]

Insurers withdraw cover for Terminal 5 travellers

by Gill Montia

Story link: Insurers withdraw cover for Terminal 5 travellers

Travellers passing through Heathrow’s Terminal 5 may experience difficulties purchasing insurance for flight delays and lost baggage.
A number of companies are withdrawing cover for those using the £4.3 billion terminal, which has seen various states of chaos since it opened on 27th March.
Problems with baggage handling have led to record baggage mounds plus flight delays [...]

Direct Line unveils insurance to protect small businesses

by Richard Kilner

Story link: Direct Line unveils insurance to protect small businesses

A new range of business insurance products has been unveiled by Direct Line.
The new range is designed to cater to small businesses, and provide them with comprehensive coverage.
Small businesses can be more vulnerable than their larger counterparts, as a single unfortunate incident such as fire can cause damage to the entire firm.
With the release of [...]

Direct Line accused of mistreating loyal customers

by Gill Montia

Story link: Direct Line accused of mistreating loyal customers

Direct Line has been taken to task by a national newspaper which suggests that the firm is taking unfair advantage of its loyal customers.
According to a report in The Guardian, the company is issuing renewal premiums significantly above the rates than can be purchased online.
One Direct Line customer claims to have been quoted a renewal [...]

Direct Line Boosts Business Product Portfolio

by Stewart Douglas

Story link: Direct Line Boosts Business Product Portfolio

Leading insurer Direct Line has today announced two further product lines within its new commercial product catalogue, which has seen it move from an exclusively consumer-driven insurer into more lucrative commercial markets, mainly at the small to medium business niche.
The announcement today saw the launch of the commercial property and shop cover products, which will [...]

Direct Line Buy To Let Product To Be Released

by Stewart Douglas

Story link: Direct Line Buy To Let Product To Be Released

Direct Line insurance has today announced it has launched an insurance policy designed specifically for owners of buy to let property investments, targeting those with medium sized investment portfolios in the short term.
The policy is designed to reflect the growing trend towards buy to let as a business model, and is designed to provide cover [...]

BIBA sceptical of household premium rises

by Gill Montia

Story link: BIBA sceptical of household premium rises

BIBA, the trade association of general insurance brokers, has criticised the decisions by some insurers to increase their household premiums.
It has described the increases as opportunistic and as a knee jerk reaction to this summer’s floods.
The association is reminding consumers that the market for home insurance is very competitive, and that is has yet to [...]

ABI gives flood claim update

by Gill Montia

Story link: ABI gives flood claim update

The Association of British Insurers (ABI) has reported that the insurance industry is currently handling over 50,000 claims resulting from the flooding in June and July.
Claims for the July floods currently stand at 12,000 for homes, and 3,500 for businesses.
Experts believe that the cost of the damage caused by the July floods is likely to [...]