Lloyds Banking Group restructures insurance division
by Gill Montia
Story link: Lloyds Banking Group restructures insurance division
Lloyds Banking Group is bringing its life, pensions and investment business under a new management structure.
The move forms part of an integration programme within the bank’s insurance division and has prompted the following appointments.
Deputy group chairman, Lord Leitch, will become chairman of the division and Archie Kane will continue as deputy chairman and group executive [...]
Moneyfacts names best pensions providers
by Gill Montia
Story link: Moneyfacts names best pensions providers
Moneyfacts has announced the winners of its 2009 Investment Life and Pensions awards.
AEGON Scottish Equitable was acknowledged as Best Pension Service provider, with Standard Life and Scottish life gaining the category’s highly commended and commended statuses respectively.
Lloyds Banking Group’s Scottish Widows was named Best Personal Pension Provider and AJ Bell Best SIPP Provider.
Scottish Life won [...]
Lloyds to shed 200 insurance staff
by David Masters
Story link: Lloyds to shed 200 insurance staff
Lloyds Banking Group has announced plans to axe 200 jobs from its insurance unit.
The announcement increases this year’s lay-offs at the firm to 7,500.
The latest job cuts are due to a merger of the Lloyds TSB and HBOS general insurance divisions, including sales, marketing, actuarial, and underwriting operations.
“We are bringing together these essential support functions [...]
Britons advised against skipping travel insurance
by Richard Kilner
Story link: Britons advised against skipping travel insurance
Lloyds TSB Added Value Accounts has commissioned research which reveals nearly 2 million Britons will go holidaying in sunnier lands during the forthcoming weekend.
Of the 1,000 respondents approximately one in ten (equating to 5.2m when extrapolated to the entire UK population) admitted to going on holiday in the past without proper insurance.
Nine percent cited lack [...]
Scottish Widows and Clerical Medical merger to cost 305 jobs
by Gill Montia
Story link: Scottish Widows and Clerical Medical merger to cost 305 jobs
Lloyds Banking Group has announced that it is merging its Scottish Widows and Clerical Medical units.
Lloyds TSB’s takeover of HBOS last year meant the new group included Lloyds TSB’s life insurance arm, Scottish Widows, plus HBOS’s Clerical Medical and Halifax Life.
Bearing in mind the need to make cost savings of over £1.5 billion by 2011, [...]
Lloyds TSB Insurance instructs Bevan Brittan on liability claims
by Gill Montia
Story link: Lloyds TSB Insurance instructs Bevan Brittan on liability claims
Lloyds TSB Insurance, part of Lloyds Banking Group, has appointed Bevan Brittan to handle its liability claims work.
The law firm has been awarded an exclusive mandate for an initial two-year term with the option to extend.
The work involves advising on liability claims and associated litigation brought against Lloyds TSB Insurance.
Cases will be forwarded [...]
Lloyds TSB announces redundancy buffer on home insurance
by David Masters
Story link: Lloyds TSB announces redundancy buffer on home insurance
Lloyds TSB has announced that if any of its new home insurance customers are made redundant they will not have to pay premiums for up to six months.
The waiver applies to any customer who purchases a Home Solutions policy in branch between 6 April and 6 June, and who is made compulsorily redundant between purchasing [...]
Lloyds Banking Group considers sale of insurance assets
by Gill Montia
Story link: Lloyds Banking Group considers sale of insurance assets
Lloyds Banking Group is reported to be considering the sale of part of its insurance business.
The group, which has been created through the merger of Lloyds TSB and HBOS, includes Lloyds TSB’s life insurance arm, Scottish Widows, plus HBOS’s Clerical Medical and Halifax Life.
Bearing in mind the group has already announced plans to [...]
Lloyds wins HBOS merger tribunal
by David Masters
Story link: Lloyds wins HBOS merger tribunal
Lloyds TSB yesterday won an important victory in its bid to take over Halifax Bank of Scotland (HBOS)
The competition appeals tribunal (CAT) ruled in Lloyds’ favour.
CAT’s tribunal panel ruled that a complaint brought against the Lloyds’ acquisition by the Merger Action Group (MAG) had ‘no merit’ and ‘no basis’.
The MAG – a consortium of [...]
Lloyds TSB jump to HBOS rescue
by David Masters
Story link: Lloyds TSB jump to HBOS rescue
Lloyds TSB today acquired troubled British rival Halifax Bank of Scotland (HBOS) for £12.2 billion.
The all-share takeover is being seen as a bailout rescue for HBOS, Britain’s biggest mortgage provider.
HBOS’s share price fell dramatically this week following numerous crises in banks around the world.
Before rumours of a takeover spread, HBOS’s share price plummeted 52% to [...]
Lloyds TSB improves insurance comparison website
by Gill Montia
Story link: Lloyds TSB improves insurance comparison website
Lloyds TSB has awarded the contract to build a new customer acquisition strategy for its insurance-only comparison website to Golley Slater, the Cardiff-based marketing solutions group.
The firm will be developing and implementing the communications and media strategy for insurance.co.uk, which specialises in car, van, motorbike and travel cover.
Golley Slater’s managing director, Sion Ashley Jones, says [...]
Lloyds TSB launches pick-and-mix home insurance
by Gill Montia
Story link: Lloyds TSB launches pick-and-mix home insurance
Lloyds TSB Insurance has launched a new buildings and contents policy aimed at the customers aged 50+ who is keen to select the exact cover they need, without paying for unwanted extras.
The Personal Home Plan has been launched on the back of new research that shows 40% of homeowners in this age group would welcome [...]
Lloyds TSB rumours: Scottish Widows swap for Allianz’s Dresdner Bank
by Gill Montia
Story link: Lloyds TSB rumours: Scottish Widows swap for Allianz’s Dresdner Bank
Allianz’s auction of its German banking division is reported to be attracting a bid from Lloyds TSB.
In March of this year, Munich-based Allianz restructured its Dresdner Bank subsidiary, which includes investment division Dresdner Kleinwort, in preparation for a sale.
Allianz acquired Dresdner Bank in 2001 and while the latter’s private and corporate business has produced sound [...]
50% fall in profits for Lloyds TSB
by David Masters
Story link: 50% fall in profits for Lloyds TSB
Lloyds TSB Insurance saw profits fall by nearly 50% for last year in the wake of January’s storms and the summer floods.
The division achieved pre-tax profits for 2007 of £128 million, compared to £243 million in 2006.
The January storms cost the business £12 million, whilst the summer floods in June and July cost a total [...]
Insurers drop Tradedoubler for internet sales
by Wenonah Lyon
Story link: Insurers drop Tradedoubler for internet sales
Major insurance companies such as RBS, Lloyds, and Prudential, are all downsizing their internet affiliate programs, and either restricting access to them, or else moving to smaller exclusive agreements with different affiliate networks.
Most affected by this is Tradedoubler, one of the UK’s largest affiliate networks, which has lost most of its insurance affiliate programs, with [...]
Heavy plant extended warranty provider EPG gain Lloyd’s status and aim to expand into Europe in 2008
by Richard Kilner
Story link: Heavy plant extended warranty provider EPG gain Lloyd’s status and aim to expand into Europe in 2008
EPG Insurance Services Limited has been conferred by Lloyd’s with the official status of broker.
The firm is looking to grow its operations throughout both the UK and Europe and is anticipating the demand for its specialist auto and machinery insurance to soar in 2008 when extensive programmes of home and commercial building begin, enabling EPG [...]
Advent Capital Profits Up To £13m
by Stewart Douglas
Story link: Advent Capital Profits Up To £13m
Lloyd’s insurer Advent Capital has today unveiled a 50% rise in profit figures for the third quarter of the year, reflecting a significant rise in revenues with more efficient operative cost centres for the period.
The firm announced today an increase in profits from £8.2 million over the third quarter last year to £12.9 million over [...]
Lloyd’s give £450,000 to new charity partners
by Richard Kilner
Story link: Lloyd’s give £450,000 to new charity partners
Samaritans, Coram and FARM-Africa have been named by Lloyd’s as its partner charities from 2007 to 2010, with each charity receiving £150,000 over that time period from Lloyd’s Charities Trust (LCT).
The Samaritans project “Skills for Life”, which supports young people dealing with emotional and/or mental health issues, will be one beneficiary of the LCT’s grant.
Coram [...]
Russian Insurance Could Increase In Value To $40 billion by 2010
by Stewart Douglas
Story link: Russian Insurance Could Increase In Value To $40 billion by 2010
The valuable Russian insurance market was today forecast to grow to over $40 billion by the end of the decade according to a report published today by Lloyd’s, which will see it maintain growth at a rate of 16% on each year.
According to the report released by Lloyd’s the size of the Russian reinsurance market [...]
Lloyd’s Look To Graduates For Fresh Blood
by Stewart Douglas
Story link: Lloyd’s Look To Graduates For Fresh Blood
Lloyd’s has today publicly announced the launch of its graduate employment programme which will take in a starting crop of 10 university graduates as of September next years as it looks to bring in fresh young faces to insurance sectors.
The announcement comes as part of Lloyd’s commitment to reinvesting in the insurance market through encouraging [...]
