Towergate names Allianz top performing insurer
by Gill Montia
Story link: Towergate names Allianz top performing insurer
Towergate Risk Solutions has named Allianz and RBS-owned NIG as the top performing insurers servicing its broking operations.
The research, conducted among the group’s 100 plus broking offices, rates insurer performance when dealing with: quotations; renewals; policy documentation; mid term adjustments; claims and general service.
The key findings of the Q3 2009 survey revealed that:
Allianz scored consistent [...]
Direct Line, Churchill and NIG up for sale again
by Gill Montia
Story link: Direct Line, Churchill and NIG up for sale again
Royal Bank of Scotland’s (RBS) insurance businesses will almost certainly be sold off as the Government proceeds with plans to create three new High Street retail banking chains from the part nationalised RBS and Lloyds Banking Group, and the wholly state owned Northern Rock.
Ministers are putting the final touches to the proposals which could take [...]
NIG to close eight offices; job losses anticipated
by Gill Montia
Story link: NIG to close eight offices; job losses anticipated
NIG has announced plans to close eight of its 18 offices.
The restructure should be completed by the first quarter of 2010 and will involve job losses among the insurer’s 900 staff.
The property and casualty insurer forms part of the Royal Bank of Scotland (RBS) group, which is in the process of selling its insurance business.
However, [...]
Bankinter acquires RBS’s stake in Spanish Direct Line business
by Gill Montia
Story link: Bankinter acquires RBS’s stake in Spanish Direct Line business
Royal Bank of Scotland (RBS) has announced the sale of its 50% share in Spanish Direct Line business, Linea Directa Aseguradora.
The disposal is being made to Bankinter, the Spanish bank that owns the other half of the business, for €426 million (£375 million).
RBS first revealed plans to sell its stake in the 50/50 joint venture [...]
NIG joins PowerPlace panel
by Gill Montia
Story link: NIG joins PowerPlace panel
RBS insurance subsidiary, NIG, has been appointed to a panel of insurers that is launching new commercial property owners’ and let property owners’ policies, through PowerPlace.
Towergate subsidiary, PowerPlace, is currently used by over 160 brokers operating off the Open GI platform.
NIG will take its place on the panel alongside Zurich, Groupama, Fortis, MMA Insurance and [...]
L&G made demands for resignation of RBS chiefs
by Gill Montia
Story link: L&G made demands for resignation of RBS chiefs
The chief executive of Legal & General Investment Management (LGIM) has revealed that his company had demanded the resignations of Royal Bank of Scotland (RBS) chiefs as long ago as May of last year.
Appearing before a Treasury Select Committee yesterday, Peter Chambers reported that LGIM had called for the bank’s chairman, Sir Tom McKillop, and [...]
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 [...]
Advertising Standards silence Churchill’s talking dog
by Gill Montia
Story link: Advertising Standards silence Churchill’s talking dog
Churchill is re-educating its talking dog after a customer complained to the Advertising Standards Authority (ASA) that the insurer’s long running television advertisement is misleading.
The advert features a cartoon of a talking bulldog, that can only reply “Oh yes”.
The ASA has upheld the complaint which centred on the question of whether customers can make a [...]
RBS abandons RBSI sale
by David Masters
Story link: RBS abandons RBSI sale
The Sunday Times has reported that the Royal Bank of Scotland (RBS) plans to withdraw its insurance business from sale by auction.
According to the report, RBS has managed to raise almost £6 billion from the sale of risky loans, and so is able to call off the auction for RBSI, whose brands include Churchill and [...]
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 [...]
Zurich withdraws from RBS Insurance bidding
by Gill Montia
Story link: Zurich withdraws from RBS Insurance bidding
Zurich Financial Services Group has confirmed that it is withdrawing from any further discussion with Royal Bank of Scotland (RBS) over the acquisition of the latter’s insurance business.
The move has raised questions over the viability of RBS’s proposed sale of the division, which includes Churchill, Direct Line, Privilege, UKI and NIG.
The brands currently hold one-third [...]
RBSI sets bidding deadline as interest wanes
by David Masters
Story link: RBSI sets bidding deadline as interest wanes
RBS has set the bidding deadline for RBSI, its £7 billion insurance business, as the end of this month.
RBSI is the biggest motor insurer in the UK, owning Direct Line and Churchill.
According to analysts, it is worth up to £8 billion, but is unlikely to sell for more than £6 billion due to [...]
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 [...]
RBS and Brit sign syndication deal
by Richard Kilner
Story link: RBS and Brit sign syndication deal
The Royal Bank of Scotland and Brit Insurance Holdings PLC have agreed to a deal for a five year syndicated Revolving Credit Facility to the tune of £150m.
The deal is a sign that even given the present turbulence in the credit markets quality credit can receive good support, according to Matthew Scales, group finance director [...]
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 [...]
RBS insurance parts ways with two senior managers
by Richard Kilner
Story link: RBS insurance parts ways with two senior managers
RBS has undergone serious restructuring to tie together its various brands, resulting in two senior managers parting ways with the firm.
Last week both the managing director of motor, Chris Moat, and the chief risk officer, Robin Webster resigned.
Chris Sullivan, chief executive, let staff know about the situation on Thursday.
Moat’s position remains vacant, but Webster’s has [...]
