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 [...]
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 [...]
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 [...]
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 [...]
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 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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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, [...]
