Swinton acquires CBG Group personal lines business
by Gill Montia
Story link: Swinton acquires CBG Group personal lines business
CBG Group has announced that it has sold certain parts of its personal lines business to Swinton.
The unit currently generates annual revenue of £370,000 and is break even at the operating level.
The Manchester-based broker and financial services specialist says the move is in line with its strategy of focusing on its corporate insurance customers.
Group managing [...]
Swinton fined £770,000 for PPI mis-selling racket
by Gill Montia
Story link: Swinton fined £770,000 for PPI mis-selling racket
The Financial Services Authority (FSA) has fined Swinton Group £770,000 for serious failings in the sale of single premium payment protection insurance (PPI).
The high street broker will also be contacting over 350,000 customers who paid for the cover and offer a full refund.
The regulator found that between December 2006 and March 2008 the firm’s PPI [...]
Swinton Insurance selects Certero to improve IT visibility
by Richard Kilner
Story link: Swinton Insurance selects Certero to improve IT visibility
Leading high street insurance retailer Swinton Insurance has selected IT asset management specialist Certero to provide it with complete visibility of its IT assets.
Spending on hardware and software will be reduced and a complete awareness of issues pertaining to licensing and compliance will be delivered by Certero’s AssetStudio™ and Software Metering for Decision Makers.
Swinton Insurance [...]
BIBA appoints new chairman
by Gill Montia
Story link: BIBA appoints new chairman
The British Insurance Brokers’ Association (BIBA) has announced that Patrick Smith is to become its new chairman.
Mr Smith, who is also chairman of Swinton, will be confirmed as chairman elect at BIBA’s annual general meeting later this month and will take up the role in September, replacing Derek Thornton.
In addition to 38 years’ experience [...]
Swinton to create 250 jobs in Norwich
by Gill Montia
Story link: Swinton to create 250 jobs in Norwich
Swinton is expanding its Norwich-based call centre, where it expects to create 250 jobs by the end of 2009.
The new posts will cover a variety of roles from outbound and internet sales advisors to team managers.
The move will bring the total headcount at the Norwich office to around 400 with both full and part-time jobs [...]
Swinton appoints new CEO as profits increase
by Gill Montia
Story link: Swinton appoints new CEO as profits increase
Swinton has reported a 4% rise in profit during 2008, to £50.1 million.
The result compares with profit of £48.3 million in 2007 and marks the broker’s eighth consecutive year of growth.
Premium income rose 15% to £763.9 million, while earnings before interest, tax, depreciation and amortisation increased by 5%, to £75.5 million.
The company says it now [...]
Sharp rise in car premiums forecast
by Gill Montia
Story link: Sharp rise in car premiums forecast
A leading broker has warned that car insurance premiums could rise by a record 20% during 2009.
Swinton Group’s chief executive, Patrick Smith, believes that premiums are seriously adrift and 20% lower than they should be.
He is expecting a significant correction this year, which could see the cost of the average motor policy rise by [...]
Insurance Australia sells UK branch network to Swinton
by Gill Montia
Story link: Insurance Australia sells UK branch network to Swinton
Insurance Australia Group (IAG) has agreed to sell certain UK businesses for a total of £73.5 million.
Swinton is acquiring the group’s branch network, which comprises 91 High Street outlets across England and Northern Ireland, for £50 million.
The outlets are branded Equity Insurance and Open+Direct.
IAG’s Hastings and Advantage businesses are subject to management buy-outs, valued at [...]
Swinton eyes up Equity branch network
by David Masters
Story link: Swinton eyes up Equity branch network
Equity Insurance, put up for sale by the Insurance Australia Group (IAG), may have its branch network acquired by a British company.
Swinton, the UK’s biggest high street insurance broker, is one of the leading bidders in the contest to buy Equity’s branches, according to a report in the Financial Times.
Swinton’s chief executive, Patrick Smith, said [...]
Swinton expands commercial division with Lawrences acquisition
by Gill Montia
Story link: Swinton expands commercial division with Lawrences acquisition
Swinton Group has acquired independent brokerage, Lawrences, via its Swinton Business division.
The move forms part of an ambitious programme to expand Swinton’s commercial business, which aims to exceed premium income of £150 million by 2011.
Lawrences, which has been trading for over 50 years, is based in Sevenoaks, Kent and has gross premium income of around [...]
Swinton Sets Aside £100 million for Acquisitions
by Stewart Douglas
Story link: Swinton Sets Aside £100 million for Acquisitions
Insurer Swinton has today announced it is to ringfence some £100 million in order to fund direct acquisitions from within its dedicated takeover team within the coming twelve months, as part of its ongoing ambition to extend the range of its broker reach.
The leading insurance broker said that they would separate the funds for the [...]
Cheaper premiums for drivers with Pass Plus
by Richard Kilner
Story link: Cheaper premiums for drivers with Pass Plus
Swinton has announced this week that it will slash 35% from their annual insurance premium for those who have recently passed their test if they do the six hours extra training necessary to acquire a Pass Plus certificate.
Other insurers who offer discounts to drivers with Pass Plus include AA, BSM, Co-op, Direct Line, Privilege, Tesco [...]
Swinton acquires Rockford
by Gill Montia
Story link: Swinton acquires Rockford
Swinton Group has acquired Rockford Insurance Brokers, the commercial insurance broker. The move will enhance the group’s existing commercial division, Swinton Business.
Rockford, which has three offices in the north of England, was founded in 2001 and employs over 50 staff.
The firm has a premium income of £15 million and the acquisition is in line with [...]
