Groupama’s UK businesses up for sale
by Gill Montia
Story link: Groupama’s UK businesses up for sale
Groupama says it has reluctantly taken the decision to begin the process of divesting its entire UK operations and is now seeking a new owner for its various UK-based interests. The decision follows a strategic review of the French insurer’s core insurance assets as part of ongoing plans to boost its capital base. Spontaneous expressions [...]
AXA appoints advisors on Bluefin sale
by Gill Montia
Story link: AXA appoints advisors on Bluefin sale
In response to recent speculation, AXA UK has announced that it has appointed Fenchurch Advisory Partners to advise on the potential sale of Bluefin Advisory Services (BAS), its employee benefits business. Fenchurch will also consider the prospects for the continued growth of the unit under its existing ownership. The French insurer is also keen to [...]
Royal London to acquire CFS life business
by Gill Montia
Story link: Royal London to acquire CFS life business
Co-operative Financial Services (CFS) is in exclusive talks with Royal London regarding the possible sale of its life insurance subsidiary, including £15 billion of assets in its Long Term Business Fund. The announcement follows a strategic review of the mutual’s life and savings business, which will also result in the extension of its partnership with [...]
AIG sells Taiwanese life business for over $2bn
by Gill Montia
Story link: AIG sells Taiwanese life business for over $2bn
American International Group (AIG) has agreed the sale its 97.57% stake in Nan Shan Life Insurance Company (Taiwan’s largest life insurer by total book value) to Ruen Chen Investment Holding, which is owned by Taiwan-based conglomerate, Ruentex Group. Commenting on the $2.16 billion transaction, AIG’s president and chief executive officer, Robert Benmosche, says: “Ruen Chen [...]
Hannover Re sells US subsidiary to Enstar
by Gill Montia
Story link: Hannover Re sells US subsidiary to Enstar
Hannover Re has agreed the sale of its US subsidiary, Clarendon Insurance Group, Inc., to the Bermuda-based Enstar Group. According to the parent, the sale (for around $200 million) will free up cash and reduce the level of the group’s reinsurance recoverables. At the same time, Enstar, which specialises in the run-off of insurance and [...]
Bupa offloads UK protection and risk business
by Gill Montia
Story link: Bupa offloads UK protection and risk business
Bupa has announced that it is selling its UK protection and risk business, Bupa Health Assurance, to consolidator Resolution Ltd, for £165.15 million. The move reflects the group’s intention to focus on its healthcare businesses, including its health insurance products and services in the UK. Bupa Health & Wellbeing manging director, Dr Natalie-Jane Macdonald, comments: [...]
AXA completes sale of UK life & pensions business
by Gill Montia
Story link: AXA completes sale of UK life & pensions business
AXA has announced that it has successfully completed the sale of its UK-based traditional life and pensions businesses, its IFA protection and corporate pension businesses, and its annuity businesses. The disposals have been made to Resolution Ltd for a combined €3.3 billion, and the net cash proceeds for AXA Group amount to €1.7 billion. The [...]
Randall & Quilter snaps up Guy Carpenter disposals
by Gill Montia
Story link: Randall & Quilter snaps up Guy Carpenter disposals
Guy Carpenter has agreed the sale of its wholly-owned subsidiaries, Reinsurance Solutions LLC and Reinsurance Solutions Limited (RSL). Founded in 1995, RSL provides administration and consulting services to insurers, reinsurers and regulators, through 70 professionals located in offices in the UK and US. The disposals are being made to Randall & Quilter Investment Holdings, a [...]
Warren Buffett revisits RBS insurance sale
by Gill Montia
Story link: Warren Buffett revisits RBS insurance sale
Legendary investor, Warren Buffett, has been named as a potential bidder for Royal Bank of Scotland’s (RBS) insurance business. The sale of the business was first mooted in 2008, before the departure of disgraced former RBS chief executive, Sir Fred Goodwin, who was determined to stick out for a £6 billion asking price. The scale [...]
Ageas sells Turkish life and pensions business
by Gill Montia
Story link: Ageas sells Turkish life and pensions business
Ageas (previously Fortis) has announced that it has reached an agreement with BNP Paribas Assurance on the sale of its pension and life activities in Turkey. The disposal, for an undisclosed sum, is in line with the group’s strategy of streamlining its current portfolio. Ageas acquired Fortis Emeklilik ve Hayat in 2005, as part of [...]
RBS consults on insurance business restructure
by Gill Montia
Story link: RBS consults on insurance business restructure
Royal Bank of Scotland (RBS) is consulting with potential advisers on the future of its insurance business, which includes Direct Line, Churchill, Green Flag and NIG. The outlook for the business has been uncertain for the past couple of years, the division having been put up for auction in 2008 with a price tag of [...]
AXA confirms Resolution bid
by Gill Montia
Story link: AXA confirms Resolution bid
AXA has confirmed that it is in discussions with life insurance consolidator, Resolution Ltd, regarding the potential sale of part of its UK life & savings operations, for £2.75 billion. The deal would involve AXA retaining its Wealth Management and Direct Protection units while offloading the remainder of its UK life & savings business. The [...]
Second wind for Sharia-compliant Salaam Halal
by Gill Montia
Story link: Second wind for Sharia-compliant Salaam Halal
Principle Insurance Holdings, the parent company of Salaam Halal, the UK’s first Sharia-compliant insurance brand, has announced the conditional sale of Principle Insurance Company Limited and Principle Marketing Services Limited, to Kuwait-based Al Salam Group Holding. The transaction could result in the relaunch of Salaam Halal, which began trading in July of 2008 with a [...]
Kwik Fit Insurance: sale under consideration
by Gill Montia
Story link: Kwik Fit Insurance: sale under consideration
The Kwik-Fit motor repair group is reported to be considering selling its insurance business, which includes Kwik-Fit Insurance, the Green Insurance Company and Express Insurance. According to The Sunday Times, the company, which is backed by French private equity firm PAI, may raise over £200 million from a sale that would be aimed at reducing [...]
Lloyds sells 70% stake in esure
by Gill Montia
Story link: Lloyds sells 70% stake in esure
Lloyds Banking Group has announced the sale of its 70% holding in online insurer, esure, for a little over £185 million. The stake is being acquired by a management buyout vehicle to be called esure Group Holdings Ltd, led by esure chairman, Peter Wood. Mr Wood is best known for pioneering the direct selling of [...]
Aviva sells RAC France
by Gill Montia
Story link: Aviva sells RAC France
Aviva has announced that it has agreed the sale of RAC France in a management buyout backed by French private equity firm, Finadvance SA. The business is based in Lyon and was acquired by Aviva in 2005, as part of RAC plc. RAC France coordinates roadside assistance for RAC’s UK customers in Europe, whilst also [...]
Aviva takes note of ING asset sale
by Gill Montia
Story link: Aviva takes note of ING asset sale
Aviva, the UK’s biggest insurer, is considering bidding for assets to be sold by ING. The Dutch bank is proposing a €22 billion programme of disposals having embarked on a “back to basics” restructuring as a result of receiving €10 billion in state aid last year. The group has also recently announced that it will [...]
Insurers show interest in RBS and Lloyds asset sale
by Gill Montia
Story link: Insurers show interest in RBS and Lloyds asset sale
According to a BBC report, insurers Allianz, Generali and Zurich could show an interest in branch networks to be sold by Royal Bank of Scotland (RBS) and Lloyds Banking Group. Both banks are to receive further huge bailouts from the Government: £33.5 billion for RBS and £5.7 billion for Lloyds, the latter taking the form [...]
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 [...]
Standard Life Bank sold to Barclays
by Gill Montia
Story link: Standard Life Bank sold to Barclays
Standard Life has sold its retail banking business to Barclays, for £226 million. Under the terms of the transaction, Barclays will acquire a savings book of approximately £5.5 billion and a mortgage book with outstanding balances of around £8.8 billion (both figures as at 30th June 2009). The unit, which was set up in 1998, [...]
