SEPTEMBER 2003 - Royal Bank of Scotland Insurance combines Churchill and Direct Line under a new fo...
- Royal Bank of Scotland Insurance combines Churchill and Direct Line under a new four-strong executive management team of Ian Chippendale, formerly Direct Line executive chairman; deputy chairman Martin Long, formerly Churchill chairman; chief executive Annette Court, formerly Direct Line group chief executive; and chief operating officer John O'Rourke, formerly Churchill managing director.
- RBS says it plans to make savings of at least £86m a year from 2006, following its acquisition of Churchill. It stresses any job losses will be in the hundreds and not thousands.
- Nationwide Building Society extends its deal with Churchill to underwrite home contents and buildings cover up to the end of 2008. The current arrangement was due to expire in December 2004.
- RBS says it will keep the Churchill and NIG brands separate. Early reports say the bank is to keep the Churchill brand and NIG. Fred Goodwin, RBS group chief executive, said: "Churchill is an excellent acquisition for us; it will fit well alongside Direct Line, and will bring several advantages to the group."
- Finance union Amicus urges Churchill to come clean on whether its parent company Credit Suisse is looking to dispose of the company. An Amicus straw poll found that most staff believed the company was up for sale and many were concerned their interests would not be looked after in the event of a sale.
- City analysts claim Churchill is overpriced with its £1.5bn price tag. Brokers say they are worried about the future of NIG, which has recently acquired Avon.
- Churchill signs up Manchester-based telebroker Wilson as it begins the roll out of its household product to brokers next year.
- Churchill Insurance records combined ratio of 99.3% for the first nine months of this year and gross written premium of £1.6bn, up 38% from £1.16bn for the same period in 2001. Its then parent company Credit Suisse Group recorded a loss of CHF1.3bn (£560m).
- AA Insurance Services appoints Churchill to be the sole provider of its travel insurance products.
GWP Less Treaty: £1.2bn Pre-tax profit: £43.9m
UK head office: Churchill Court, Westmoreland Road, Bromley, Kent BR1 1DP
No of regional offices (UK): 31
Worldwide offices: Three
Chief executive + key personnel: Martin Long, chairman and chief executive; John O'Roarke, group managing director; Peter Horton, executive director and managing director of CSG; David Hiddleston, business development director; Charles Crawford, technical claims and IT director; Steve Hardy, finance director; Mike Quinton, intermediary and corporate partnerships director
Major shareholders: Royal Bank of Scotland
Main lines of business: Personal lines
Total no of employees: 8200
Recent acquisitions/sales: None in 2002
Reserves: Technical reserves - £1.2bn
Agency base: N/A
Direct arm: N/A
Comment: Chairman and chief executive Martin Long says: "Our strategy to grow the business through a wide range of distribution channels, together with our commitment to providing unrivalled customer service, continues to deliver excellent results."
Figures: Churchill Group.
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