Direct Line Group
Direct Line Group posts 7% profit increase in first results as standalone
As the deadline for Direct Line Group's anticipated flotation approaches, the insurance business posted a 7% jump in operating profit to £224.2m for the first six months of the year and revealed it has set a target of 15% return on tangible equity.
Post magazine - 6 September 2012
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Direct Line confirms redundancies
Direct Line Group has confirmed approximately 890 proposed redundancies across the business as part of a drive to cut costs by £100m.
Up to 900 roles at risk under £100m DLG cost-saving bid
Up to 900 roles are at risk at the Direct Line Group, with a full site closure of its Teeside office being proposed, Post understands, as it today reveals the scale of redundancies necessary to achieve its £100m cost savings target.
Miller non-exec joins Direct Line Group board
Clare Thompson, a non-executive director on Miller's partnership board, is to join Direct Line Group's board in a similar role.
DLG 'essentially' operating as a standalone business, claims Geddes
Direct Line Group chief executive Paul Geddes believes the business has "essentially achieved its goal" of operating as a standalone company, following the news it has set a return on tangible equity target of 15%.
Direct Line flotation is imminent
Direct Line Group's initial public offering could launch in a "matter of weeks".
DLG revamps claims management system
Direct Line Group has taken another step towards revamping its claims business by launching the next phase in its end-to-end claims management system.
Statement of Principles extension mooted as flood solution sticking plaster
Extending the Statement of Principles may have to be explored as a stopgap if discussions between industry and the government over a long-term flood risk solution rumble on, despite insurers insisting that they will not back down in this way.
Merlin clients and staff seek new homes after facilities firm quits takeover talks
After almost two decades in the insurance industry, loss adjuster Merlin Claims went into administration last week, arguably the victim of a private equity deal that saddled it with too much debt and a dwindling client list.
DLG claims transformation manager joins First Central fraud team
First Central has appointed former Direct Line Group claims transformation manager Chris Hallett to the role of operations manager at the firm's recently formed counter-fraud services team.
Geddes unmoved by PE takeover talk as DLG divestment date looms
Direct Line Group chief executive Paul Geddes has distanced himself from speculation linking the business with a private equity-backed divestment, insisting that his focus remains on securing a second-half public flotation.
DLG's £40m summer flood loss offset by reserve releases
Direct Line Group has reported home weather claims costs of £40m, conceding that losses were worse than expected but offset by "signficant" releases from reserves held against prior year claims across the portfolio.
RBS denies speculation of affinity split with DLG
The Royal Bank of Scotland has denied suggestions that UK Insurance will be stripped of its position as personal insurance provider for banking customers following the upcoming separation.
View from the top: Much to do about flooding
The need for a new flood strategy is now urgent as the 'temporary' 12 year-long solution is no longer feasible, says Tom Woolgrove.
Telematics Expo: Feedback not a quick fix for improving driving standards
Incorporating a telematics box into a driver's car does not necessarily make a policyholder a safer or better driver, despite claims to the contrary.
Telematics Expo: Data fears unfounded in a social media world
A fear of telematics owing to data protection and privacy issues is outdated in a world where people voluntarily share so much information online.
Speculation mounts that RBS personal lines business will go out to tender
A wave of activity in the affinity space has led to speculation over the future of Royal Bank of Scotland's arrangement with UK Insurance as a provider of personal insurance for its banking customers.
Insurance Fraud Awards 2012 shortlist announced
Post can today reveal the shortlist for the 2012 Insurance Fraud Awards.
Haste linked to Direct Line bid
Former RSA chief executive Andy Haste is heading up a private equity consortium including Blackstone, Bain and Advent, with ambitions to bid for Direct Line Group, according to The Daily Telegraph.
Former Chartis manager Lovatt joins NIG
NIG has appointed Paul Lovatt as area underwriting manager for its Birmingham office.
Amanda Blanc elected CII president
Axa commercial lines chief executive Amanda Blanc has been elected as the Chartered Insurance Institute's 116th president, following yesterday's annual general meeting.
DLG's ambition to float in doubt amid reports of PE bids
The Direct Line Group's plans to float have been put in jeopardy, according to reports claiming that two private equity consortiums could launch rival bids for the business.
NIG strengthens north east team with two new hires
Commercial insurer NIG has appointed an underwriter and a business manager to its north east team.