Top 20 Spotlight - 19. St Andrew's


Group Head office: St Andrew's House, Portsmouth Road, Esher, Surrey KT10 9SA A YEAR IN THE NEWS ...

Group Head office: St Andrew's House, Portsmouth Road, Esher, Surrey KT10 9SA


October - December 2006

- October: Parent HBOS General Insurance lines up subsidiary Paymentshield for a £180m sale to Towergate. Post reports how Royal and Sun Alliance is set to be one of the main beneficiaries, taking over from Hamilton Insurance and St Andrew's Insurance as the company's lead underwriter.

January - March 2007

- February: Post reports how supermarket giant Sainsbury's is set to launch a legal services operation through its banking arm. This follows the announcement earlier in the month that it had sold 5% of its shareholding in Sainsbury's Bank for £21m to Halifax Bank of Scotland. As a result of this transaction the bank will become a 50:50 joint venture between Sainsbury's and HBOS.

- February: HBOS 2006 preliminary results reveal general insurance sales fell 4% to £1894m gross written premium. Underlying profit before tax for the division increased by 20% to £304m compared with £254m last year. The downturn in sales is as a result of a 10% and 9% fall in repayment and motor insurance respectively. However, household sales grew by 11% to £618m GWP and policy numbers increased by 10% to 3.2m. This was attributed to new group distribution channels and the balance through third-party distributors.

July - September 2007

- July: HBOS is reported to have made an indicative offer of 300p a share for Erinaceous, the UK property services and broking company, which would value it at about £320m. Talks are subsequently aborted.

- August: HBOS GI reports a 34% dip in profits for the first half of 2007. Flood losses are estimated at £80m.

- September: Announces three-year extension to its Bradford and Bingley mortgage payment protection deal.

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