Confused.Com Sale is Off
Saturday, July 14, 2007
CAR insurance group Admiral has dropped plans to sell a minority stake in its price comparison website Confused.com after saying its private equity suitors were demanding too much control. Admiral announced it would retain full ownership of Confused.com after ending talks with potential private equity buyers which had valued the online business at between pounds 600mand pounds 650m. The group put a stake in Confused.com up for sale in May after receiving a number of approaches from firms interested in buying the business....
Admiral Will Not Sell Web Stake ; INSURANCE
Saturday, July 14, 2007
Car insurance group Admiral yesterday dropped plans to sell a minority stake in its price comparison website Confused.com after saying its private equity suitors were demanding too much control. Admiral will retain full ownership - Confused.com is valued at pounds 600-650 million.(c) 2007 Birmingham Post; Birmingham (UK)....
The PMA Insurance Group Has Partnered With Next Wave Insurance Services to Offer the Next Wave Hotel Program
Friday, July 13, 2007
The PMA Insurance Group has partnered with Next Wave Insurance Services, LLC to provide a new comprehensive package insurance program for the business class hotel industry, the Next Wave Hotel Program.The Next Wave Hotel Program is available in all states except Louisiana."PMA is very pleased to bring its risk management expertise and quality commercial property and liability coverages and services to the business hotel segment through the Next Wave Hotel Program," says John Santulli, Senior Vice President, Marketing and Field Operations, The PMA Insurance Group....
Off the Record - Sheila's Wheels
Friday, July 13, 2007
We were dismayed to read in yesterday's Record that the Sheilas (the cringe-worthy trio from the Sheilas' Wheels car insurance advert) are to release a single.Emmerdale actor Chris Villiers, who plays posh Grayson Sinclair, was in Glasgow yesterday to launch stv's autumn schedule, and revealed he's showing signs of the condition.(c) 2007 Daily Record; Glasgow (UK)....
'One in 10' Invalidate Car Cover
Friday, July 13, 2007
One in 10 motorists could have invalid car insurance because they lied when they applied for the cover, research showed yesterday. Around 6% of people intentionally lied about basic details such as their age and address, while 5% of people lied about where their car is parked at night in a bid to save money, according to price comparison website uSwitch.com. The research also found that 15% of people who use their car to drive to work claim they do not commute in it, instead opting for insurance that offers cover for social and domestic use only....
Insure Chief May Revamp Auto System, Ignite Furor
Friday, July 13, 2007
Jul. 12--For the past 30 years, state insurance commissioners in Massachusetts have held a hearing each spring on whether automobile insurers should be allowed to set their own rates. Like actors following a script, the answer has always been the same: no. Insurance Commissioner Nonnie S. Burnes, a Superior Court judge until five months ago, has signaled that she would like to give auto insurers some flexibility in setting their own premiums, shedding Massachusetts' distinction as the only state in the nation where regulators set all rates....
EDITORIAL: No Need to Swerve on Insurance
Thursday, July 12, 2007
Jul. 11--Auto insurance rates in Massachusetts are going in the right direction -- sharply downward. Insurance commissioner Nonnie Burnes should steer clear of any policy changes that interfere with this beneficial trend. In the coming days, Burnes is expected to lay out the Patrick administration's 2008 course on auto insurance....
GEICO Named a Top Employer for College Graduates Four Years in a Row
Wednesday, July 11, 2007
As the classes of 2007 and 2008 search for their first jobs, they might do well to remember that CollegeGrad.com, the number-one entry level job site, just announced that GEICO is among the Top 500 Entry Level Employers for 2007 for the fourth consecutive year."We are very pleased to have been recognized by CollegeGrad.com for the past four years. If you're looking for a great place to start and build a career, then consider GEICO."...
Your MONEY: Car Cover Lies Hit Honest Drivers for Pounds 30 Each ; CASHPOINT
Wednesday, July 11, 2007
FOUR million drivers have no valid car insurance - that's one in six people behind the wheel. A new survey found 1.5 million drivers have no cover at all, and a further 2.5 million lied on their application forms, which may invalidate their policies, leaving them uninsured if they crash. The biggest concentrations of uninsured drivers are in London, Manchester, Bradford, Birmingham and Liverpool....
Car Ban for Big Bungler Goody
Tuesday, July 10, 2007
BIG Brother star Jade Goody got a six-month driving ban yesterday after admitting a string of motoring offences.The 26-year-old admitted being at the wheel of her BMW last November when she didn't have a full licence.Goody also admitted driving against licencing rules and without insurance on March 27 in Brentwood, Essex....
The Over 50s Are the New Target ; MONEY As the Surprising Merger Between Saga and the AA Goes Through, Jeremy Gates Looks at Its Impact on the Consumer
Tuesday, July 10, 2007
A MILLION people are retiring each year - which partly explains the surprise merger of Saga, the travel and insurance group for the over-50s, and the AA, the drivers' friend in a roadside emergency. As the new firmstarts with debts of nearly pounds 5bn, many employees await healthy payouts: Saga staff who invested pounds 20 in October 2004 collect pounds 10,500, AA boss Tim Parker waltzes off with pounds 40mafter three years' highly controversial work and Saga boss Andrew Goodsell hits the jackpot with pounds 128m. Says Aron Thompson, head of insurance at online price comparison site uSwitch.com: "The merger creates a combined customer base of 17m, including two million buyers of car insurance....
State Farm Repays Its Customers
Tuesday, July 10, 2007
Jul. 6--Lou Ferringer of Spartanburg was pleasantly surprised last Thursday when he opened a letter from his insurer, State Farm Mutual Automobile Insurance Co., that contained a dividend check for $50. But he didn't ask any questions. "I've been a State Farm customer for 50 years and this was the first dividend check I think I have ever received," Ferringer said....
WALES: Your MONEY
Tuesday, July 10, 2007
A MILLION people are retiring each year - which partly explains the surprise merger of Saga, the travel and insurance group for the over-50s, and the AA, the drivers' friend in a roadside emergency. It creates a pounds 6.2bn giant: both are big providers of financial services and 40% of the AA's 15m members are 50-plus. As the new firmstarts with debts of nearly pounds 5bn, many employees await healthy payouts: Saga staff who invested pounds 20 in October 2004 collect pounds 10,500, AA boss Tim Parker waltzes off with pounds 40mafter three years' highly controversial work and Saga boss Andrew Goodsell hits the jackpot with pounds 128m....
EDITORIAL: Renew No-Fault: Demise of PIP Will Create Health Care Crisis
Monday, July 09, 2007
Jul. 8--We dislike special sessions of the Legislature as much as anyone. Yet it's imperative that Gov. Charlie Crist call a special session before Oct. 1 to avoid a crisis in the auto insurance industry. The extension will give legislators more time to debate reforms that respond to concerns about PIP's role as a magnet for ambulance-chasing profiteers....
Pennsylvania Insurance Department Says Hybrid Vehicle Owners May Qualify for a Premium Discount
Saturday, July 07, 2007
HARRISBURG, Pa., June 11 /PRNewswire-USNewswire/ -- Pennsylvania motorists who own a hybrid vehicle may be eligible for a discount on their auto insurance premiums, according to the Pennsylvania Insurance Department.The Insurance Department has approved a filing from GEICO to offer a five- percent discount to policyholders who insure hybrid vehicles. GEICO is the third insurer in recent months to file this type of discount, after Farmers and Travelers....
Auto Insurers Expect 3d Rate Drop
Saturday, July 07, 2007
Jul. 6--The state's automobile insurers say they are likely to ask for a rate decrease next year if the Patrick administration decides to continue regulating the prices they can charge. It would be the third straight year insurers have asked state regulators to cut premiums, a trend reflecting an unprecedented downturn in the dollar value of insurance claims. Daniel J. Johnston, president of the Automobile Insurers Bureau of Massachusetts, said the size of any requested rate reduction won't be known until company expense numbers and other data are crunched over the next two months....
Your MONEY: Put the Brake on Soaring Car Cover Premiums ; CASHPOINT
Saturday, July 07, 2007
THE average car insurance premium is up eight per cent on last year to a record pounds 822, says an AA report. And it warns there are more increases to come because premiums are lagging behind what insurers are paying in claims. Drive carefully and get up to 60 per cent no-claims discount....
Op-Ed ; On Auto Insurance, Gov Won't Drive Us to Poor House
Saturday, July 07, 2007
As a lawyer and a politician, Deval Patrick has defended rapists, racial quotas and even reparations for slavery.In a move utterly unexpected from the "Cadillac of Governors," Patrick may become a champion of free markets and consumer choice - at least in the area of auto insurance.A panel appointed by Patrick in January to consider car insurance reform has recommended less government interference and (members of the Massachusetts teachers unions may want to sit down for this) "competitive, market-based" insurance rates....
Name and Shame Rogue Insurers Who Fail to Pay Up ; Watchdog Forces Companies to Fork Out 400,000 for Refusing Valid
Friday, July 06, 2007
THE FINANCIAL watchdog has forced insurance companies to make payouts of nearly 400,000 over their refusal to handle perfectly valid customer claims.Ombudsman Joe Meade was scathing in his criticism of the firms' conduct, saying that one insurer's behaviour was 'totally incorrect and highly insensitive'.Overall, complaints to the Financial Services Ombudsman were up by almost a third on last year's six monthly figures, with banking and insurance firms made to pay out more than 800,000 in claims and compensation....
High-Risk Drivers Get a Break: Fewer Accidents and Milder Injuries Mean Their Insurance Rates Can Drop 4.6%
Friday, July 06, 2007
Jul. 6--Automobile liability insurance rates for high-risk drivers are scheduled to drop an average of 4.6 percent beginning this fall. The cut affects about 7 percent of the cars insured in North Carolina, said Ray Evans, general manager of the N.C. Reinsurance Facility, which administers insurance coverage for high-risk drivers. Drivers affected by the decrease are those whose insurance coverage has been shifted to the Reinsurance Facility because they are considered too risky to insure, such as inexperienced drivers or those who have insurance points against their licenses....
Zurich Completes Purchase of Bristol West Holdings
Friday, July 06, 2007
Switzerland-based Zurich Financial Services Group has confirmed that its Farmers Group subsidiary has finalized the 100% acquisition of US non-standard auto insurer Bristol West Holdings, after receiving all the necessary regulatory approvals.The transaction, which represents an equity value of $713.5 million, will result in the delisting of Bristol West Holdings from the New York Stock Exchange. Following the completion of the transaction, Farmers Group (FGI) has immediately sold the underlying insurance business to the Farmers Exchange, which FGI manages, but does not own, for $370 million....
Goody Driving Ban
Friday, July 06, 2007
JADE Goody was banned from driving for six months yesterday after claiming she didn't know she had to apply for a full licence. The shamed reality TV contestant, right, passed her test three years ago then never sent off the paperwork. Goody, 26, heavily criticised for alleged racism in Big Brother, also blundered by cancelling her car insurance....
Premiums Burden
Friday, July 06, 2007
The cost of insuring a car has reached record levels, with premiums more than doubling during the past 13 years, figures show. Average car insurance premiums rose by 2.5 per cent during the three months to the end of June, increasing the average cost of annual comprehensive cover to pounds 822, according to the AA. It said this was more than double the pounds 408 cover cost when it first launched its insurance premium index in July 1994....
Broker Snaps
Friday, July 06, 2007
Lloyds TSB 560p +6.5p Broker says BUY LLOYDS TSB closed higher as Citigroup lifted shares in the bank to "buy" from "hold" and upped its price target to 650p from 600p. Dimension Data 58.5p -0.25p Broker says BUY...
Car Insurance Hits Record [Pound]822 ; Business News IN BRIEF
Thursday, July 05, 2007
Car insurance premiums have reached an all-time high, figures published last night revealed. Comprehensive premiums have risen almost 8 per cent in the past year, according to the AA's insurance premium index. They went up 2.5 per cent in the second quarter of this year to an average of [pound]822 - more than twice that in July 1994, when the AA index was first published....