Profiles
23. COX (INCLUDING BONCASTER)
LIBRARY HOUSE
NEW ROAD
BRENTWOOD
ESSEX CM14 4GD
TEL: 01277 200111
FAX: 01277 206283
EMAIL: INFO@COX.CO.UK
WEBSITE: WWW.COX.CO.UK + WWW.COX.CO.UK
FEE AND COMMISSION INCOME (2004): £38.7m
PRE-TAX PROFIT: £6.6m
NUMBER OF UK EMPLOYEES: 650
CHIEF OFFICER: NEIL UTLEY, CHIEF EXECUTIVE
HISTORY
Cox Insurance Brokers (CIB) combines the direct (call centre) business formerly known as Boncaster and the branch network, which operates under the Insure-shop, Bennetts and JMW brands.
CIB specialises in the provision of private car, motorcycle, home, travel and small commercial insurance products.
The business has achieved significant growth over the last few years, both organically and through acquisition. It provides customers with the flexibility to purchase insurance by their chosen channel, be it phone, internet, post or face-to-face.
The direct business administers insurance for affinity partners and brokers that have chosen to exit the market as well as those responding to the Cox 'insure' brand.
2004 saw further significant growth in Cox's branch network. The restructuring and transformation of Bennetts (acquired in 2003) was completed on schedule and in October the acquisition of J McWhirter (Insurance Brokers) extended the company's geographical footprint beyond the Midlands and South of England into Northern Ireland. This acquisition increased the size of the network to 55 branches.
On 24 June 2005 a consortium led by Neil Utley (who was chief executive of Cox until June 2004) announced the effective completion of its acquisition of Cox Insurance Holdings Plc.
To symbolise the new era, Cox will change its name to the Equity Insurance Group. The broking business, currently Cox Insurance Brokers, will be renamed Equity Insurance Brokers. These changes will take effect from January 2006.
MAJOR SHAREHOLDERS
Funds under the management of Englefield Capital LLP and Duke Street Capital V, Neil Utley and certain senior employees of Cox.
MAIN LINES OF BUSINESS
Private car, motorcycle, home, travel and small commercial insurance products.
CHIEF OFFICER BIOGRAPHY
Neil utley has had an interesting time. Having left Cox as chief executive in June 2004. He returned to the post in June this year with plans to delist from the London Stock Exchange and replace he board.
