What are the stories hitting the headlines this week?
Motor insurer Admiral’s first-quarter 2012 turnover increased by 9% to £586m (2010: £539m). Total group insured vehicle count rose 17% to 3.4 million (2010: 2.9 million), while UK vehicle count alone was up 13% to 3 million (2010: 2.7 million). Admiral’s turnover comprises total written premium plus other revenue.
LV= has appointed Chris Rolland as claims director. Rolland was chief executive and vice-president of American Express Insurance Services Europe and will report to LV= chief operating officer Peter Horton.
The Ministry of Defence (MoD) has put out a tender for personal accident and life insurance cover for members of the army, navy and air force, their families, reserve forces and ex-servicemen. The tender is by the MoD’s defence equipment and support arm, to replace its
Private equity firm Tungsten has shown interest in buying Direct Line. Tungsten has not made a formal bid. Direct Line is understood to have been approached by several parties in recent months but still wants to float rather than sell.