Future of Fortis

See story: Buyers stalk Fortis as parents woes deepen

Bored of the RBSI saga, the market is turning its attention to the future of Fortis. It’s an impressive business that UK chief executive Barry Smith has run as a tight ship and while it is unquestionably niche, it would make a good fit for a number of larger UK counterparts.

Its extensive personal lines book would be attractive for any insurer looking to expand that side of their portfolio as it is known to make a tidy profit. Equally, private investors have started to make waves in the market – earlier this year, Peter Cullum and Tom Duggan were uncovered as the money men behind the IAG UK MBO, and this intervention of wealth individuals could be a trend that continues as the Fortis story unfolds.

But Smith is in the spotlight too. While he is currently saying nothing about the possibility of an MBO, the rumours that he and newly installed managing director Mark Cliff are working one up are strangely persistent. Either way, the one sure thing is that we are going to be hearing a lot more about Fortis UK in the weeks and months to come. A new wave of insurer consolidation has started, and Fortis is at the forefront.