RBSI reveals Direct Line for Business turnover
Royal Bank of Scotland Insurance has revealed that its commercial book, which consists heavily of broker-placed business into NIG, doubled underwriting profits in the first six months of this year.
RBSI’s commercial book pulled in £41m in underwriting profits for the first half of 2011, compared to £21m in the same period last year.
The new details emerged at a meeting on Friday as RBSI chief executive Paul Geddes explained that he wanted the business to float in the second half of 2012, although there were fall back options if the markets slid.
The meeting also revealed that NIG’s sister company in the commercial book, Direct Line for Business, wrote £68m last year, in a micro SME market worth £2.4bn.
It means Direct Line for Business has around 2.8% of the micro SME market, which is dominated 91% by brokers and their e-trading platforms.