Search for buyer continues as insurer posts heavy 2009 loss

Provident Insurance, put up up for sale by US parent GMAC, has posted a £31.1m loss for 2009, Insurance Times reveals this week.

The motor insurer, which made an £8.4m profit in 2008, was badly hit by rising bodily injury claims and plunging investments.

According to sources, the result could have implications on the sale.

Read the full story in this week's issue of Insurance Times, out Thursday, or click here to read it first online.