RBS Insurance moves to save costs ahead of Solvency II
Royal Bank of Scotland Insurance is rolling the underwriting arms of Direct Line, Churchill and NIG into UKI to save costs ahead of Solvency II.
The move will mean RBSI can cut out red tape and save administrative expenses, as it is now running one company with the capital and underwriting skillset instead of four, ahead of Solvency II’s implementation at the end of 2012.
A spokesman said: “In preparation for the new EU Solvency II regulations, we are proposing to amalgamate our UK statutory general insurance underwriting entities.
"Currently there are four underwriting entities in RBS Insurance: Direct Line Insurance plc (DLI), Churchill Insurance Company Ltd (CIC), UK Insurance Ltd (UKI) and The National Insurance and Guarantee Corporation Ltd (NIG).
“We are proposing to transfer the insurance business of DLI, CIC and NIG into UKI using the business transfer process provided for by Part VII of the Financial Services and Markets Act 2000.
“Norton Rose LLP and PwC are assisting RBS Insurance with this piece of work."