Universal Salvage's shares plummeted on Monday following the company losing its contract with Direct Line. The share price almost halved, dropping to 215p.
The insurer's contract accounted for 40% of Universal Salvage's business - 50,000 of 125,000 vehicles.
Direct Line is thought to have taken its business to a joint venture run by the National Salvage Group and the National Auto Salvage Amalgamation.
Universal Salvage scraps written off vehicles and auctions damaged cars purchased from insurers. It is thought the joint venture offered to pay more than Universal Salvage for salvage vehicles.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
