Danny Walkinshaw reviews the week on the web.
It was another strong week of industry news at Insurancetimes.co.uk. Despite the anguish in the global economy, consolidation in UK insurance appears to be alive and well.
Money-bags Giles has rarely been out of the headlines in recent weeks and it hit the top of the most read list again as it announced the acquisition of SBP Group, a transport broker with gross written premium of £32m. This was Giles’ biggest deal since it was handed a £500m war chest by Charterhouse, the private equity firm that bought a majority stake in the business in March.
CCV, meanwhile, made its first purchase in Scotland. Venture Preference and Oval have also announced deals in recent weeks.
Developments at RSA are also proving popular with website users as new chief executive Adrian Brown begins to stamp his authority on the insurer.
Second on the most read list was the news that Brown had restructured his senior management team, creating two separate divisions for commercial and personal lines business.
In another popular story, the FSA was clamping down again. Two brokers who fell foul of the regulator were handed three-year bans.
That story won third place over the speculation that Patrick Snowball, the former boss of Aviva, was working with private equity groups on a potential move for the Royal Bank of Scotland’s insurance business, RBSI.
Photographs from the ABI’s 2008 Motor Conference, sponsored by Insurance Times, were also a big hit with readers.
The most read stories this week on Insurancetimes.co.uk
1. Giles acquires transport broker
Consolidator adds £32m to growing GWP.
2. Brown restructures RSA senior management
New chief creates commercial and personal divisions.
3. FSA bans two brokers
Directors Roger and Daniel Muse of Newcastle-based broker FHI failed to comply with client money rules.
4. RBS rumours Snowball
Private equity buyout for Direct Line and Churchill?
5. ABI Motor Conference: in pictures
Reaction and images from Preventing Injury: Caring For Customers.
