View more on these topics

Paymentshield will be sold to Towergate for 180m

Paymentshield is set to be sold to the UK’s biggest regional general insurance intermediary in an expected 180m deal, Money Marketing understands.

The Towergate Partnership, which controls over 1.25bn of gross written premiums, is believed to be in the final stages of negotiations to snap up the mortgage payment protection insurance and buildings and contents insurance provider in a deal that is will see chief executive Stuart Pender land a bumper pay cheque.

Any deal is likely to see Towergate run Paymentshield in an underwriting agency capacity, with a number of insurers, led by Royal & Sun Alliance, providing cover.

Paymentshield wrote 186m of premium income during the last financial year.

It would mark Towergate’s first major foray into the protection market and see the part broker/part underwriting agency, which has snapped up around 115 firms since its launch in 1997, become a major player in the sector.

Paymentshield, whose majority shareholder is HBOS and whose policies are mainly underwritten by HBOS subsidiary St Andrew’s Insurance, has been rumoured to be looking for a buyer for a number of months.

Neither party would comment.

Recommended

Form of defence

For the next Adviser Fund Index rebalancing on November 1, 2006, panellists are concentrating on both risk levels and individual fund performance. Ben Willis, investment manager and head of research at Whitechurch Securities, has made a number of fund changes in his AFI portfolios, each relating to risk. In the cautious portfolio, Willis is moving […]

Bright Grey manager kicks job into touch

Bright Grey product marketing manager Alison Flintham is leaving the firm in January to play for the Scottish team in the touch-rugby World Cup.

AMI issues guidance on retention

The Association of Mortgage Intermediaries has launched a factsheet to help members deal with the issues around retention business.The factsheet covers compliance issues when reviewing existing mortgage arrangements and additional issues that will be raised where a client has an existing unregulated mortgage. AMI associate director Rob Griffiths says: “As a growing number of lenders […]

Fidelity completes American special situations fund transition

Fidelity American special situations fund manager Bob Haber has completed his three month transition of the fund by reducing the number of stocks from 200 to 54.Haber has also increased the fund’s large cap bias although it still has a bigger weighting to companies smaller than the S&P 500, and has made the portfolio more […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment