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.
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 product marketing manager Alison Flintham is leaving the firm in January to play for the Scottish team in the touch-rugby World Cup.
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 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 […]
Mark Martin, Manager of the Neptune UK Mid Cap fund Brexit news has caused a wave of turbulence across financial markets, with both UK equities and sterling plummeting in the immediate aftermath. UK mid-caps have borne the brunt of the selling so far, with housebuilders and banks being two of the worst performing sub-sectors. However, for […]
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The government will look at how individuals who exercise pension freedoms can be given “a further nudge” to take guidance, pensions minister Guy Opperman says. During the second reading of the Financial Guidance and Claims Bill in the House of Commons, Opperman shed light on how the government’s view on guidance is evolving. He made […]
It is that time of year again when the pundits clamour to deliver their predictions and the anti-pundits line up to proclaim their disdain for such utterances. So I will seize the opportunity to add to the largely pointless noise with some forecasts for our sector. My first prediction is that markets will continue to move […]
Old Mutual has called on the FCA to reverse its decision not to create a standalone equity release qualification for financial advisers. The call follows figures published today from the Equity Release Council which show a record quarter for equity release activity in Q4 2017. The total amount of housing wealth unlocked by over-55 homeowners […]