UK General Insurance Competitor Tracker Q2 2008 : Market Research Report

UK General Insurance Competitor Tracker Q2 2008

Published by: Datamonitor

Published: Jul. 10, 2008 - 13 Pages

DATAMONITOR VIEW
SUMMARY
ANALYSIS: Overview; Allianz is set to increase its regional presence and improve its SME offering, while high car hire costs push up its combined ratio; Allianz unit looks to increase its regional strength; Allianz moves to improve SME offering; Allianz pins the blame on car hire costs for higher than expected combined ratio; AXA loses UK chief executive, proceeds with integration of SBJ and reconsiders MGA relationships; AXA reshuffle sees departure of Hubbard; AXA changes mind regarding integration of SBJ; New AXA boss reconsidering MGA relationships; Fortis moves into mobile phone travel insurance and reshapes both its commercial and personal lines propositions; Fortis enters into text message travel insurance deal; Fortis overhauls commercial lines proposition; Fortis revamps personal lines offering for HNW market; Groupama acquires motor trade specialist and introduces improvements in broker offering; Groupama adds ChoiceQuote to its ranks; Groupama improves online broker service; HBOS teams up HSBC and Lloyds TSB to acquire EIS; HBOS, HSBC and Lloyds TSB take control of EIS; Norwich Union looking to re-brand itself under Aviva banner and prevent consolidators from becoming too powerful; Aviva set to phase out Norwich Union brand over next two years; Norwich Union leads fight back against consolidator dominance; Norwich Union looks to reduce cost base; RBS stuns the market with announcement of proposed disposal of RBSI; RBS announces intention to sell insurance division; RSA wins deal with Ford, aims to provide relationship managers to brokers and enters into HNW arrangement; RSA wins lucrative deal to become sole provider of car insurance for Ford; RSA launches scheme to provide relationship managers to brokers; RSA agrees HNW deal with Smith Greenfield; Zurich enters into partnership with Howden, expands M&A team and announces cost cutting exercise; Zurich enters into PI partnership with Howden; New London office part of Zurich's expanding M&A operation; Zurich looks to reduce workforce in attempt to cut costs; Towergate sells share to hedge fund while Oval puts itself up for sale and new online SME broker prepares to launch; US hedge fund acquires £100m stake in Towergate; Oval puts itself up for sale for £300m; New online broker attracts former Willis chairman
APPENDIX: Ask the analyst; Datamonitor consulting; Disclaimer

Abstract

Introduction

The General Insurance Competitor Tracker provides expert analysis and commentary on the strategic movements of key competitors in the general insurance market.

Scope

Information on new product developments, acquisition and consolidation activity, distribution, new corporate partnerships and broker activity
Insight on the following competitors: Allianz, AXA, Fortis, Groupama, HBOS, Lloyds TSB, Norwich Union, RBS Insurance, Royal & SunAlliance and Zurich

Highlights

In April 2008, Groupama acquired taxi and motor trade specialist ChoiceQuote. The broker has £25m of premiums on its books and is based in Liverpool, with a total workforce of 79 staff. Groupama announced that the broker will retain its brand name and operate independently of the insurer's other UK brokers, such as Carole Nash.

Aviva has announced plans to streamline its operations into one worldwide brand under the Aviva banner. This will mean the phasing out of the Norwich Union, Hibernian and Commercial Union brands in the UK, Ireland and Poland, respectively. The process will be carried out over the next two years and is intended to involve all stakeholders.

Reasons to Purchase

Evaluate key competitor strategies
Input in to your own competitor analysis research
Identify new product development and acquisition activity among your competitors

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UK General Insurance Competitor Tracker Q2 2008

Table of Contents

Abstract