Direct Group expands further with EVS deal
27/05/2010 09:00:00 by Marketing
Insurance services provider Direct Group, backed by Lloyds Development Capital, has completed the acquisition of Evander Validation Services for an undisclosed sum.
Preston-based EVS is one of three companies in the Evander Group bought from Homeserve in an LDC-funded transaction last September.
Following the latest deal, EVS managing director Colin Jones will continue to lead the division, which provides contents validation and fulfilment services.
It is the latest step in Direct Group's continued expansion which, since it was backed by LDC in 2007, has seen it acquire businesses including Millennium Insurance, a provider of general insurance solutions to the mortgage broker and independent financial adviser market.
The acquisition of EVS also widens Direct Group's portfolio, which includes outsourced insurance administration, claims handling and fulfilment; with products and services spanning property, protection, motor and travel.
Derek Coles, Direct Group chief executive, said: "We have rapidly grown our property and travel claims propositions and the EVS model complements both these areas. This move marks another significant step towards Direct Group's core strategy of delivering wider insurance solutions to our partners."
Mr Jones added: "Direct Group has been actively seeking a route into EVS' space and it became clear that a deal would be a strong cultural and strategic fit for both businesses."
Jonathan Simpson-Dent, Evander Group CEO, concluded: "Direct Group is uniquely positioned to take EVS to the next level and I am confident that this move will be beneficial for our customers and employees."
http://www.postonline.co.uk/post/news/1650505/direct-group-expands-evs-deal
Claims staff transferred to Direct Group to process motor and commercial policies
27/05/2010 08:30:00 by Marketing
UK General Insurance (UKGI) has signed a deal with Direct Group to outsource its non-complex commercial and motor claims, resulting in a number of staff being transferred over.
UK General Claims staff who currently work in Manchester and are affected by the agreement will be offered new roles in Direct Group at Elland, Halifax, under TUPE regulations.
UKGI claims director Nicola Lightowler said the decision was part of an ongoing strategic review aimed at making UK General one of the UK’s leading niche and specialist insurers among independent brokers.
She said the agreement with Direct Group will deliver further efficiencies without compromising service. “Brokers have told us that rapid and efficient claims processing is a top priority for them, and we are confident Direct Group can help us achieve this for our commoditised claims.”
Lightowler said UK General will retain a small team of technical claims experts to deal with all liability and high value property and motor claims.
“Our technical claims experts will now be able to fully focus on these complex claims, which will further improve UK General’s service to brokers in this key area,” she said.
Direct Group chief executive Derek Coles said the agreement built on an earlier partnership deal (signed in February 2009) between his company and Longhawk before the merger in June last year between Longhawk and Primary General to form UK General Insurance.
He said: “We already administer UK General’s claims in the travel, liability, GAP, creditor and property markets, and we are delighted to extend the relationship further by adding non-complex motor and commercial property claims to our claims administration portfolio.”
He added: “It marks the continued development of our strategy to offer a leading multi-product outsourced claims and administration model across a number of markets.”
http://www.insurancetimes.co.uk/story.asp?sectioncode=13&storycode=384661
Direct Group Continues Rapid Expansion
26/05/2010 09:00:00 by Marketing
Direct Group, the fast-growing insurance services provider has completed the acquisition of Evander Validation Services Limited (EVS) for an undisclosed sum.
EVS is one of three companies in the Evander Group which were bought from HomeServe Plc in September 2009.
Following the deal, current EVS Managing Director Colin Jones will continue to lead the rapid growth of the division which has established itself as market leader in the provision of contents validation and fulfilment services.
The transaction is a strong strategic fit for both businesses and adds to the enlarged group’s portfolio which spans product development, sales and premium collection, policy administration, claims management, reporting and performance management.
It is the latest step in Direct Group’s continued expansion which has seen it acquire a number of businesses including Millennium Insurance, a
Combined with organic growth, these deals have seen revenues at Direct Group rise from £8 million in 2007 to around £13 million in the current financial year.
Direct Group is now a leading player in the outsourced insurance administration, claims handling, validation and fulfilment market with products and services spanning property, protection, motor and travel.
Derek Coles, CEO of Direct Group added: “This deal provides Direct Group with an opportunity to further strengthen and add scale to the company. We have rapidly grown our property and travel claims propositions recently and the EVS model complements both these areas. I am delighted Colin Jones will continue to lead EVS focusing on providing exceptional service lead solutions tailored to the needs of its different clients. This move marks another significant step towards Direct Groups core strategy of delivering wider insurance solutions to our partners.”
Colin Jones, Managing Director of EVS, said: “Direct Group has been actively seeking a route into EVS’ space and when they began talking to us, it was clear that a deal would be a strong cultural and strategic fit for both businesses. I’m looking forward to working with Derek and the wider team to take this enlarged and enhanced proposition to market.”
Jonathan Simpson-Dent CEO Evander Group commented: “EVS has been an important part of the Evander Group to date and the team has made excellent progress in rapidly developing the business. Direct Group is uniquely positioned to take EVS to the next level and I am confident that this move will be beneficial for our customers and employees.”
BIBA and Millennium Insurance join forces to launch new Committed Payments Protection scheme
13/05/2010 09:00:00 by Marketing
The British Insurance Brokers’ Association (BIBA) has appointed BIBA member Millennium Insurance, the distribution arm of Direct Group, as the exclusive provider of its new members’ scheme for protection insurance.
BIBA has worked closely with Millennium Insurance to develop a new protection product that it believes will help address the market’s concerns in relation to traditional payment protection insurance (PPI).
This new product takes a fresh approach to the traditional point of sale purchase which has generally been directly linked to loan provision. The PPI scheme product will be sold on a ‘standalone’ basis with or without a mortgage or loan. It will be flexible for customers to cover regular bill payments that they are committed to, in the event of unemployment or inability to work due to accident, unemployment or sickness
BIBA recognises the product’s launch, which coincides with significant economic and political change, is an important step in helping brokers to raise standards. The new Committed Payments Protection provides many extra features and benefits including:
- Payments Protection – ability to protect regular bill payments of £200 to £2,000 per month
- Life cover (optional extra) – the ability to cover a fixed sum insured of £2,400 to £24,000
- Back to Work – confidential and independent advice programme offering practical assistance
- Legal Protection – help in appealing or defending employment or contract disputed and negotiating a settlement for bodily injury or death
- Helpline – 24/7 confidential legal advice on personal tax matters, general health and medical issues
BIBA firmly believes that in the current economic environment this type of ‘standalone’ protection product provides a good opportunity for its’ members to extend their services, who as part of their day-to-day environment are used to providing advice and suitable products to their customers.
This product - a Committed Payments policy underwritten by Jubilee – will enable BIBA members to access Millennium Insurance online and quickly obtain quotes.
Derek Coles, CEO of Millenniums’ parent company Direct Group Limited added “I am delighted that with BIBA, we have developed this innovative solution for wider broker distribution at an economic point in time where customers need protection the most. Where understanding broker needs are concerned our underwriting partner (Jubilee) has a long established position in the Lloyd’s Market and Direct Group are pleased to work with them as insurer on this innovative solution.”
This new relationship with BIBA comes off the back of Millennium Insurance being recognised by the industry in gaining the CII’s Gold Standard for Chartered Insurance Brokers.
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ENDS For further information
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About Millennium Insurance
Millennium Insurance was acquired by Direct Group in June 2008. It has fast become Direct Groups’ distribution for personal lines products. Millennium Insurance focuses on delivery as a Third Party Administrator for brokers, corporate and affinity partners.
Millennium Insurance Brokers Ltd was established in 1996, and is a CII Chartered Insurance Broker and member of BIBA.
About Jubilee
Jubilee is a specialist personal lines insurer and has been providing PPI and Life Insurance in the Lloyd’s market for over 30 years.
Committed Payments Protection is underwritten by Jubilee’s Syndicates 5820 (PPI) and 779 (life option).
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes 1700 regulated firms. Insurance brokers and intermediaries distribute nearly two-thirds of all UK general insurance. In 2007, insurance brokers and intermediaries generated £1.5 billion of invisible earnings and they introduce £22 billion of premium income into London’s insurance market each year.
BIBA is the voice of the industry, advising members, the regulators, the Government, consumer bodies and other stakeholders on key insurance issues. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards. BIBA works closely with the Chartered Insurance Institute to provide training to those working in the industry and actively participates in helping the industry and its customers deal with some of the major issues of the day.
