Who underwrites Admiral and Hastings Direct?

inch_high

I know Admiral underwrite a portion of their own policies, but who underwrite the remainder? And who underwrite Hastings Direct?

Have been set the challenge of find out at work...

Quentin

Something wrong with your google if it brought you here to answer those tough challenges!

stooby

I think Hastings use a panel. They have (or had) a large account with Highway Insurance and they have their own underwriting vehicle based in Gibraltar called Advantage Insurance Company that "passports" into the UK. However, I belive the parent company (IAG?) is about to sell them on with Swintons and Equity Red Star interested in aquiring.

EDIT - In this action against Hastings by the regulator (FSA) I belive the insurer involved was Highway - http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/080.shtml

inch_high

Quentin wrote: »

Something wrong with your google if it brought you here to answer those tough challenges!

Thanks for your constructive input.

stooby

Admiral (car insurance) is done by "a consortium of insurers lead by Great Lakes Reinsurance (UK) plc".

http://www.admiral.com/policyDocs/admKeyFacts.pdf

inch_high

Thanks Stooby!

raskazz

stooby wrote: »

However, I belive the parent company (IAG?) is about to sell them on with Swintons and Equity Red Star

Mostly your post was correct but there's not a cat in hell's chance of ERS bidding for the lame duck that is Advantage, especially when ERS are expanding on specialist risks and writing less private car (IAG's last financial year report assumed a run-off for Advantage rather than a sale, that tells you all you need to know). IAG own both ERS and Hastings/Advantage at the moment anyway!

Hastings have a delegated panel including Highway; and an EDI panel including Axa, Fortis, Zenith amongst others. These tend to sweep up anything that hasn't been creamed off by Advantage.

AdeleBird

raskazz wrote: »

Mostly your post was correct but there's not a cat in hell's chance of ERS bidding for the lame duck that is Advantage, especially when ERS are expanding on specialist risks and writing less private car (IAG's last financial year report assumed a run-off for Advantage rather than a sale, that tells you all you need to know). IAG own both ERS and Hastings/Advantage at the moment anyway!

Hastings have a delegated panel including Highway; and an EDI panel including Axa, Fortis, Zenith amongst others. These tend to sweep up anything that hasn't been creamed off by Advantage.

Well - ERS are going with IAG but Equity is staying with Hastings, they are up for sale and currently awaiting a buyer, possible that the management will buy the company.

Clive_Woody

inch_high wrote: »

Thanks Stooby!

'HINT' - There's a little THANKS button at the bottom right-hand corner of every post....