Post Magazine – IAG linked with Provident after GMAC quits UK motor
Less than three years since GMAC bought Provident, the motor insurer is up for sale once again. 2010 clearly is going to be a year of M&A speculation as the industry awakes from its slumber and this story points out how the insurer previously acquired for £170m in May 2007 will fetch considerably less right now – presumably because amongst its flagship deals were a tie up with a bunch of General Motors car brands including the recently rescued Saab, of which only an estimated 40 000 vehicles were sold in 2009. Unfortunately, there is not much more one can do with a small motor insurer M&A story than put the name of Neil Utley alongside it as a possible suitor; he is the most usual of the usual suspects.
Drive Assist alleged to have falsified hire days (Insurance Times)
CHO acts to defuse backlash over malpractice promoting email (Post Mag)
With Post Magazine helpfully putting their issue up online at the same time as IT, it means we can compare the same stories at the same time. It’s a close call, but I’m going to give the prize to Post’s interpretation of this story which involves credit hire firm Drive Assist allegedly hiking up the numbers of days they charge to insurers; they are blaming the grease monkeys at the garages and trying to mop up the ensuing PR mess. Both magazines giddily reveal their having had access to a ‘leaked email’, although IT goes one further and decides the source is in fact a ‘whistle blower’, obviously intent on smashing the system from the inside – needless to say this whistleblower had been made redundant last year amongst 400 other seditious malcontents.
However, the winning line comes in Post Mag’s coverage from the Accident Management Association which praised Drive Assist for its prompt response and argued that this incident had in fact ‘enhanced’ the reputation of credit hire.
One man’s fight against the FSA
Insurance Times’ cover story this week tells an unlikely tale of one man’s fight to clear his name against the mighty financial regulator. It’s actually a gripping yarn and knowing how hard it can be to pin down these human interest stories, I salute the Danny Walkinshaw for the achievement.
Michael Bright could be emerging from his term at Her Majesty’s Pleasure at some stage during 2010; now that would be a good read.