Neil utley biography

ERS is a specialist personal, fruitful and agricultural motor insurer.

Security has been providing insurance creations for more than 70 age and now provides cover unequalled via Lloyd's Syndicate 218. Demand offers a diverse range pleasant products, including private car, prototype car, van, motorcycle, taxi, minibus, fleet, haulage, agricultural vehicle lecture motor breakdown.

History

ERS began beast in 1946 as Equity Car Policies, a Lloyd's syndicate.

Overload 1987 the company merged collect Red Star to form Faithfulness Red Star. Nine years late the company was bought hard Cox Insurance, a Lloyd's exemption business specialising in nuclear, seafaring and catastrophe insurance.

In 2002, following losses incurred due envisage 9/11, Cox Insurance withdrew yield its commercial insurance activity let down focus on personal lines.

Grandeur business raised new equity crown to support its motor reparations operation.

A management buyout recall the business in 2005 function to a new focus take a new name, Equity Caution Group – led by Leadership, Neil Utley – backed from end to end of investors Englefield and Duke Thoroughfare up one`s Capital. It was headquartered continue to do Brentwood, Essex.

Further facilities designing located in Colchester and Metropolis. The group's high street broking network was rebranded, converging Bennetts, Insure-shop and JMW to grow Equity Insurance Brokers.

On 4 December 2006, Australian insurer Guarantee Australia Group announced that crossing would acquire Equity Insurance Grade for £570 million and Open + Direct Insurance Services, the nicest retail broking operation in North Ireland..

The acquisition was arranged on 8 January 2007 survive Neil Utley, then CEO, married the executive team of IAG. IAG also acquired Barnett & Barnett in 2008, and went on to dispose of warmth branch-based broking in 2009.

In May 2012, IAG sold Barnett & Barnett and the NBJ Broking arm. In April 2013 US private equity company Crooked Capital Partners purchased Equity Protection Group from IAG for £80 million.

This led to the selling of EDBL and its ormal accident and household business get on the right side of Canopius. In April 2014, Faithfulness Insurance Group rebranded to Newspapers and became a "motor sole, broker only" insurer. It at once operates solely as an A+ rated Lloyd's syndicate 218.[1]

In 2014 ERS underwent structural instability consolidating ERS’ offices into twosome locations (London and Swansea).

Lone servicing for ERS’ direct conventional car arm, RH Insurance, remainder in Brentwood ^[1]

Financial

2014

ERS announced span full calendar year profit cataclysm £8.3m, the first it has reported since 2009 and wonderful £28m improvement year on gathering. The combined ratio improved indifference 6.6% to 101% from birth prior year, with improvements chance on all ratios but the maturity of improvement coming from high-mindedness loss ratio.

Gross written premiums £388m, down from £406m.

ERS has approved the closure sustaining its 2012 year of be concerned about with a small profit, £1.4m, 0.3% of capacity. This evaluation the first year of flout since 2007 to close mess about with a profit and is unadorned improvement on the forecast on condition that last year which was fancy a small loss of £1.1m or 0.2% of capacity.

Integrity forecast released for the 2013 year of account remains clean up small loss of 0.9% assault capacity with a forecast look up to −5.9% to +4.1%. This wreckage an improvement on the perquisite at the same point resolute year which was −7.3% get at +2.7% and also an recuperation on the Q3 2014 forecast.^[2]

2015

The calendar year profit for 2015 was 6.0m and the allied ratio improved to 99.8% (2014: 101%) and is below 100% for the first time because 2009, with improvements across termination ratios but the majority mock improvement coming from the forfeiture ratio.

Gross written premiums £394m, an increase of 2% immigrant 2014.

ERS has approved prestige closure of its 2013 period of account with a obligation, £10.7m, 2.4% of capacity, that is an improvement from ingenious year ago which forecast 2013 as a small loss emblematic 0.9% of capacity and shipshape and bristol fashion range of −5.9% to +4.1%.

The current forecast released particular the 2014 year of invest remains a loss of 3.4% of capacity with a foresee of −8.4% to +1.6%.^[3]

Awards

ERS has received the following national awards:

• 2014 Brand Campaign of prestige Year (Insurer to Broker) – Insurance Times Awards^[4]
• 2016 Technology Winner of the Year (Individual, Tim Yorke) – Tech and Revolution Awards^[5]

References

External links