Equity Insurance Group
Encyclopedia
Equity Insurance Group is a UK personal lines and commercial insurer. It comprises two specialist divisions: Equity Red Star, its underwriting arm and Equity Direct Broking, its broking business.
underwriting arm, has been providing insurance products since 1946. It provides private car, classic car
, van
, motorcycle
, taxi
, minibus
, fleet, haulage, agricultural vehicle, motor breakdown, household and personal accident cover.
, Santander
, Renault
, Nissan, Subaru
, Kia Motors
, Honda
, Mazda
and Skipton Building Society
.
On 29 December 2008, Equity Insurance Brokers changed their name to Equity Direct Broking due to its owner IAG UK selling their biggest brand, Insure, to Hastings Direct
. The group also sold the 70+ high street
branches throughout England
and Northern Ireland
to Swinton Group Ltd
.
On 14 August 2009, Equity Direct Broking closed its Southampton office and moved operations for household and motor insurance to Colchester
, Essex
.
. It is headquartered at Brentwood
, Essex
. Further facilities are located in Colchester
and Swansea
.
On 4 December 2006, Australian insurer Insurance Australia Group
announced that it would acquire Equity Insurance Group for £570 million. The acquisition was completed on 8 January 2007 and Neil Utley, then CEO, joined the executive team of IAG.
Equity Red Star
Equity Red Star, the group’s Lloyd's of LondonLloyd's of London
Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals or corporations, come together to pool and spread risk...
underwriting arm, has been providing insurance products since 1946. It provides private car, classic car
Classic car
A classic car is an older car; the exact meaning is variable. The Classic Car Club of America maintains that a car must be between 20 and 40 years old to be a classic, while cars over 45 years fall into the Antique Class.- Classic Car Club of America :...
, van
Van
A van is a kind of vehicle used for transporting goods or groups of people.In British English usage, it can be either specially designed or based on a saloon or sedan car, the latter type often including derivatives with open backs...
, motorcycle
Motorcycle
A motorcycle is a single-track, two-wheeled motor vehicle. Motorcycles vary considerably depending on the task for which they are designed, such as long distance travel, navigating congested urban traffic, cruising, sport and racing, or off-road conditions.Motorcycles are one of the most...
, taxi
Taxicab
A taxicab, also taxi or cab, is a type of vehicle for hire with a driver, used by a single passenger or small group of passengers, often for a non-shared ride. A taxicab conveys passengers between locations of their choice...
, minibus
Minibus
A minibus or minicoach is a passenger carrying motor vehicle that is designed to carry more people than a multi-purpose vehicle or minivan, but fewer people than a full-size bus. In the United Kingdom, the word "minibus" is used to describe any full-sized passenger carrying van. Minibuses have a...
, fleet, haulage, agricultural vehicle, motor breakdown, household and personal accident cover.
Equity Direct Broking
Equity Direct Broking Limited operates through customer contact centres and affinity partnerships. Affinity partners include First DirectFirst Direct
First Direct is a telephone and internet-based retail bank in the United Kingdom, a division of HSBC Bank plc. First Direct has headquarters in Leeds, West Yorkshire, England, and has 1.16 million customers....
, Santander
Santander UK
Santander UK plc is a wholly owned subsidiary of the Spanish Santander Group. Based in the United Kingdom, it operates under the name of Santander. Santander is the third largest bank in the UK in terms of deposits, the second largest in terms of mortgages held, and the fourth largest in terms of...
, Renault
Renault
Renault S.A. is a French automaker producing cars, vans, and in the past, autorail vehicles, trucks, tractors, vans and also buses/coaches. Its alliance with Nissan makes it the world's third largest automaker...
, Nissan, Subaru
Subaru
; is the automobile manufacturing division of Japanese transportation conglomerate Fuji Heavy Industries .Subaru is internationally known for their use of the boxer engine layout popularized in cars by the Volkswagen Beetle and Porsche 911, in most of their vehicles above 1500 cc as well as...
, Kia Motors
Kia Motors
Kia Motors , headquartered in Seoul, is South Korea's second-largest automobile manufacturer, following the Hyundai Motor Company, with sales of over 1.4 million vehicles in 2010...
, Honda
Honda
is a Japanese public multinational corporation primarily known as a manufacturer of automobiles and motorcycles.Honda has been the world's largest motorcycle manufacturer since 1959, as well as the world's largest manufacturer of internal combustion engines measured by volume, producing more than...
, Mazda
Mazda
is a Japanese automotive manufacturer based in Fuchū, Aki District, Hiroshima Prefecture, Japan.In 2007, Mazda produced almost 1.3 million vehicles for global sales...
and Skipton Building Society
Skipton Building Society
The Skipton Building Society is a building society in the United Kingdom . It is a member of the Building Societies Association....
.
On 29 December 2008, Equity Insurance Brokers changed their name to Equity Direct Broking due to its owner IAG UK selling their biggest brand, Insure, to Hastings Direct
Hastings Direct
Hastings Direct is a trading name of Hastings Insurance Services Limited, a UK personal lines insurance broker servicing customers over the telephone, via the internet, and face-to-face....
. The group also sold the 70+ high street
High Street
High Street, or the High Street, is a metonym for the generic name of the primary business street of towns or cities, especially in the United Kingdom. It is usually a focal point for shops and retailers in city centres, and is most often used in reference to retailing...
branches throughout England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
and Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
to Swinton Group Ltd
Swinton Colonnade
Swinton is a British insurance brokerage and is owned by French insurers 'La Mutuelle du Mans Assurances IARD' , a company incorporated in France...
.
On 14 August 2009, Equity Direct Broking closed its Southampton office and moved operations for household and motor insurance to Colchester
Colchester
Colchester is an historic town and the largest settlement within the borough of Colchester in Essex, England.At the time of the census in 2001, it had a population of 104,390. However, the population is rapidly increasing, and has been named as one of Britain's fastest growing towns. As the...
, Essex
Essex
Essex is a ceremonial and non-metropolitan county in the East region of England, and one of the home counties. It is located to the northeast of Greater London. It borders with Cambridgeshire and Suffolk to the north, Hertfordshire to the west, Kent to the South and London to the south west...
.
History
Equity Insurance Group was acquired in 2005 by a consortium combining its management team – led by CEO, Neil Utley - backed by investors Englefield and Duke Street CapitalDuke Street Capital
Duke Street is a private equity firm focused on leveraged buyout and growth capital investments in middle-market companies in Western Europe, particularly the UK and France....
. It is headquartered at Brentwood
Brentwood, Essex
Brentwood is a town and the principal settlement of the Borough of Brentwood, in the county of Essex in the east of England. It is located in the London commuter belt, 20 miles east north-east of Charing Cross in London, and near the M25 motorway....
, Essex
Essex
Essex is a ceremonial and non-metropolitan county in the East region of England, and one of the home counties. It is located to the northeast of Greater London. It borders with Cambridgeshire and Suffolk to the north, Hertfordshire to the west, Kent to the South and London to the south west...
. Further facilities are located in Colchester
Colchester
Colchester is an historic town and the largest settlement within the borough of Colchester in Essex, England.At the time of the census in 2001, it had a population of 104,390. However, the population is rapidly increasing, and has been named as one of Britain's fastest growing towns. As the...
and Swansea
Swansea
Swansea is a coastal city and county in Wales. Swansea is in the historic county boundaries of Glamorgan. Situated on the sandy South West Wales coast, the county area includes the Gower Peninsula and the Lliw uplands...
.
On 4 December 2006, Australian insurer Insurance Australia Group
Insurance Australia Group
Insurance Australia Group Limited is an Australian publicly-listed company with its shares traded on the Australian Stock Exchange as ....
announced that it would acquire Equity Insurance Group for £570 million. The acquisition was completed on 8 January 2007 and Neil Utley, then CEO, joined the executive team of IAG.