Direct Line Group plc is a United Kingdom insurance company, formed in 2012 by the divestment of The Royal Bank of Scotland Group's (RBS) insurance division through an initial public offering. The company owns a number of insurance subsidiaries providing various insurance products, including Direct Line and Churchill, as well as the roadside assistance and vehicle recovery provider Green Flag.
The group is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
History
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The company was originally established in 1985 by Peter Wood and Martin Long as the insurance division of The Royal Bank of Scotland Group (RBS). It was the first telephone-only insurance company in the UK. In September 2012, the Group's chief executive, Paul Geddes, announced the business was "operating as a standalone insurance company", in advance of a future full divestment from the RBS Group. The company was the subject of an initial public offering (IPO) in October 2012. RBS sold a 30% share of the business in the IPO, and sold a further 17% in March 2013, reducing its holding in the business to 48.5%. RBS sold a further 20% in September 2013, and sold the remainder of its holding in February 2014.
Direct Line sold its TRACKER Network UK telematics business to the private equity firm Lysanda in February 2014.
In September 2014, it was announced that Mapfre would acquire the Italian and German businesses of Direct Line for a sum of €550 million.
Operations
The Group owns a number of general insurance brands operating within the United Kingdom, including Direct Line, Churchill, Privilege and Green Flag. Direct Line is a company that specialises in selling insurance and other financial services, sold directly to consumers by telephone and the internet.
References
External links
- Official website
