Current Syndicates - 218, 1176, 1485
Other Syndicates of Interest
|03 May 2002||Peter Wood in Cox stake buy|
Peter Wood, the insurance entrepreneur, is taking a stake in Cox, through his joint venture insurer, Esure.
Mr. Wood was the founder of Direct Line - part of the Royal Bank of Scotland - which became the UK's biggest motor insurer by selling by selling policies over the telephone.
Part of the attraction for Esure is likely to have been Cox's retail motor insurance business, which had 1 million customers and underwrote gross premium income of £476M in 2001.
Cox also reported losses of £240.6M for 2001 against losses of £6.38M in 2000, reflecting the impact of the 11th September attacks and its decision to abandon some commercial underwriting.
Cox is raising £73M, before expenses, through a placing and open offer to fund underwriting. They are issuing 173.7M shares at 41p per share on a 4 for 3 basis and Warburg Pincus and Palamon, the company's two largest shareholders, with a 35% stake, have taken up their entitlement.
|16 April 2002||Cox to raise £70 Million|
Cox Insurance Holdings has announced it is to raise approximately £70m via a placing and open offer of new ordinary shares.
The placing and open offer proceeds are intended to capitalise the new dedicated corporate member subsidiary and provide working capital for the group.
The group said it has a definitive agreement with Lloyd's that will result in isolating the existing dedicated corporate member subsidiaries of Cox and containing "any further exposure of the group to the underwriting liabilities of those subsidiaries (including WTC)".
Chief executive Michael Dawson said the group's restructuring is now near completion.
|25 March 2002||Cox announces radical retrenchment|
Cox Insurance, the Lloyd's insurer that has lost up to £125m as a result of the World Trade Centre (WTC) attacks, has announced a radical retrenchment of the business.
Michael Dawson, Cox's Chief Executive, declined to comment on the share price movement, but said he was anxious to inform shareholders of developments as soon as possible.
Last year the shares reached 252p, but fell sharply after the 11th September attacks and again in January, when the group doubled the forecast of its WTC exposure.
Cox is going ahead with plans to raise equity capital and, in future, will concentrate on its profitable retail operations. These accounted for £600m out of the group's £700m of gross written premiums last year.
The Group will continue to underwrite its nuclear and aviation business this year, and will either act as an underwriting agency for third party capital providers for the 2003 year of account or sell the business.
All other commercial underwriting businesses - property and reinsurance - are to be discontinued. The group will shed about 50 jobs from its total 2000 employees over the next 12 months.
Mr. Dawson said the restructuring would ring fence the dedicated corporate member subsidiaries of Cox and contain exposure to the group, including WTC.
Before this announcement, Cox was forecast to have made full year losses of about £78m in 2001.
|03 August 2000||Cox enters partnership with Egg Finance|
Cox Insurance Holdings PLC (Cox) has announced that it has signed an agreement with Egg Financial Intermediation Limited (Egg) to provide Third Party Administration services for Egg's new general insurance business. The service, branded Egg Insure, will initially offer motor insurance followed by home buildings and contents insurance. The service uses the Cox Internet systems. Cox will receive a fixed fee for each policy issued, in addition to any revenues received from underwriting risks placed with its Lloyd's syndicate, Equity Red Star.
|20 April 2000||NEIL sells Cox shareholding|
Venture Capital Funds, managed by Palamon Capital Partners ("Palamon") has purchased 11% of Cox Insurance Holding PLC's ("Cox") ordinary share capital, subject to Lloyd's approval. HSBC has placed a further 11% with a number of other existing and new institutional shareholders. Together these shares represent the entire 22% holding of Nuclear Electric Insurance Limited ("NEIL").
NEIL, which provides property and business interruption insurance to all the nuclear power stations in the US, took a strategic holding in Cox when the company listed on the London Stock Exchange in 1995. As a result of the significant growth of Cox, particularly in personal lines insurance, Cox's nuclear business now accounts for only 3% of total gross premiums underwritten. Although NEIL continues to reinsure its US nuclear exposure with Cox, and entered into a three year commitment on 1st January 2000, the strategic rationale for investing in Cox has diminished.
Quentin Jackson, President of NEIL and non-executive Director of Cox will resign from the board of Cox following their AGM on 24th May 2000.
|15 March 2000||Change of Underwriter for 2001 - Nuclear Syndicate 1176|
Cox Syndicate Management Ltd has announced that Michael Dawson has decided to resign as active underwriter of Syndicate 1176 at the end of this year. He will continue in his role as Chief Executive of Cox Insurance Holdings PLC.
Lloyd's has granted their consent to Richard Pexton succeeding Michael Dawson as lead underwriter from 2001. Richard Pexton is active underwriter of Cox Dedicated Syndicate 1208, which currently underwrites 83% of the combined nuclear account underwritten in parallel with Syndicate 1176.
|28 February 2000||Cox enters agreement with Yahoo!|
Cox Insurance Holdings PLC has announced details of an agreement made with Yahoo! UK Ltd to provide motor, household and travel insurance quotes. The insure.co.uk site, administered by Boncaster Ltd, will offer insurance quotations from a number of insurers, one of which is intended to be Cox's Equity Red Star Syndicate 218.
This facility is due to be launched during the 2nd quarter of 2000.
|11 February 2000||Cox acquires Argent Branch Network and Brokersure|
Cox Insurance Retail Division has announced the acquisition of the West Midlands based Argent Insurance Group, including the network of 7 branches and the wholesale broker operation, Brokersure.
The acquisition follows the purchase by Cox of the guaranteeing broker and marketing group, Holman Marketing Ltd (HML) last year. The Staffordshire based Brokersure wholesale operation, which was founded in 1996, has used HML's facilities to provide private motor insurance from a range of 15 insurers to cover 550 independent brokers using the "club" concept. Brokersure and HML will now work together to introduce an enhanced range of broker friendly products to the Lloyd's Market.
Argent's existing marketing structure will remain unchanged. Richard Dean and Michael Whitfield will remain on the board of Argent and Brokersure and Paul Dodds has been confirmed as Managing Director of the Argent retail business.
|11 February 2000||Cox teams up with Peugeot|
Cox Insurance Holdings PLC has announced their latest internet venture involving a partnership with the car manufacturer Peugeot.
The online insurance service resourced by Cox, can be accessed from Peugeot's own web site (www.peugeot.co.uk) and provides motor insurance quotations. There is also a facility to select cover with or without protected no claims bonus. Once a provisional quotation has been calculated, customers can obtain insurance cover with the facility to pay for it securely online.
|01 December 1999||Cox offer Italian homeowners earthquake cover|
Cox Insurance Holdings Plc. is to combine its expertise in catastrophe insurance and internet technology in the launch of a new and innovative service in Italy.
Cox will offer Italian earthquake insurance to homeowners through retail Banks. The product will be in association with Aon, the global insurance and reinsurance broker and will be the first commercial solution of its kind in Italy, where earthquake insurance is not widely available.