Esure float values insurer at £1.1bn
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Esure provides car insurance to around 5% of drivers in the UK.
Online insurance provider Esure has announced details of its planned flotation on the stock market, valuing the company at about £1.1bn.
Shares in up to half of the company will be sold on the stock market in the initial public offering, which is expected later this month.
Esure’s founder and chairman Peter Wood will remain the biggest shareholder.
The company owns brands include Sheila’s Wheels, as well as 50% of the comparison site Gocompare.com.
The group provides about 5% of car insurance policies in the UK.
Mr Wood previously founded Direct Line insurance in the 1980s, before starting Esure in 1999 to capitalise on the growth of internet sales.
The company became known for its series of adverts featuring the late British film director and food critic Michael Winner.
“We have worked hard for many years to make Esure a business that can compete at the highest level with confidence,” said Mr Wood.
“Today is a milestone reached through the enormous hard work by the Esure board, executive team and staff.”
Does it mollify you to know that it is based on performance?
The bank posted a loss of £2bn in 2011, up from a loss of £1.1bn in 2010.
The bank paid out £785m in bonuses to staff in total last year.
For 2011, RBS said its investment bankers will share a bonus pool of £390m.
http://www.bbc.co.uk/news/business-17128477
BTW is investment banker a misnomer, would gambler be more apposite.
Beer and Loathing Jack?