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This aspect of UK motor insurance is the only one that purports to cover the driving of a vehicle, not use. On 1 March 2011, the European Court of Justice in Luxembourg ruled that gender could no longer be used by insurers to set car insurance premiums. The new ruling came into action from December 2012. [6]
The business was founded by Sidney De Haan in 1951 and was passed to his son Roger De Haan who took over in 1984 after his father's retirement. [5] Saga was acquired by staff (20%) backed by the private equity firm Charterhouse in October 2004. [6] Saga merged with The AA (owned by CVC and Permira) to form Acromas Holdings. [7]
Its principal services are roadside assistance and general insurance, and its subsidiaries include RAC Motoring Services Ltd, RAC Financial Services Ltd and RAC Insurance Limited. It was a private club owned by its members until sold in 1999, eventually acquired in 2014 and 2015 by GIC Private Limited and CVC Capital Partners .
In May 1995, Kwik Fit Insurance, part of Kwik Fit Financial Services, was formed, and has since grown to become one of the leading car insurance distributors in the United Kingdom. [3] In October 1999, Kwik Fit had grown to over two thousand locations throughout Europe, and Farmer sold the company to the Ford Motor Company for US$1.6bn. [4]
Shares of Direct Line Insurance surged by over 36% in early trading on 28 November 2024 after the company rejected a £3.28 billion ($4.16 billion) takeover offer from rival Aviva, stating the offer "substantially undervalued" the company. Despite the surge, Direct Line's stock remained below the proposed offer price of 250 pence per share.
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