Direct Group Acquires Millennium Insurance
03/06/2008 10:00:00 by Marketing
Direct Group Limited today announced it had bought Millennium Insurance a Midlands based provider of General Insurance solutions to the Mortgage broker and IFA market, for an un-disclosed sum.
Derek Coles CEO of Direct Group commented “ Millennium provides Direct Group with a front end sales proposition for our Corporate and Affinity customers offering a full range of General Insurance products across both Personal and Commercial lines. It fits well with our established policy Administration and in house Claims management businesses allowing the Group to access new markets and provide a broader range of services to both new and existing customers. We have examined a number of opportunities since the buyout last year and with the distribution and capability Millennium provides Direct Group this is an excellent fit.”
Steve Clowes Managing Director at Millennium added “We can provide a one-stop solution for our Business Partner clients using the Millennium Online Trading Centre or, our Referral service where we can undertake the regulated General Insurance sale on our clients behalf, or alternatively Affinity Programmes where we provide a web to web link for clients customers to “self select” their General Insurance needs on a non advised basis. Working as the in house distribution vehicle for Direct Group we can provide a full set of FSA regulated broker based point of sale options with full back office support to the wider Direct Group customer base.”
Coles ended by saying “this move allows us to deepen our product and service offering to both the mortgage and intermediated markets.”
Notes to Editors
Company Background
Direct Group has grown rapidly since its launch in 1990 and was subject to a management buyout in August 2007; the management team acquired the business with the backing of Lloyds Development Capital and Barclays Bank. This deal will be a launch pad for rapid growth for Direct Group as it plans to treble over the next three years through acquisition and organic growth.
Millennium Insurance Brokers Ltd was established in 1996, and is a CII Chartered Insurance Broker and member of BIBA.
Company Vision and Culture
As a Managing General Agent (MGA), Direct Group aims to be the leading insurance services provider to the UK financial services marketplace. This vision is based around a philosophy of “treating customers and partners as we would expect to be treated ourselves”. The high quality of service offered by Direct Group is supported by a scalable and robust business platform which not only provides Clients’ and Insurers’ with unparalleled quality of management information but also provides the basis for expansion into new products and new market sectors.
Direct Group currently operates on a business-to-business basis by offering products to financial institutions, corporates and affinities.
The services offered by Direct Group include product design, account development and training, policy administration, premium collection, claim handling and sales, insurer and captive reporting.
Direct Group Limited is authorised by the FSA.
For further information please contact Hilary Thompson, Communications Officer, at hilarythomspon@directgroup.co.uk or by telephone on 01302 380302.
Website: www.directgroup.co.uk
John Baldock joins Direct Group as Head of Fraud Investigation and Recovery Services
14/04/2008 09:00:00 by Marketing
As part of our ongoing programme for growth, Direct Group is pleased to announce that John Baldock will be joining the company from 1 May 2008 as Head of Fraud Investigation and Recovery Services.
Mr Baldock said: “There is an attractive vibrancy and energy about everything to do with Direct Group. To work in an entrepreneurial environment with resources to support business plans that encourage and support the development of the existing Investigation and Recovery Services both development and gives me a real buzz. There is massive demand across all product lines within the insurance market for the specialist handling of those claims where risk indicators have been triggered. Direct Group believes it is important to have a full range of counter fraud measures so that we can deploy the appropriate desk-based investigator or field investigator solution for each incident. We have a large national field team of specialist investigators from combining resource with our business partners. Direct Group will support our specialist investigators with access to the best research, data matching and analysis tools, as well as from fraud data sharing through membership of industry groups including IFIG and CIFAS. Recovery work has different challenges but has a natural affinity with Investigation Services. Key to success is to identify the right of recovery and its financial value as soon as is possible. There is already effective process in place where the risk is insured. Research helps us to save funds by only pursuing those instances with high potential for a successful recovery from first or third party individuals or businesses that have the ability to pay them. Cost effective success rates, particularly on low value claims, can be anticipated from appropriate early and positive action by our team.”
Derek Coles CEO of Direct Group said; “Direct Group is a long-established and successful business that is highly regarded by the partners we work with. We are involved in all aspects of insurance activities and in every insurance sector from property and casualty, to life and motor. John’s appointment will strengthen our counter fraud and recovery capability.”
John Baldock added: “It is my aim to work with our partners to add specialist investigation and recovery products to further enhance the reputation of Direct Group."
Notes to editors
John Baldock was formerly Director of Investigation Services at GAB Robins UK Ltd, where he worked for 24 years. He is a well known and respected counter fraud specialist in the insurance industry. He is a member of the CILA Anti Fraud Special Interest Group and has worked with the ABI and The Department of Justice on the investigation of arson fires and other Insurance Investigation matters. John was the lead investigator on the often quoted insurance fraud case M&W Khan-v- Direct Line and on the case of R -v- Chan Miah a fraudulent arson at a tandoori restaurant, which determined the admissibility of civil evidence in criminal prosecutions. He can be contacted at: johnbaldock@directgroup.co.uk or by telephone on: 01302 380302
For further information please contact Hilary Thompson, Communications Officer, at: hilarythompson@directgroup.co.uk
Direct Group To Offer Legal Services From Arc
07/04/2008 09:00:00 by Marketing
Arc Legal Assistance (Arc), the bespoke legal costs insurance provider, has been appointed to provide a family legal expenses cover and a range of legal services to clients of Direct Group, a leading Managing General Agent.
Direct Group has become one of a growing number of insurance businesses to use Arc’s Total Legal service, developed as part of the company’s unique operating model, to provide both insured and uninsured services ahead of the full implementation of the Government’s Legal Services Act. 2007*.
The Total Legal service will provide Direct Group’s clients with access to legal advice and support in a range of areas including, will writing, conveyancing and family matters provided by fully qualified and specialist Solicitors. These services are provided on a discounted pay on use basis and are in addition to the assistance provided within Arc’s family legal expenses insurance which covers legal costs incurred in a variety of matters including property, consumer and employment disputes.
Richard Miles, Marketing Manager at Direct Group, commented: “Arc’s ability to provide access to legal services and their expertise in developing bespoke solutions makes them an ideal partner. The quality and flexibility of their approach ensures we are able to maintain the high quality of service our clients expect.”
Richard Finan, Director of Arc said: “Direct Group has recognised the important role that the addition of legal services has in meeting the growing needs of affinity groups. We believe the Group’s ability to provide targeted insurance solutions will be great enhanced by our Total Legal service and offer them a clear service differentiator.”
Notes to editors
* The Legal Services Act is designed to ensure independent regulation of the legal profession and to provide greater competition in the legal services market. It achieves this by obliging all designated bodies to separate their representative and regulatory functions. It creates a new Legal Services Board (LSB) to provide an independent oversight of designated legal regulatory bodies, and will simplify and bring consistency to the current regulatory arrangements.
Norwich Union Appoint Direct Group for Hamilton Insurance Contract
22/02/2008 09:00:00 by Marketing
Direct Group is pleased to announce its appointment as Administrator to handle the policy and claims administration on the Hamilton Insurance contract that was acquired in November 2007 by Norwich Union. The deal involves the transfer to Direct Group of over 300,000 policies. Direct Group will provide services including run-off on the range of insurance lines that Hamilton currently offer, including household, creditor and personal accident.
Derek Coles, Chief Executive Officer of Direct Group, commented “This is a prestigious contract for Direct Group which reinforces the successful and long term working relationship we continue to have with Norwich Union. Furthermore it demonstrates Direct Group’s ability to handle scale and capacity, illustrating to the market that we can implement and deliver business projects of this size and nature.”
For more information please contact marketing@directgroup.co.uk
Direct Group Strengthens Position in Brokered Secured Lending & Mortgage Arena
21/02/2008 08:41:38 by Marketing
Direct Group has strengthened its position in the secured lending and mortgage broking market with another major client win. With this new contract secured, valued at circa £75m GWP, it means that Direct Group are currently working with the three main players in the brokered secured loan and mortgage market.
As Managing General Agent, Direct Group will provide all administration services, including policy sale capture, policy fulfilment, through to premium distribution, claims handling and the creation of management information.
Derek Coles, Chief Executive Officer, commented “This is another major win for the company and really establishes Direct Group at the forefront of insurance services for the brokered secured lending and mortgage arena.”
For more information please contact marketing@directgroup.co.uk
