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Brit to dispose of telesales broker.
(From Insurance Day)
Byline: Symon Ross
UK INSURER Brit Insurance Holdings announced yesterday that it is disposing of its telesales personal lines broker Peoples Choice (Europe) by selling it to Hastings Insurance Services.
In 2002 the turnover at Peoples Choice was GBP11.4m ($18.4m), with a policy count of around 130,000 and more than 400 employees, Brit said.
The sale involves the transfer of the entire company on an ongoing basis for GBP7.2m in cash, which will be payable on completion of the deal.
Brit chief executive Neil Eckert said: "With the announcement of our 2002 final results we stated we would undertake a full review of our distribution businesses and in particular the ...
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