PwC have picked up a doozy of an insurance business transformation project from state-owned financial services firm RBS.
Citing a desire to satisfy the strictures of Solvency II, the Royal Bankers have decided to scrunch up RBSI’s four insurance ventures, Direct Line, Churchill, NIG and UK Insurance, into a single underwriting entity. The plan is to use a Part VII transfer to fold the other three into UKI.
Pooling the capital, skill sets and support functions of the four should save some money, assuming all goes smoothly. And the regulator should approve. So bad news for some admin staff, no doubt, but outwardly not too much will change.
Will weirdly well-connected nodding mascot Churchill continue to grace the nation’s TV screens? Oh, yes!
Oh, well.
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