The boss of insurer Direct Line plans to launch a brand new technique this month after the corporate rejected a £3.1 billion takeover provide from a Belgian rival, The Mail on Sunday understands.
Adam Winslow is ready to mount his defence of the corporate alongside annual outcomes on March 21.
Winslow has not had lengthy to arrange as he joined Direct Line simply two days after the board rejected the ‘unattractive’ provide from Belgium’s Ageas on the finish of February.
He is eager to put out the case for why Direct Line ought to stay an unbiased firm listed on the London Stock Exchange.
The FTSE 250-listed agency was launched in 1985 because the UK’s first telephone-only insurer.
Racing forward: Adam Winslow was employed within the data he would want to overtake the enterprise, however he’s now having to cram a months-long assessment course of into three weeks
It has about 10 million prospects and its manufacturers embrace Churchill and Green Flag.
Although Direct Line’s board rebuffed Ageas’s method, the predator might come again with the next provide. Rival bidders may enter the fray.
Winslow’s plan is anticipated to stipulate ways in which Direct Line might turn into extra tech-savvy, which might embrace organising an app for the primary time. He can also be more likely to suggest price cuts.
Winslow was employed within the data he would want to overtake the enterprise. But he’s now having to cram a months-long assessment course of into three weeks.
The transfer on Direct Line got here shortly after two different bids for London-listed firms.
Currys rejected a bid from American funding group Elliott Advisors, whereas logistics group Wincanton accepted a £762 million provide from US suitor GXO.
Direct Line’s founder Sir Peter Wood advised The Mail on Sunday final week that the corporate had been run ‘so abysmally’ for years that it deserved to be taken over. The insurer has launched a number of revenue warnings over the previous few years.
In January of final yr it scrapped its dividend after admitting it had been caught out by a surge in claims for burst pipes brought on by icy climate.
Within weeks it parted methods with chief government Penny James.
It was later compelled to repay about £30 million to prospects who have been charged greater than they need to have been to resume residence and automotive insurance coverage insurance policies.
Direct Line posted a lack of £76 million in September. It bought a business insurance coverage unit for £520 million in an effort to shore up its steadiness sheet.