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History

2014
Feb 2014

Divestment
RBS complete the sale of its remaining Interest in Direct Line Insurance Group

Sep 2014

Entry into the FTSE 100
Direct Line Group gain entry into the FTSE 100

2012
Feb 2012

New Brand
RBS Insurance rebrands as Direct Line Group ahead of its divestment from RBS Group.

Mar 2012

Credit ratings
U K Insurance, the Group’s principal UK general insurance underwriter, assigns an insurer financial strength rating of ‘‘A’’ with a stable outlook by Standard & Poor’s and ‘‘A2’’ with a stable outlook by Moody’s.

Apr 2012

Debt Listing
The Group completes a £500m issue of Fixed/Floating rate Guaranteed Subordinated Notes due 2042 and the intention to seek a listing of the securities on the London Stock Exchange.

Sep 2012

Separation
The Group substantially completes its separation from parent group RBS and achieves the goal of operating as a standalone insurance company, with independent functions and governance.

Oct 2012

Divestment
The Group is admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities.

2011
Dec 2011

The Group completes the consolidation of its UK statutory general underwriting entities into one entity, U K Insurance Limited – to streamline internal operations in anticipation of the new EU Solvency II regulations.

2011

The Group

  • ceases writing new life business in its Direct Line life insurance business
  • sells its motorcycle insurance broker business

Direct Line Group commences a major project to separate its operations from those of the RBS Group plc.

2001 – 2010
2010

The Group withdraws from its NIG personal lines broker business.

2009

RBS Group plc commits to the European Commission to sell its insurance business as a condition of its receipt of State Aid.

2009

RBS Group plc initiates a transformation plan:

  • enhancing the Group's pricing capabilities
  • reducing exposure to high-risk policyholders such as young drivers
  • discontinuing certain unprofitable business lines such as fleet and taxi business
  • reducing the number of operations centres.
2008

The Group sells its share in TPF (Tesco Personal Finance) to Tesco in July, but retains run-off businesses.

2008

Bankinter exercises its option to buy out the Group's 50% stake in the Spanish business.

This followed the change in control of the RBS Group in 2008, when HM Treasury became the majority shareholder in RBS Group plc.

2003

The Group acquires Churchill Insurance Group Plc from Credit Suisse Group. This includes Churchill and the National Insurance and Guarantee Corporation Limited (NIG). It also adds key long-term partnership distribution agreements, including Prudential and Nationwide.

2002

The Group acquires the business of Royal Insurance from R&SA Assicurazioni. These businesses rebrand as Direct Line.

2001

The Group acquires the European motor insurance businesses of Allstate Corp, operating in Germany and Italy.

1991 – 2000
1999

Direct Line begins to operate through the internet channel.

1999

The Group launches Tesco Personal Finance Limited (TPF), a 50:50 joint venture with Tesco plc.

1998
Privilege

The Group acquires Privilege Insurance Company Limited.

1997

Direct Line launches pet and travel products.

1995

The Group creates Linea Directa, a direct motor insurance joint venture with Bankinter in Spain.

Pre – 1991
1990
Directline

Direct Line launches the red telephone on wheels for TV ads.

1988

RBS Group wholly acquires Direct Line.

1988

Direct Line expands from motor to offer home insurance.

1985

Direct Line launches in partnership with the RBS Group.

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