Cox review sees closures and prospective sale
Lloyd’s motor insurer Cox today reported a £13.7m profit on ordinary activities for the six months ended 30 June, down from £28.3m in 2003. It also announced the reults of a review which will see it discontinue its premium financing arm (Can Do Finance), broker guaranteeing arm (HML), and sell its on-line trading system for intermediaries (Brokersure) to improve profitability and risk profile.
Can Do Finance’s activities will be transferred to Premium Credit. The Company has also entered into exclusive negotiations with a “major IT service provider” with respect to the planned sale ofOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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