Admiral Insurance considering ABS potential
The Chief Executive of Admiral Insurance, Henry Engelhardt, has announced the company is “considering its options” about becoming an alternative business structure.
The company refused to discuss whether its ABS inclinations had anything to do with it potential loss of referral fee income.
The company recently announced a 13 per cent increase in profits in 2011. Speaking about the increase Chief Operating Officer, David Stevens, revealed the company, which insures over 3m vehicles, receives around £7 per vehicle in personal injury referral fees as well as a further £5-6 in referral fees occurring from credit hire.
Evidently the referral fee ban could bear a significant impact upon the company’s revenue as well as the earlier scheduled expansion of the RTA portal.
Mr Engelhardt hinted the company would not make a decision about establishing an in-house legal division until there was further clarity surrounding the proposed ban.
Content correct at time of publication