Direct Line Group


Direct Line Insurance Group plc is an insurance company based in the United Kingdom, formed in 2012 by the divestment of The Royal Bank of Scotland Group's insurance division, through an initial public offering. The company owns a number of insurance subsidiaries, providing various insurance products, including Direct Line and Churchill, as well as the roadside assistance and vehicle recovery provider Green Flag.
The group is listed on the London Stock Exchange, and is a constituent of the FTSE 250 Index.

History

The company was originally established in 1985 by Peter Wood and Martin Long, as the insurance division of The Royal Bank of Scotland Group. It was the first telephone only insurance company in the United Kingdom. In September 2012, the group's chief executive, Paul Geddes, announced the business was "operating as a standalone insurance company", in advance of a future full divestment from the RBS Group.
The company was the subject of an initial public offering in October 2012. RBS sold a 30% share of the business in the IPO, and sold a further 17% in March 2013, reducing its holding in the business to 48.5%. RBS sold a further 20% in September 2013, and sold the remainder of its holding in February 2014.
Direct Line sold its TRACKER Network UK telematics business to the private equity firm Lysanda in February 2014. In September 2014, it was announced that Mapfre would acquire the Italian and German businesses of Direct Line, for a sum of €550 million. In February 2019, Direct Line announced it would be appointing chief financial officer Penny James as the CEO; its first woman CEO.

Operations

The group owns a number of general insurance brands operating within the United Kingdom, including Direct Line, Direct Line for Business, Churchill, Privilege and Green Flag. Direct Line is a company that specialises in selling insurance and other financial services, sold directly to consumers by telephone and the internet.