Cheap deal puts young learners in your car's driving seat Daily Mail
20.04.10
Around half of insurers won't offer cover to those aged under 21 - some place the restriction at 25 - and most won't allow you to put a provisional driver on your insurance. Even those who will allow learners to be added as a named driver frequently charge between £1,000 and £3,000 for a year.
Yet the Driving Standards Agency advises learners to have 22 hours' practice after they have had 45 hours of professional driving instruction and before taking their test.
Nigel Lacy, of Young Marmalade, says: 'The high cost of insurance has put off youngsters learning to drive or they are tempted to practise without insurance. We want to encourage safer motoring. The more practice they get, the better drivers they will be.'
The policy, which is underwritten by Chaucer, is being sold by motoring accessory store Halfords, where details of the scheme are included in packs of L plates, as well as by brokers and through the company directly. It covers only young drivers
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Pamplona acquires Chaucer stake
Pamplona has acquired a 7.4% stake in Chaucer, locking horns with Brit Insurance over its proposed takeover of the struggling Lloyd’s of London insurer.
The London-based private equity group, financed by Russia’s Alfa Bank, said it intends to purchase a third of Chaucer’s outstanding shares.
“We have bought 7.4% of the company today and we are still discussion with the [Chaucer] board and are keen to put our proposal forward,” Pamplona said in a statement.
“We are just cautious and we can’t buy more than 10% as we haven’t got our FSA approval yet.”
FSA approval can take up to three months, Pamplona added.
Paul Thompson, Pamplona partner, said the group’s aim is to take a 30% stake in Chaucer.
“Our ultimate ambition is to get 29.9%, so we are just moving ahead really,” Thompson said.
Last week Brit said it would offer 0.23 shares, equivalent to 40.25p, for each Chaucer share.
Chaucer is currently discussing the offer with its leading shareholders, which include BlackRock and Scottish Widows.
Chaucer has been in merger talks with a number of companies after taking a knock from its exposure to hedge funds during the credit crunch.
Accident victim launches legal actionFenland TodayMr Ellingham and Carcarc, through their insurers, Chaucer Insurance, have refused to accept liability for the accident. Mr Samohins has been left
