Car insurance news
13/08/2007
Europe's biggest online car insurance site valued at £1.3bnOnline car insurance comparison site Moneysupermarket.com has been valued at £1.3 billion prior to its stock market floatation at the end of July 2007. The British site, which besides motor insurance offers a wide range of other financial switching services, is the biggest of its kind in Europe. The valuation was carried out by Credit Suisse, the investment bank behind the floatation, and reported in The Sunday Times. Moneysupermarket.com has decided to launch an open offer, which means that even the smallest investors will be encouraged to buy a share. Steeper transaction fees mean that this is an unusual step, but one which the firm's chief executive feels is necessary to justify his company's reputation as a 'people's champion'. For the chief executive himself there's an estimated £200 million to be made through the float; ample compensation for the money it took to buy his old partner (also the man with whom he founded Moneysupermarket in 1999) out of the business. After the sale he is expected to hold onto about a 50 percent stake, worth an additional £500 million. "Moneysupermarket is about to prove just how much money there is in the online car insurance business," said a spokesman for Hoot Car Insurance Services, the cheap car insurance specialists.
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