The U.K. ‘s Financial Services Authority has approved the application of Internet insurer Esure to begin selling automobile insurance by the end of the month.
Backed by mortgage lender and insurer Halifax, which has put up £150 million ($225 million) in capital to fund the operation, and headed by Peter Wood, the founder of Direct Line, the originator of auto insurance coverage by phone and now the U.K.’s biggest writer, Esure hopes to do the same for online auto insurance.
Esure will offer policies both through Halifax and directly, and will not actually begin the online portion of its activities until later this year. Plans call for a competitively priced auto product followed by homeowners and other personal lines.
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