LONDON, Jan 10 (Reuters) - Shares in UK insurers fell on Thursday, with traders pointing to an article in the Insurance Post that quoted the Financial Conduct Authority’s Head of Insurance Matt Brewis as saying premium finance was a “poor product”.
At 1140 GMT, Direct Line shares were down 6.8%, and Admiral shares were down 5.9%, falling to the bottom of the FTSE 350.
In a note, Berenberg equity analysts said the weakness in UK motor insurers could be attributed to the article in the Insurance Post and the implication that there could be changes to the way insurers price premium finance products.
The FCA did not immediately offer a response when contacted by Reuters. (Reporting by Lucy Raitano; Editing by Amanda Cooper)
Direct Line (DLG)
Admiral (ADM)
Lancashire Holdings (LRE)
Hiscox (HSX)
