insurance founded 1946 1946 headquarters london england key people ian parker ceo mark bacon underwriter director sam hudson commercial director katie wade cfo tim yorke coo peter hessey hr director ryan warren cro donna willis operations director number of employees 680 parent aquiline capital partners website ers.com equity red star ers is a specialist motor insurer . it has been providing insurance products for more than 70 years and now provides cover solely via lloyd s syndicate 218 . ers offers a diverse range of products including private car classic car van motorcycle taxi minibus fleet haulage agricultural vehicle and motor breakdown . contents 1 history 2 financial 3 awards 4 references 5 external links history edit ers began life in 1946 as equity motor policies a lloyd s syndicate . in 1987 the company merged with red star to form equity red star . nine years later the company was bought by cox insurance a lloyd s underwriting business specialising in nuclear marine and catastrophe insurance . in 2002 following losses incurred due to 9 11 cox insurance withdrew from its commercial insurance activity to focus on personal lines . the business raised new equity capital to support its motor underwriting operation . . a management buyout of the business in 2005 led to a new focus and a new name equity insurance group led by ceo neil utley backed by investors englefield and duke street capital . it was headquartered at brentwood essex . further facilities are located in colchester and swansea . on 4 december 2006 australian insurer insurance australia group announced that it would acquire equity insurance group for 570 million . the acquisition was completed on 8 january 2007 and neil utley then ceo joined the executive team of iag . in april 2013 us private equity company aquiline purchased equity insurance group from iag for 80 million this prompted a transformation programme which led to the sale of edbl and its personal accident and household books to arista . in april 2013 equity insurance group rebranded to ers and became a motor only broker only insurer . it now operates solely as a rated lloyd s syndicate 218 . 1 during ers underwent structural changes to achieve a 90 % combined operational ratio . this plan involved consolidating their offices into two locations london and swansea and to expand both locations for growth . the decision has involved an extensive review of the operating model and organisational structure . as a result the brentwood office was closed . work that had been carried out in brentwood is now split between london and swansea . former employees in brentwood entered a period of consultation lasting 45 days and ending on 14 may 2015 . 2 financial edit 2014 ers announced a full calendar year profit of 8.3 m the first it has reported since 2009 and a 28m improvement year on year . . the combined ratio improved by 6.6 % to 101 % from the prior year with improvements across all ratios but the majority of improvement coming from the loss ratio . gross written premiums 388m down from 406m . ers has approved the closure of its 2012 year of account with a small profit 1.4 m 0.3 % of capacity . this is the first year of account since 2007 to close with a profit and is an improvement on the forecast provided last year which was for a small loss of 1.1 m or 0.2 % of capacity . the forecast released for the 2013 year of account remains a small loss of 0.9 % of capacity with a forecast of 5.9 % to 4.1 % . this is an improvement on the forecast at the same point last year which was 7.3 % to 2.7 % and also an improvement on the q3 2014 forecast . 3 2015 the calendar year profit for 2015 was 6.0 m and the combined ratio improved to 99.8 % 2014 101 % and is below 100 % for the first time since 2009 with improvements across all ratios but the majority of improvement coming from the loss ratio . gross written premiums 394m an increase of 2 % from 2014 ers has approved the closure of its 2013 year of account with a profit 10.7 m 2.4 % of capacity this is an improvement from a year ago which forecast 2013 as a small loss of 0.9 % of capacity and a range of 5.9 % to 4.1 % . the current forecast released for the 2014 year of account remains a loss of 3.4 % of capacity with a forecast of 8.4 % to 1.6 % . 4 awards edit ers has received the following national awards 2014 brand campaign of the year insurer to broker insurance times awards 5 2016 technology champion of the year individual tim yorke tech and innovation awards 6 references edit ers history . ers . 1946 2013 . retrieved 9 may 2015 . ers structural changes will provide better access for brokers . ers . retrieved 7 june 2015 . ers returns to profit . ers . retrieved 7 june 2015 . ers second successive year of profit and cor of 99.8 % . ers . retrieved 24 april 2016 . insurance times awards 2014 winners revealed . insurance times . retrieved 7 june 2015 . newsdesk . insurance times awards 2016 finalists revealed . insurance times . retrieved 2016 10 10 . external links edit official website lloyds information on the history of equity insurance retrieved from https en.wikipedia.org w index.php title equity insurance group & oldid 743787006 categories insurance companies of the united kingdomprivate equity portfolio companies navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 11 october 2016 at 07 45 . text is available under the creative commons attribution sharealike license ; additional terms may 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