With immediate effect, the company will be known by the trading name britishinsurance.com.
Any company wishing to incorporate the word British in its title requires the approval of the Secretary of State for Trade and Industry, and this is normally only given if the organisation can demonstrate pre-eminence in its field via supporting evidence from an independent source, such as a government department or trade association.
The name change is heralded by Simon Burgess, managing director of British Insurance Limited, as a sign of the dominant position that his company has come to command in the provision of payment protection insurance. It is, amongst other things, the exclusive provider of the product to the British Insurance Brokers’ Association (BIBA).
Burgess said: “The endorsement provided by BIBA has obviously been a critical factor in securing the necessary permission and, whilst I have nothing against my own name, it has never sounded anything like as grand as the word “British”.
“We intend to go from strength to strength in the British payment protection market that is worth £8 billion annually and expect to take a substantial share from the banks, whose rip-off prices and dubious sales tactics are arousing keen interest from the regulators. We will provide an alternative to the current ‘bank robbery’ by treating customers fairly and with respect. “
