First Alternative · Reigate, Surrey United Kingdom
Company Description
Phone: +44-1737-641-641
Fax: +44-1737-235-000
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This link will open in a new window They might be sweet about it, but First Alternative wants to be the only alternative for the UK's higher-premium drivers. With backing from Lloyds Banking Group , First Alternative specializes in insuring non-standard drivers who buy more high-value cars and incur more traffic enforcement penalties per capita. Policyholders also enjoy courtesy car benefits while their vehicles are being repaired. The company operates in tandem with sister company esure , which provides similar products primarily over the Internet. Chairman Peter Wood founded the company in 2003. To read the full description, subscribe now.
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Key First Alternative Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $0.0 |
First Alternative Executives
8 executives listed for First Alternative's Reigate, Surrey location.
| Title | Name & Bio | Contact |
| Chairman | Peter Wood | Network |
| Deputy Chairman | Peter Graham | Network |
| CEO | Colin Batabyal | Network |
Competition
Competitive Landscape for First Alternative
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top First Alternative Competitors
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