Direct Line Group

The company was originally established in 1985 by Peter Wood and Martin Long, as the insurance division of The Royal Bank of Scotland Group . It was the first telephone only insurance company in the United Kingdom. In September 2012, the group's then chief executive, Paul Geddes, announced the business was "operating as a standalone insurance company", in advance of a future full divestment from the RBS Group.The company was the subject of an initial public offering in October 2012. RBS sold a 30% share of the business in the IPO, and sold a further 17% in March 2013, reducing its holding in the business to 48.5%. RBS sold a further 20% in September 2013, and sold the remainder of its holding in February 2014.Direct Line sold its TRACKER Network UK telematics business to the private equity firm Lysanda in February 2014. In September 2014, it was announced that Mapfre would acquire the Italian and German businesses of Direct Line, for a sum of €550 million. In February 2019, Direct Line announced it would be appointing chief financial officer Penny James as the CEO.