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Monday, 30 July, 2001, 16:51 GMT 17:51 UK
Lloyds TSB in online insurance deal
Lloyds TSB's head office at 71 Lombard Street
Lloyds TSB: Now an internet insurance powerhouse
Lloyds TSB has bought the Screentrade internet insurance brand from softwarre services firm Misys.

The deal only covers the screentrade.co.uk, screentrade.com and insurance.co.uk internet names, and not the site's content or customers.

According to unconfirmed reports, the deal was worth just under 900,000.

Lloyds TSB said it planned to use the brand to expand its distribution capacity, as it "believes the internet will be a key channel for insurance sales".

Visitors to the Screentrade site are currently being redirected to Lloyds TSB's Insurance Direct service, but the bank plans to build it into an independent site before the end of the year.

Misys said it remains in talks with several parties over the sale of Screentrade's 29,000-strong list of customers, and expects to announce more details shortly.

Shares bounce back

By 1600 GMT, Misys shares were up 20.5p at 380p.

The firm, which has a portfolio of interests ranging from healthcare software to online finance, has seen its share price plummet from a peak of 1,259p in February.

In June, it announced that it was withdrawing from consumer-oriented financial services.

Screentrade closed to new business in mid-June, after racking up losses of 19m over the previous year.

Although the site claimed to be signing up 6,000-7,000 policies a month, its latest annualised turnover was just 1m.

Misys originally promised to invest 50m in building up Screentrade, but should have spent less than that by announcing its closure in June.

See also:

30 Jul 01 | Business
Lloyds TSB denies online blunder
11 Jul 01 | Business
Lloyds TSB customers hit by fraud
25 Jul 01 | Business
Abbey open to tie-up offers
10 Jul 01 | Business
Lloyds TSB/Abbey tie-up blocked
29 Jun 01 | Business
Goldfish e-bank hopes dampened
16 Feb 01 | Business
Lloyds reports 3.9bn profit
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