Direct Line buys stake in telematics group

8th Jul 2014 15:23

Insurer Direct Line has bought a 15% stake in The Floow, a UK-based telematics service provider working in the insurance market. The Floow has been supplying Direct Line with smartphone applications and telematics data analytics since 2013.Direct Line said The Floow's services help it to price motor risks on an individual basis and reward safer driving."As telematics adoption increases, this investment supports the group's strategic aim of being a leading operator in this area," Direct Line said.No financial information regarding the deal was given.Direct Line was trading 1% lower at 278.1p by 15:27.BC