Ladbrokes Moving Into Insurance Ladbrokes have moved into the insurance business, by setting up a specialist sports unit that will offer sponsors the opportunity to cover their liabilities on bonus schemes. The decision has been prompted by direct approaches from sponsors and the retreat of several insurers after a number of losses. The unit's leader is David Briggs, Ladbrokes development director, who said: 'Most sponsors face large bonus payments triggered by success, and our expert knowledge of sport can help protect them from sizeable costs. 'Sponsors are already finding it cheaper, easier and faster to work with us than the traditional insurance industry, many of whose operators actually use our odds as a basis for calculating the risk in the first place.' Nine British insurers were affected by a hefty pay-out on Athletico Madrid, which had insured against the loss of income from TV rights after relegation. However, Ladbrokes have specifically ruled out using the sports service for a negative outcome, such as relegation or losing a match.
