ERS owners explore potential sale

Sale sign

The owner of Lloyd’s motor insurer ERS is exploring the potential for a sale of the business.

Aquiline Capital Partners, which bought ERS in 2013, is looking at “strategic options” for the business.

The New York-based private equity firm said it had appointed Macquarie Captial and Evercore.

“This assessment could lead to a number of potential outcomes, including the sale of ERS and a change in ownership,” a statement from ERS said.

“Aquiline is at a very early stage of this process and there isn’t anything further to add at this time. We will continue to keep Lloyd’s, the Financial Conduct Authority and the Prudential Regulation Authority informed as the process develops.”

The insurer recorded a profit of £5.6m for H1, a huge turnaround from the previous year when it reported a loss of £13m for the period.

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