Brit sells control of Ri3K for £8.3m
Brit the international (re)insurer, has ended months of speculation by announcing that it has sold a 56 per cent stake in risk placement technology provider RI3K to a consortium of investors comprising, investment fund Eton Park LLP, investment banking and broking group Numis Corporation, IPGL Insurance Services Limited, a private holding company of which Michael Spencer, group chief executive of ICAP plc, is the major shareholder and Climate Exchange plc chief executive, Neil Eckert (the 'Consortium').
Brit said it will retain a 19.9% shareholding in the firm based on the once the deal is done.
The cash consideration payable to Brit Insurance upon the sale is £8.3m. Brit said it and the Consortium
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Commercial
Meta and YouTube case creates multi-line risk for insurers
A Los Angeles jury’s decision that Meta and YouTube are liable for harms associated with addictive platform design has far reaching implications for insurers, according to Jonathan Edwards, partner at HCR Law.
Insurers respond after criticism surrounding ties to fossil fuel and military firms
After a report from Boycott Bloody Insurance has criticised providers based on their financial ties to fossil fuel and weapons companies, Axa has responded.
Q&A: James Rendell, BirdsEyeView
James Rendell, CEO and founder of BirdsEyeView, breaks down the gap he observed in the natural catastrophe and hazard modelling market that led to the launch of the business and his plans for its recent fundraise.
Managing the ‘forever risk’ of PFAS
How PFAS, often called “forever chemicals”, is creating one of the most complex and far-reaching environmental risks for insurers today is the topic of the latest Insurance Post Podcast.
Axa merges UK retail and commercial units under one CEO
Axa UK & Ireland is combining its retail and commercial arms under a single structure, called Axa Insurance UK.
Tide expands SME offering
Tide has launched six commercial insurance products targeted at SMEs.
Aviation war market steady but wary of Iran risks
Aviation insurers are seeing fewer notices to clients under war policies than their peers in marine amid the Iran War, according to the International Underwriting Association.
LMA warns safety fears choking Hormuz not insurance
The Lloyd’s Market Association has hit back at ongoing reports vessels are avoiding the Strait of Hormuz due to cancelled or unaffordable insurance.