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
Curious case of Aon’s co-CEOs as Page and Kielty exit
Content Director’s View: The appointment of co-CEOs at Aon following Jane Kielty and Julie Page stepping down reignited a familiar debate – is joint leadership ever a good idea? Jonathan Swift examines whether the sceptical reaction was justified.
Case for a more connected future for insurance
View from the Top: Jason Richards, CEO for the UK & Ireland at Swiss Re, ponders the exciting future that could be ahead for the industry if it successfully harnesses digital transformation.
Zurich backs Jensten with £300m multi-year capacity agreement
Jensten Underwriting has secured a £300m multi-year capacity agreement with Zurich, under which the insurer will become the primary capacity provider to the Bain Capital-owned MGA.
No own goals: insuring the biggest World Cup yet
As the 2026 Fifa World Cup prepares to kick off across the US, Canada and Mexico, Tom Luckham explores how insurers are underwriting one of the world’s most valuable sporting events.
Fair value rules still fail brokers and consumers alike
Four-and-a-half years after the Financial Conduct Authority’s fair value rules arrived, Branko Bjelobaba, principal of compliance consultancy Branko Ltd, argues inconsistent data and vague metrics still make it difficult for brokers and consumers to compare insurance products properly.
Big Interview: Jon Walker, Axa Insurance UK
Following the merger of Axa’s retail and commercial businesses under one brand, Axa Insurance UK’s CEO Jon Walker runs through the thinking behind the move plus what to expect next from the provider.
Arag CEO urges MPs to signpost legal expenses cover
Arag has called on MPs to direct people involved in legal disputes towards legal expenses insurance and advice services, arguing greater awareness of support could lighten the justice system's load.
Benefact marks £250m given to good causes at St Paul’s
Benefact Group staff and representatives of 10,000 charities supported by the financial services provider gathered at St Paul’s Cathedral today (3 June) to celebrate £250m being donated to good causes.