Private equity (PE)
Editor's comment: Commercially viable
The news that Iprism has secured private equity backing, which effectively values the business at £50m, is further evidence that the future of online commercial trading has finally reached its 'tipping point'.
Roundtable - mergers & acquisitions: Cautiously navigating the upturn
Recession and recovery, global ambition, super-mergers, market appetite, pricing, marrying business cultures and managing brokers' expectations were all topics of deeply involved discussion as a panel of industry big-hitters jousted at a recent Post and…
Iprism valued at £50m as PE firm takes a stake
Online commercial comparison portal Iprism has attracted private equity backing, in a move that values the business at £50m.
Iprism valued at £50m as PE firm takes a stake - Post in print: 18 November 2010
Reporter Amy Ellis outlines the main news from this week's issue of Post, including how backing from a PE firm has led to Iprism being valued at £50m; Zurich coming under fire for 'bungled' staff consultation; Allianz's Andrew Torrance bemoaning new…
Iprism valued at £50m as PE firm takes a stake - Post in print: 18 November 2010
Reporter Amy Ellis outlines the main news from this week's issue of Post, including how backing from a PE firm has led to Iprism being valued at £50m; Zurich coming under fire for 'bungled' staff consultation; Allianz's Andrew Torrance bemoaning new…
Ink in ‘unique’ position with rebrand
Giles-owned Ink Underwriting Agencies has rebranded as Ink Insurance in a move to become a one-stop shop for smaller brokers struggling to place business with insurers.
Vertafore eyes UK market
US insurance software giant Vertafore is monitoring the UK insurance software market for acquisition opportunities with the blessing of its new private equity backer.
Claims - Private equity backing: Unlocking private equity
Private equity is not just the preserve of the insurer and broking sectors. Daniel Dunkley looks at how the claims sector has seen a fair share of PE investment, asks why this is the case and what it means for the firms involved.
Insure & Go warned of £6.73m VAT bill weeks before Mapfre swoop
Travel insurance intermediary Insure & Go warned it would have to raise additional capital if it lost an appeal against the HMRC weeks before it was acquired by its underwriting partner Mapfre Assistance, Post has learnt.
Apax Partners interested in Moneysupermaket acquisition
Private equity investment group Apax Partners has targeted comparison site Moneysupermarket as a potential acquisition.
Brit agrees cash offer with bidders
Brit Insurance has reached agreement with Apollo Management and CVC Capital Partners that will see the insurer’s shareholders receive up to £11 per Brit share.
Esure reveals earliest date for an IPO will be 2014
The founder and chairman of direct insurer Esure Peter Wood has revealed that 2014 is the earliest that it will launch an initial public offering.
Castle Cover boss: I will only sell for 'Swiftcover-style' offer
The founder of Primary-backed over-50s broker Castle Cover has admitted it would be hard to resist a Swiftcover-style "tomorrow's price today" offer, but that its focus for now is on remaining independent.
Monte Carlo roundtable: State of play
Mairi Mallon leads proceedings at the annual PricewaterhouseCoopers-sponsored Reinsurance roundtable at the Monte Carlo Rendezvous, where industry experts gathered to talk about the industry's hot topics.
Brit opens books to private equity
Brit has confirmed that private equity house Apollo has submitted a revised indicative proposal to acquire the entire issued and to-be-issued ordinary share capital of the company at a price of £10.75 for each share in cash.
Goss Re appoints new CEO
Goss Reinsurance Brokers, the reinsurance brokerage division of US Risk Insurance Group, has appointed Scott Brock as chief executive officer.
Editor's comment: Speculation over bids
With the deadline for interest now passed, Macquarie — the company charged with finding a buyer for Quinn — can start sorting out who the main runners and riders are for the business.
Fitch places Brit on Rating Watch Negative
Fitch Ratings has placed Brit Insurance's Insurer Financial Strength rating of 'A' on Rating Watch Negative.
Apollo and CVC make new offer for Brit
Brit Insurance has received a new offer of £10.75 per share on cash from a consortium consisting of Apollo Management and funds advised by CVC Capital Partners.
Provident sale nears conclusion
Tom Callahan, the new president of GMAC Insurance, has insisted the insurer has "no plans" to divest of its remaining UK insurance asset, Car Care Plan.
BIS Countdown - finance raising: Back on the menu
With only a week to go before the inaugural British Insurance Summit, Seb Kafetz explains how the appetite for financing insurance ventures is alive and well despite continued economic turbulence.
LDC set to test market for £70m Davies sale
Private equity house Lloyds Development Capital is understood to be looking to test the market for realising its investment in claims management and loss adjusting firm Davies and may sell if an offer comes to match its price.
Former Towergate investor to wind down
The private equity firm linked with buying a 25% stake in Towergate 32 months ago has decided to wind-up its investments and return cash to investors after takeover talks broke down.
Refinancing helps Merlin cut losses
Merlin has admitted its ability to win new business has been boosted by its recent refinancing.