Private equity (PE)
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.
Long chase for true Brit
Little more than a month ago I mused on the vacant position of UK chief executive at Brit Insurance, as the insurer looked to replace Peter Burrows.
Interview - Stewart McCulloch: Sticking to his knitting
The new CEO of Garwyn talks to Mairi MacDonald about getting the loss adjuster back on track by sticking to its core strengths while expanding its regional focus.
Garwyn aims for client contact with City office
Liability loss adjusting specialist Garwyn has opened an office in the City of London for the first time in a bid to get closer to its customers.
Acromas claims anti-PE bias amid reported loss
Acromas Holdings, the parent group of insurance providers AA and Saga, has claimed "scaremongering" against private equity houses has seen the ongoing performance of the business masked by a £529m overall loss, caused by interest repayments.
Broker focus - exit options: Feathering the nest
Finding a favourable exit during the economic downturn has proved tricky for broker owners. Leigh Jackson reports on how the tide may be turning for those looking to sell.
Towergate: bond issue is still on 'to do' list
Towergate is keeping the brakes on its £665m bond issue in response to little improvement in the financial markets.
Lloyds Development Capital backs Chem-Dry MBO from Evander
The Evander Group has today announced the transfer and sale of Chem-Dry in the UK from Evander to Chem-Dry management, backed by Lloyds Development Capital.
Outgoing IAG UK boss Neil Utley backs £74m buyout
KBC Group and KBC Peel Hunt have reached agreement over a buy-out of KBC Peel Hunt for a total consideration of £74m.
Brit opens books to PE house as Apollo ups bid to £10.75 a share
Brit Insurance today 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 per share in cash.
Lloyd's & London market: Bargain hunt
It looks like investors searching for a piece of the action in Lloyd's can pick up a bargain right now, as depressed share prices shine a light on profitable businesses trading at a discount to their net asset value. Ralph Savage investigates whether a…