Private equity firms considers bid for RBS Insurance

Mon, 12 Jan 2009

BC Partners and Apollo Management, the private equity firms, are considering putting in a bid for Royal Bank of Scotland Insurance with Patrick Snowball, the previous head of Aviva's UK operations.

The £7 billion insurance unit at RBS was put on the market last year. The new chief executive Stephen Hester, however, might keep the unit that includes Churchill and Direct Line, despite the fresh interest.

The consortium is to decide on whether to make the offer during the first quarter of the year.

RBS are expected to review all options for the insurance business, which will include continuing with the sale or cancelling it completely.

Past bidders for the insurance unit, who have pulled out of the sale, included Berkshire Hathaway, Zurich Financial Services and Generali of Italy.

Apollo and BC Partners have appointed HSBC to advise on their bid.

Mr Snowball, who has experience of running general insurance businesses, is the chairman of Towergate Financial Services, which is consolidating the regional independent financial adviser market.

Subscribe today to read and search all our news, premium articles, business sale listings and buy/sell resources.

Latest Businesses for Sale

Printers/ Stationers - Andover, Hants

Asking Price: 
Turnover:  £640,000

Digital printing specialists, commercial and retail stationers, lithographic printing and various ancilliary services. Freehold retail shop and long leased factory unit. Sale price includes all equipment and properties. NP £80k...

Hotel Accommodation - Folkestone

Asking Price: 
Turnover:  £500,000
Location: South East

Three Victorian houses joined together to form a luxury 8,500 sq. ft. facility. Includes reception, two lounges, four dining rooms, 16 en-suite bedrooms, music room, two kitchens, conservatory, bar, sauna, hot tub and more...

Suppliers of Souvenirs - Derbyshire

Asking Price: 
Turnover:  £1,200,000
Location: East Midlands

With over £60k worth of trading, the company has a very reputable name within the tourist and leisure market. Excellent potential...

View More Businesses for Sale >>