Thu, 24 Nov 2011 | BUSINESS SALE
Dutch insurance firm, Brit Insurance, is reported to have appointed advisors to work on the sale of the UK arm of its commercial business.
The insurance industry trade publication, Post, has reported that the company - which insures Lloyd's of London and sponsors the England cricket team - has been estimated to be worth around £150 million.
The first round of bidding for the division of the company is expected to close on Friday, in a sale that is being led by Evercore Partners. Evercore received instructions to embark on the sale during the summer, following the completion of the sale of the whole of the Brit corporation to private equity consortium, Achilles Netherlands Holdings BV, for around £888 million.
Ageas and MMA are believed to be in the scrum of suitors hoping to take on the unit, while Canopious, which had been thought to be a high-profile potential buyer, has apparently distanced itself from the sale.
The UK arm of the company sells commercial insurance policies through insurance brokers. The sale will include the Financial Services Authority-regulated company, Brit Insurance Limited, but will not involve Brit's global markets or reinsurance operations.
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