Advisers brought in to help with sale of Allen & Allen and Hero Insurance

Click to follow

Allen & Allen, the motor insurance business, and LV's broker firm, Hero Insurance Services, are both up for sale.

Deloitte, one of the Big Four accounting firms, is believed to have been hired to sell the family-owned Allen & Allen, which was founded in 1968. It could fetch up to £40m. The corporate finance boutique Fenchurch Advisory Partners is advising on Hero, just three months after LV, formerly Liverpool Victoria, agreed a takeover of its parent company Highway Insurance Group for £150m. Hero is being sold despite LV's push to become a significant operator in the UK broking market, and could fetch between £20m and £25m.

The firms are being touted to a range of mid-market private equity players, though buyout sources said the sellers would struggle to get the hoped-for prices in the current market conditions.