Aquiline grabs Red Star at £87m
Saturday 15 December 2012
Aquiline Capital Partners, a private-equity firm led by the son of former AIG boss Hank Greenberg, has snapped up Lloyd's of London insurer Equity Red Star for £87m.
The deal will see Equity's owner Insurance Australia Group dispose of an asset that has been loss making for several years.
The motor insurer has been hit by personal injury claims and in January narrowly avoided a £1m fine from the Lloyd's market following an investigation into its underwriting procedures.
The agreement also ends a bidding war between Aquiline and City entrepreneur Edi Truell.
Mr Truell, the founder of private-equity house Duke Street, was granted preferred-bidder status for Equity last month, but talks between him and IAG collapsed over price.
Mike Wilkins, IAG's chief executive, said: "We believe the sale option delivers the best available outcome for IAG shareholders.
"It also allows us to concentrate on our strategic priorities of accelerating profitable growth in our home territories of Australia and New Zealand."
- 1 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 2 David Cameron refers to 83-year-old Labour MP Dennis Skinner as 'Jurassic Park'
- 3 Alton Towers Air breaks down: 80 people stuck on broken down Monorail during heatwave
- 4 German ethics council calls for incest between siblings to be legalised by Government
- 5 Alwaleed bin Talal: Saudi Prince to donate entire $32bn fortune to charity
Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
German ethics council calls for incest between siblings to be legalised by Government
Alwaleed bin Talal: Saudi Prince to donate entire $32bn fortune to charity
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
They are neither a 'state' nor 'Islamic': Why we shouldn't call them Isis, Isil or IS
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...