MGM seeks cash boost from sale
Saturday 14 July 2012
One of the oldest names in British life insurance has been put up for sale with a potential price tag of £200m.
MGM Advantage is a mutual insurer that dates back to 1852.
The investment bank Evercore has been appointed to seek buyers, with management including chief executive Chris Evans said to be hoping that a private equity firm will be willing to inject cash into the business to bolster its financial strength.
MGM has assets of £1.9m, which it looks after on behalf of 17,000 members.
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