MGM seeks cash boost from sale

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.