British Insurance poised to clinch sale
INSURANCE TIMES - 12TH JULY 2007
Niche payment protection insurance broker British Insurance is looking to wrap-up its sale by the end of August with five potential buyers in the frame.
The five are made up of an investment bank, a high street bank, a consolidator, a broker and an insurer with each offering a different version on a full or part purchase of the broker.
Simon Burgess, managing director of British Insurance, said: “It has been a long drawn out process, but what matters is getting the right deal.
“Offers have been made form five different companies and we are looking at everything from companies taking a minority stake to a full 100% takeover.”
With annual payment protection insurance premiums totalling some £5.5bn, there is a significant market for any purchaser of British Insurance to exploit.
Rumours have suggested that Burgess could net up to £25m in a sale, although Burgess said: “I think that figure is a little optimistic.”
British Insurance was put up for sale in March.
