£29m Euclidian deal is agreed
Shareholders of integrated Lloyd's insurance group, Euclidian, have accepted a £29 million cash offer made by the company's management. It is now a private company. The management was backed by a reinsurance policy instead of having to seek the backing of venture capitalists. The policy, provided by Bermuda-based Centre Solutions, also provided Euclidian with sufficient funds to underwrite £200m of premium income through the company's underwriting subsidiary. The offer was accepted by 95% of shareholders.
Quest Gates in Birmingham
Loss adjuster Quest Gates has opened an office in Birmingham in response to demand for its services in the city. Managing adjuster Richard Higginson has been appointed to run the operation, based in the city centre.
20% of agents a debt risk
Just under 20% of insurance agents and service companies were considered a “significant risk” when it came to paying their debts. This is lower than the national average of over 30%, according to the latest Dun & Bradstreet report on the sector.