Ernst & Young to run the slide rule over insurance firms

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Acromas could sell AA Insurance and Saga after appointing Ernst & Young to value the firms, according to Reuters.

Ernst & Young has been appointed to carry out pre-sale due diligence on the firm, and will be pricing Saga as well.

AA Insurance could be sold or floated for up to £5bn.

Acromas was created in 2007 after a £6.1bn merger between AA Insurance and Saga, and is backed by private equity firms including Charterhouse, CVC and Permira.

However, an Acromas spokesman declined to tell Reuters if it had appointed Ernst & Young and denied any plans for a sale.

 

 


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