Lloyd's motor insurer attracts 'a number of interested parties'

Lloyd's insurer KGM Motor Insurance is up for sale and has attracted a number of bids.

Perseverance, the Gibraltar-based backer of the Lloyd's specialist motor insurer, is considering the offers.

A spokesman said: "To set the record straight, the board can confirm that Perseverance has received approaches from a number of parties expressing a desire to acquire KGM, and Perseverance is currently considering these options.

"It is anticipated that should a sale be successful, KGM will continue as a standalone syndicate operating from its current premises and it will very much be a case of business as usual.

"The board also confirms that both Lloyd’s and the Financial Services Authority have been fully informed of all developments."

Provident, which recently posted a 31.1m, is also up for sale.