Niche PPI broker British Insurance is looking to wrap-up its sale by the end of August with five potential buyers in the frame
Niche PPI 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 from five different companies and we are looking at everything from companies taking a minority stake to a full 100% takeover.”
With annual PPI 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.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
