Brit's bid to buy professional indemnity insurer PRI has become unconditional, it declared.
The offer, which values PRI at about £156m, remains open for acceptance until further notice.
By yeste ...
Brit's bid to buy professional indemnity insurer PRI has become unconditional, it declared.
The offer, which values PRI at about £156m, remains open for acceptance until further notice.
By yesterday afternoon, Brit's offer had been accepted by shareholders representing 96.1% of PRI's total stock.
Brit already owned a small shareholding before it made the offer, so this means Brit owns or has acceptances covering 96.7% of PRI's stock.
Brit chairman Clive Coates said: "This is a tremendous leap forward for Brit.
"We believe that the combined businesses of Brit and PRI provide an excellent opportunity to service the UK and other insurance markets with a wider product base and stronger capital base."
Brit chief executive Neil Eckert said: "This transaction further establishes Brit as a market leader in the UK small to medium commercial insurance sector."
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.
