European-buyout specialist Candover Investment, and investment house The Securitas Fund, is seeking to acquire the Reliance Insurance Company.
Negotiations are continuing and the transaction remains subject to due diligence, negotiation of a satisfactory sale -and-purchase agreement and regulatory approval.
RNIC is a London-based underwriter of specialist niche lines for major UK and European corporations.
Key product lines are directors & officers, errors & omissions, public and products liability, accident and health, construction and engineering and jewellers' block/fine art.
During the year ended December 31, 1999, RNIC generated £158m of gross written premium.
The core London market business, that accounted for about 70% of the company's gross written premium in 1999, is complemented by a network of European branch offices situated in Spain, Holland, Sweden, Switzerland and Germany.
A subsidiary company also operates in South Africa.
Since its formation in 1980, Candover has led 87 transactions with an aggregate value of more than £5.6bn.
The Securitas Fund is a global private equity investment company that is dedicated to investmenting exclusively
in the insurance and insurance related-sector.
