US venture capital firm Capital Z has acquired 51% of broker SBJ Group, as predicted exclusively by Insurance Times (10 June)
Market sources suggested that Capital Z could be planning to fund the purchase of SBJ's franchises before floating the company in a few years.
SBJ became a private company in 1999 after a management buyout and has promoted itself on its independent status. According to reports, SBJ struck the deal to fund future expansion.
SBJ chief executive George Boden was unavailable for comment when Insurance Times went to press.