Cox Insurance is on track to be sold to former chief executive Neil Utley"s consortium of venture capitalists according to statements from both parties.

A formal offer is expected today of 92p per pence per share in cash with a 2p per share cash dividend.
The market responded positively to the move with the share price rising from 84p to 88p, but analysts suggested the gap between the offer price and the market represented a certain uneasiness.