Esure, the motor insurer launched by Direct Line founder Peter Wood, is buying into troubled Lloyd's operation Cox.
Wood's company is taking advantage of a £65m capital raising exercise to invest £1.65m for a 1.3% stake.
Cox last week reported a pre-tax loss of £240.6m, down from a loss of £6.4m the year before.
The result is equivalent to a loss of 162.5p a share, which looks bad even against other Lloyd's operators' recent losses.
SVB lost 46.4p a share, Brit lost 33.34p a share, Hiscox lost 15.5p a share and Goshawk lost 7.1p a share.
With a £125m loss due to the 11 September attacks and a £95m loss run up by its commercial division, a record profit of £36.7m in the retail division was overshadowed.
Closing down its commercial side will generate run-off costs of £9m.
But the company plans to reinvent itself as a motor insurer on the back of its successful Equity Red Star operation.
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.
