IGI Group will not be sold in the next two weeks despite reports suggesting a sale was imminent, the UK insurer has insisted.

The company, which specialises in legal expenses cover and residential and commercial let property insurance, was reported to be on the verge of its third takeover in the space of 12 months.

But Keith Wardell, chief executive of IGI Group, dismissed rumours suggesting that it was considering refinancing just five months after its parent company was acquired by a fellow Icelandic company.

IGI was taken over by Icelandic company Exista in September 2006 after agreeing a deal with the insurer's majority shareholder, Vátryggingafélag åslands hf. (VÍS).

Following major investment by VÍS in February last year, Wardell said he expected the UK insurer to grow its current gross written premium significantly by 2009, with additional capital to support planned growth.