Ex-Tory treasurer supporting bid for Co-op general insurance business
An investment vehicle with backing from financiers including the former Conservative Party Treasurer Michael Spencer, is preparing a £600m bid for the Co-operative Group’s general insurance arm, according to a report by Sky News.
Tungsten Corporation, which is led by Edmund Truell, founder of private equity company Duke Street Capital, is yet to make a formal approach to the Co-op, but is understood to have made an informal expression of interest in the acquiring the general insurance business last year.
On Tuesday, Insurance Times reported the sale of the Co-op’s life insurance and asset management arm to Royal London, another mutual, for £219m.
The Co-op is exploring a sale of its insurance business as it attempts to raise sufficient capital to go ahead with a planned takeover of 632 Lloyds Banking Group branches.
The Sky report added that the Co-op is close to appointing bankers to work on the sale of its remaining insurance operations, with Deutsche Bank and one other firm likely to work on any deal.
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.
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