ERS owner Aquiline is assessing how to proceed with the motor insurer
A strategic review is being conducted into ERS by majority shareholders Aquiline Capital Partners, with a possible sale one option.
ERS confirmed today that Aquiline has engaged Macquarie Capital and Evercore to help it assess strategic options for ERS.
It said Aquiline are still at a very early stage of the process, but that the assessment could lead to a number of potential outcomes, including the sale of ERS and a change in ownership.
In a statement, ERS said: “We will continue to keep Lloyd’s, the Financial Conduct Authority and the Prudential Regulation Authority informed as the process develops.”
Aquiline bought ERS from IAG for £87m in 2013 at a discount on book value, following significant losses for the firm.
Aquiline has taken ERS back into profitability and last month reported record half year profit of £5.6m from £212.6m premium and a COR of 96.6%.
ERS stated the figures were an indication that its “motor-only, broker-only” strategy had paid off.
No comments yet