The management of Aurora Corporate Services and PricewaterhouseCoopers have announced they are in negotiations with a small number of potential partners to acquire Aurora, the company set up to run off the outstanding business of Independent Insurance.
As Insurance Times reported this week, Independent's liquidator is seeking a partner to allow the company to push its outsourcing experience further.
Dan Schwarzmann, insurance recovery partner at PricewaterhouseCoopers and one of the joint provisional liquidators, said: "Aurora's management and staff continue to do an excellent job on the Independent estate. They consistently meet stringent targets and deadlines. In order that we can maximise the returns to the Independent creditors and provide the commercial flexibility for the Aurora management team to develop their business, we feel it is appropriate to consider a trade sale of the Aurora organisation and the Independent contract."
Aurora's chief executive Ken Blanc said: "Our major responsibility is to Independent creditors, and those parties with whom we are in discussions have all been tasked with proving that they will be able to maintain current service levels.
"In addition the potential partners are being assessed on their ability to provide a secure and rewarding future for our employees."
Schwarzmann added: "Gaining access to investment capital and extra resource will allow Aurora's management and staff to realise their collective vision to become a major player in the business process outsourcing market."
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