Giles MBO plans
Giles Insurance has announced plans for a £50m management buy-out.

Giles MBO plansGiles Insurance has announced plans for a £50m management buy-out.In a report Chris Giles said he is in talks with venture capitalists about an MBO in October or November, as a prelude to a stockmarket listing in 2008.The report said Giles will reduce his stake from 70% to 35%, with an additional 30% to be distributed to senior management. The Giles family will reduce its stake from 30% to 5%.

Directive welcomedInsurers are set to welcome the publication of a new EU Directive on capital requirements for reinsurers. The draft Directive appears to support the argument that capital requirements for reinsurers should be set at the same level as those for insurers.

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