Oval receives cash boost from RSA
It is believed that the insurer has provided Oval with funds of up to £9m
RSA has given consolidator Oval a multi-million pound cash injection, Insurance Age has learnt.
However, the insurer has not taken any equity in the business in exchange for the funds which are understood to be worth up to £9m.
When private equity backer Caledonia originally invested £15m in the broker in October 2003 - a move which saw RP Hodson acquired by a new holding company and Oval created - RSA held a 12.5% stake in the business.
However, with subsequent investments this has been diluted
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