Brit could be used as platform for acquisitions
A source close to the insurer bought earlier today, subject to shareholder approval, said purchases could be on the cards in the medium term
Brit's board recahed an agreement of a price of £888m earlier today to seel to private equity houses CVC and Apollo, through new company Achilles. Brit will keep the same name and the private equity houses will keep the existing management team, and it will be business as usual for brokers. Meanwhile, senior management including Dane Douetil (pictured) will be reinvesting into the new business.
Brit attempted to buy Chaucer last year but was ultimately unsuccessful.
Meanwhile Brit announced an 8
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