Final bidder to be announced soon
BGL, Swinton and Towergate have joined private equity firms by showing an interest in buying over-50s broker Insurance Dialogue.
The final bidder is expected to be announced in the next fortnight. A private equity-backed management buyout is still a possibility, Insurance Times understands.
Equity Insurance Group currently has a majority stake in Bournemouth-based Insurance Dialogue, which trades as Insure4retirement.
The other major shareholders are the existing management and Bridges Community Development Venture Fund.
Insurance Times understands IAG UK, Equity’s parent, has decided to sell Insurance Dialogue because it is a ‘non-core’ part of its business.
Insurance Dialogue’s profit before tax was £983,244 in the year to June 30 2011, according to Companies House filings. Its turnover was £11.2m in the same period and it had an equity shareholders’ deficit of £9.6m.
BGL, Equity Insurance, Swinton and Towergate would not comment.
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