Lloyd's of London insurer wants to expand following private equity takeover
Brit is on the acquisition trail following its takeover by private equity houses Apollo Management and CVC Capital.
Chief executive Dane Douetil said: “The sector is unloved and there is a chance to buy other things and build our brand and franchise.
“There is nothing on the radar that we have specifically identified but there is no doubt that smaller companies will be challenged by capital and regulatory requirements, and that will allow people with bigger balance sheets to consolidate.”
The Lloyd’s of London insurer yesterday accepted a £10.75-a-share offer.
“We can pay back capital when we don’t need it when conditions are weak and hold on to all our capital when conditions are strong and we can use it to grow," he said.
