Insurer expected to go for more between £250m and £300m
Lloyd’s insurer Cathedral Capital has been put up for sale, Sky News reports.
The report said Cathedral, which is majority-owned by private equity house Alchemy, is expected to fetch between £250m and £300m.
The company is most likely to attract interest from trade buyers, private equity houses and pension funds , sources told Sky.
If Cathedral is sold, it will follow several Lloyd’s takeovers and mergers. The most recent deals include the sale of Hardy to US insurance group CNA and Canopius’s acquisition of fellow Lloyd’s insurer Omega.
There is growing overseas private equity interest in Lloyd’s and London market insurers. In February, US insurance mergers and acquisitions adviser Mystic Capital Advisors hired Lloyd’s veteran Andrew Bathurst to lead its push into the London market.
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