PRI Group chief executive Andreas Loucaides has decided to leave the professional indemnity (PI) start-up and not join his colleagues at Brit.
Brit confirmed this week that Brit executives and the ...
PRI Group chief executive Andreas Loucaides has decided to leave the professional indemnity (PI) start-up and not join his colleagues at Brit.
Brit confirmed this week that Brit executives and the PRI management met last week to discuss the future direction of the company, now Brit's recommended offer of £154m has become unconditional. Brit's offer has been accepted by shareholders representing 96.1% of PRI's total stock.
PRI chief underwriting officer Peter Matson and his team will join Brit but after last week's meeting, Loucaides decided that his interests were best served elsewhere.
A source said: "Andreas wants to move on. I don't think he really wants to carry on in a managerial role. He is now looking for something more entrepreneurial and new. It may not even be insurance," the source added.
A Brit spokesman said: "We can confirm Peter Matson and his team are joining Brit, but Andreas is not. Proceedings in the integration of PRI to Brit are now moving fast."
With PRI's integration, Brit has raised its group gross premium income forecast for 2003 from £1.05bn to £1.15bn.
