Private equity tycoon leads race for Equity Red Star

Eddie Truell’s acquisition vehicle Tungsten is leading the race to buy embattled Lloyd’s insurer Equity Red Star.

Truell has been given preferred bidders status by Insurance Australia Group. However, Aquiline Capital Partners, a US private equity firm led by former AIG boss Hank Greenberg’s son, Jeffrey, is also reportedly keen.

Equity Red Star has suffered a series of heavy losses in recent years as it became one of the highest-profile victims of the bodily injury claims explosion.