Stability follows £12m drop in first year of ownership
The value of private equity firm Electra’s stake in loss adjusted Davies held steady in the last three months of 2012 after a falling by £12m in the year to 30 September 2012.
Electra’s interim management statement for the three months to 31 December 2012 shows that the value of its stake in Davies remained at £23.9m.
Electra bought the stake in the loss adjuster in September 2011 for £35.8m, but the private equity firm’s results for the year to 30 September 2012 showed that the stake had lost 33% of its value.
At the time, Electra insisted that the dip in the valuation of Davies, caused by a reduction in claims levels and the loss of a major contract, was a “short-term issue”.
Electra’s interim management statement for the three months to December 31 2012 also reveal that its stake in personal lines insurer esure held its value at £58.9m. Electra paid £20.8m for its esure stake.
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