Wednesday, April 3, 2013

Investors target £ 600 m co-op insurance arm

21 March 2013 |By Newsdesk

Ex-Tory Treasurer supporting bid for co-op insurance business

An investment vehicle with support from funders including the former Conservative Party Treasurer Michael Spencer, is preparing a bid £ 600 m for the cooperative group general insurance arm, according to a report from Sky News.

Tungsten Corporation, which is led by Edmund Truell, founder of private equity firm Duke Street Capital, is still a formal approach make the co-op, but is understood to have made an informal expression of interest in acquiring the insurance business last year.

On Tuesday, insurance Times reported the sale of the co-op life insurance and asset management arm to Royal London, a mutual, other for £ 219 m.

The co-op is exploring a sale of the insurance operations as it tries to move forward with a proposed acquisition of 632 Lloyds Banking Group capital.

The Sky report added that the co-op is close to appointment of bankers to work on the sale of its remaining insurance operations with Deutsche Bank and another enterprise which is likely to work on a deal.

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Title Post: Investors target £ 600 m co-op insurance arm
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Author: Mohammad Zulfi Satriawan

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