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Lloyds sells off Esure stake for £185m

Lloyds Banking Group has sold 70% of its stake in Esure, the online insurer, to the company’s founder Peter Wood.

The stake has been bought by a management buyout vehicle to be called Esure Group Holdings Ltd, led by Esure chairman Peter Wood. The stake has been sold for a cash consideration "slightly in excess" of £185m. As at 31 December 2008, esure had gross assets of £975.5m (including assets backing insurance liabilities).


12/02/2010  |  Full story...

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