Lloyds sells Esure stake to founder Peter Wood
Lloyds Banking Group (LBG) has announced the sale of its 70% stake in Esure, the online insurer, to a management buyout vehicle to be called Esure Group Holdings, led by Esure chairman Peter Wood.
As reported by Insurance Age's sister title Post, the deal has been completed for a cash consideration slightly in excess of book value in the Lloyds Banking Group accounts (31 December 2008: £185m).
As at 31 December 2008, LBG said Esure had gross assets of £975.5m (including assets backing insurance liabilities).
Esure, which includes the Sheilas' Wheels brand, was founded in 2000 as a joint venture by Mr Wood and the then Halifax.
The deal has been backed by Tosca Penta Investments, a private
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