QBE and Swinton close in on Equity

Senior industry sources indicate that the deal would see QBE purchase Equity Redstar, the Lloyd's underwriting business, with Equity Insurance Brokers, the high street broking chain, being snapped up by Swinton.

It appears the proposed management buyout by Neil Utley is now dead in the water and his share of the group will be bought out. However, it has been suggested he will go back to the group to buy Hastings and Advantage, a Gibraltar-based underwriting operation.

It is understood that staff