Brightside acquires eVan book
E Insurance, a subsidiary of Brightside, has agreed to purchase the policy book and the new business and renewal rights of the eVan insurance brand from Southern Rock Insurance. The transaction is expected to be completed on 1 December 2008.
eVan is an on-line insurance brand through which insurance is sold for vans owned by individuals and small businesses.
Southern Rock will continue to underwrite the insurance policies with E Insurance operating as insurance broker and charging commissions in respect thereof.
The initial consideration will be £3.3m satisfied by a cash payment on completion. In addition, there will be deferred consideration, payable in cash, following the signing of the 2009 E Insurance audited accounts.
The impact
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