Private equity backing could give Giles green light for major growth

Giles Insurance Brokers is set to be acquired by private equity group Charterhouse, Insurance Age has learnt.

At the time of going to press, reports indicated that the deal would provide an exit for both Norwich Union (NU) and Gresham, the private equity house that had a 40% stake and backed a £45m buyout of the broker in 2006. Last year, Giles signed a deal that saw both NU and Gresham acquire a 7.5% share in the business valued at £10.6m. NU acquired just under seven million shares in Giles at