Private equity house takes "significant stake" in Validus

grow-money

Private equity house LDC is set to take a "significant stake" in motor claims business Validus-IVC.

The move will see Validus chairman Philip Easter and two members of its executive steam step down. 

Mike Srokowski, chief executive of the Norwich-based business,  is set to stay on as CEO.

He said the investment is capable of taking the company "up several more gears".

Mr Srokowski explained: "LDC's investment illustrates their confidence in our ability to exploit the numerous opportunities that exist for profitable growth."

Spotlight
Mr Easter will be replaced by Paul Hewitt as chairman while

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Applied updates on commercial push

Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.

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