Over 100 jobs at risk at Equity, claims report
The Financial Times has reported that the buyers of Equity Insurance are getting ready to “wind down or dispose” of large parts of the business, putting over 100 jobs at risk.
Private equity company Acquiline Capital Partners bought Equity for £87m from Insurance Australia Group in a deal announced in December and completed last month.
According to the FT's article, "people with knowledge of the plan" have said that more than 100 positions could go in a bid to achieve profitability.
It detailed that the business would cut GWP by at least one-third at the Essex-based company, with the household insurance operation likely to be affected, although all areas are
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