Australians pounce on Equity
Insurance Australia group, the largest general insurer in Australasia, has bought Equity Insurance G...
Insurance Australia group, the largest general insurer in Australasia, has bought Equity Insurance Group for £570m, expanding its presence in the UK following the acquisition of Hastings.
Private equity backers Duke Street Capital and Englefield Capital owned 40% of Equity respectively and have made a quick return on its investment, when they teamed up with chief executive of Equity Neil Utley to buy Cox in June 2005 for £297.9m, taking the insurance group private a month later.
Utley told
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