Managing Agent Name: Equity Syndicate Management Limited
Subject: Sale of Equity Direct Broking Limited
Syndicate(s) Affected: 218
Further to the announcement made on 20 September, Equity Syndicate Management Limited (ESML) is pleased to confirm that specialist financial services company NMG Holdings (part of the NMG Group) and Equity Insurance Group have reached a formal agreement for NMG Holdings to purchase Equity Direct Broking Limited (EDBL) .
This deal is firmly in line with the previously stated strategy for the Equity group and the selection of NMG provides certainty for our affinity partners and policyholders. The management team at ESML believes that it needs to concentrate on its core specialist motor underwriting business in order to deliver market leading results and the sale of EDBL is part of this process. ESML remains committed to working with its brokers and customers to ensure it continues to deliver excellent service.
This sale is still subject to regulatory approval.
Equity Syndicate Management Limited is also pleased to announce the appointment of Katie Wade as Chief Financial Officer, subject to regulatory approval. Katie was most recently CFO at Aspen Insurance UK Limited and Aspen Managing Agency Limited.
Date issued: 11 October 2013
Agency contact name: Peter Merrett
Agency contact no: + 44 (0)1277 206589
For auction office use only: D2013020
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