ProSight has given a bank the task of selling its Lloyd’s operation having stepped away with finding a buyer through an auction. GS Capital Partners and TPG Capital, the private equity owner of ProSight, launched a bidding process at the start of the year but failed to obtain the valuation they were looking for and as such have decided to keep some interest in the company.
Joe Beneducci, CEO of ProSight, has appointed GC Securities to sell its managing agency and syndicate 1110. Reports have said that ProSight have received a number of offers through the bidding process but all were below the minimum the board had set for a sale. The sale is part of a wider strategy for the company to focus on profitable lines in the US having gone through another year of losses in London and Europe. The change in sale tack tick comes after Argenta was sold to Hannover Re for £142.5mn.