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Aquiline exploring potential ERS sale

September 21, 2018

Lloyd’s motor specialist ERS has announced that its majority shareholder and private equity firm, Aquiline Capital is assessing “strategic options” for the business.

In a statement issued on 21 September, the carrier said that Aquiline has engaged investment banks Macquarie Capital and Evercore to evaluate these options, which could include a potential sale of ERS and a change in ownership.

ERS highlighted that Aquiline were at a very early stage of this process. “We will continue to keep Lloyd’s, the Financial Conduct Authority and the Prudential Regulation Authority informed as the process develops,” it added.

The carrier said that the news follows a record half year profit of £5.6mn on premiums of £212.6mn and a combined ratio of 96.6 percent.

Aquiline acquired ERS from IAG for £87mn in 2013, ending a bidding war between Aquiline and city entrepreneur Edi Truell.