Electra Picks Up Insurance Firm Davies For $93M

Law360, New York (October 3, 2011, 7:07 PM EDT) -- Private equity firm Electra Partners said Monday it had paid £60 million ($92.7 million) for insurance services company Davies Group in a move to expand the range of the fund manager's business holdings.

Electra said it completed the deal to buy Davies from Lloyds Banking Group PLC with a combined investment of  £49 million from Electra Private Equity PLC and Electra Partners Club 2007 LP and substantial reinvestment from Davies management.

Electra bought the company that manages claims for insurers in part due to the management of Davies CEO Charles Crawford, who...
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