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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.