Exits

Equity Insurance Group (formerly Cox Insurance)

In July 2005 Englefield acquired Equity Insurance Group ("EIG") in a public offer and delisted the company from the London Stock Exchange. EIG, based in Brentwood, Essex, is an insurance business comprising a motor underwriting business as well as a broking and distribution business. The underwriting business operates as a Lloyd's syndicate called Equity Red Star ("ERS"), which had £400 million of premium capacity for 2006. ERS is the seventh largest motor underwriter and the largest motorcycle insurer in the UK and has a 36-year unbroken track record of profitability. EIG was formerly owned partly by Warburg Pincus and as a result Englefield had a good knowledge of the company prior to the acquisition. Englefield and Neil Utley, CEO of EIG, began discussions about the acquisition in 2004, and approximately a year later acquired EIG in partnership with Duke Street Capital.

On 8th January 2007, EIG was sold to Insurance Australia group Ltd ("IAG") for a total consideration of £570 million.

www.equitygroup.co.uk