Cheltenham-based outsourcing group Capita plc has introduced the sale of its specialist insurance coverage firms to Marco Capital Holdings (UK) Restricted for an undisclosed quantity.
The sale, topic to regulatory approval, contains two companies, Capita Industrial Insurance coverage Companies Restricted (CCIS) and Capita Managing Company Restricted (CMA).
CCIS gives outsourced enterprise processes to the insurance coverage business throughout the board, together with underwriting assist, claims settlement and consumer financing.
The CMA gives regulatory approval and oversight for stay and aspect syndicates within the Lloyd’s insurance coverage market.
Income and revenue earlier than tax for specialised insurance coverage firms for the yr ended 31 December 2020 had been £ 26 million and £ 5 million, respectively. These numbers embrace a contract that’s included within the sale and is because of finish in 2022. The specialised insurance coverage enterprise, excluding this contract, had income and revenue earlier than tax of £ 20 million and £ 3 million, respectively.
The captain stated senior administration and staff of the CCIS and CMA will stay with the companies as they change into Marco’s possession.
Deloitte FIG Company Finance acted because the unique monetary advisor to Capita.
Capita beforehand introduced its intention to promote quite a lot of non-core companies, together with these two, to strengthen stability and give attention to its two core enterprise items, Capita Public Service and Capita Expertise.
Over the previous 12 months, the corporate introduced its exit from the next areas of exercise: software program options for instructional establishments; our worker advantages enterprise; Capita Life & Pensions Companies (Eire); Axelos; Atlas Grasp Belief; and safe options and providers.
John Lewis, CEO of Capita, stated: “That is the seventh exit we have introduced within the final 12 months. I’m actually proud of this progress. At present is one other step in the direction of a extra targeted and sustainable enterprise in the long run. and when applicable. “
Capita additionally stated it nonetheless expects £ 700m in non-core asset gross sales by June 2022.