US investment fund JC Flowers has appointed JP Morgan and Messier Maris to organize the sale of its insurance and credit broker Compagnie Europeene de Prevoyance (CEP), according to
L’Agefi.
American billionaire J. Christopher Flowers investment firm bought the group in 2011 from PAI for 830 million euros.
Their winning bid included an offer to help the company expand both in France, and internationally. Other bidders had included Anacap and Bridgepoint.
Search and compare product listings for Business Insurance from specialty market providers here
Specializing in the management of borrower insurance contracts, CEP has expanded over the last six years into mortgages with the acquisition of brokers Empruntis and Immoprêt.
The insurance division of CEP generated € 148 million in sales in 2016.
Related stories:
EU hub tries to lure insurers with… waffles
Swedish Competition Authority raids AIG, other insurers
