Private equity firm Aquiline Capital Partners is keeping ERS.
Following Aquiline’s strategic review of the specialist motor insurance syndicate, it’s been decided that a sale will not be pursued. Instead, the insurer’s major shareholder will continue to invest in the Lloyd’s underwriting business, which in 2018 bounced back from a £12.2 million loss to an £11.1 million profit.
According to Jonathan Watson, sales and marketing director at ERS, Aquiline’s focus will now be on business development. In addition, growth prospects will both be organic and inorganic.
“I’m really pleased that Aquiline has decided to hold onto ERS,” commented ERS chief executive Ian Parker. “It means we continue to have an owner that believes in our plan. They believe in our motor only, broker strategy. They believe in writing for profit, not volume. And they believe in the ERS team.
“Aquiline and the team believe that ERS represents a growth opportunity with efforts focused on building book value, increasing earnings and returns, and we look forward to driving that together.”
ERS came under the ownership of Aquiline in 2013. It was previously part of the Insurance Australia Group.