Whittington Sells UK Business to Finance Asia Expansion

Whittington Group, the Singapore-based international insurance investor, announced it has reached a definitive agreement to sell its London businesses to a consortium, comprising Tawa Plc, Skuld, and Paraline Group, Ltd., who will acquire Whittington Insurance Markets Limited (WIM) and its subsidiaries, including Whittington Capital Management Limited, a “provider of turnkey Lloyd’s managing agency services to existing and start-up syndicates at Lloyd’s.”

The transaction is subject to the approvals of Lloyd’s and the FSA and is expected to close before the end of the year. Whittington plans to use the proceeds to fund further expansion in Asia

The Group’s Chief Executive Anthony Hobrow indicated that he is “delighted that this sale has been successfully concluded and that Whittington Insurance Markets is being acquired by professional insurance investors that have the finance, resources and knowledge to offer our staff and clients a secure future in an expanding business.”

He also noted that the Group’s focus “has, for some time, been on developing our businesses in Asia and the sale of WIM in London will enable us to accelerate our ambitions in the region and focus our energies on the Asian insurance markets.

“This marks the end of eighteen years in the London Market for Whittington Group and we thank our dedicated people and loyal clients for making WIM the attractive business that has it has become.’

Singapore became Whittington Group’s headquarters in 2006. Its largest project to date was the launch in June 2010 of DirectAsia.com in Singapore, an online personal lines insurer. Hobrow indicated that there are plans “to expand the DirectAsia.com brand into other markets in the region and the sale of our London business will certainly give our Asia operations an added impetus.”

Source: Whittington Group

Topics Mergers & Acquisitions London