Specialist payment protection provider British Insurance is looking to complete its sale by the end of August and narrow the five potential buyers to one.
The five are an investment bank, a high street bank, a consolidator, a broker and an insurer. Each offers a different version of a full or part purchase. The sale process began in March.
Simon Burgess, managing director of British Insurance, says: “It has been a long-drawn out process, but what matters is getting the right deal. Offers have been made from five different companies and we are looking at everything from companies taking a minority stake to a full 100% takeover.”
With annual premiums totalling some £5.5bn, there is a significant market for any purchaser of British Insurance to exploit.
Simon Burgess has denied that the rumoured price is £25m.
Income protection: News update: July 2007