Tue, 02 Nov 2021 | BUSINESS SALE
Private investment firm Capita PLC has announced that it has sold two specialist insurance businesses to Macro Capital Holdings for an undisclosed fee. The sale of Capita Commercial Insurance Services Limited (CCIS) and Capita Managing Agency Limited (CMA) represents Capita’s seventh exit in the past year.
Over the past year, Capita has focused on disposing of non-core businesses in order to stengthen its balance sheet and refocus on its two core operations: Capita Experience and Capita Public Service. It is targeting £700 million in proceeds from non-core disposals by June 2022.
CCIS is a provider of outsourced business processes to clients in the insurance sector. Its services include claims, client finance and underwriting support. CMA, meanwhile, offers regulatory approval and oversight services to live and run-off syndicates operating in the Lloyd’s insurance market.
The two firms reported revenue of £26 million and pre-tax profits of £5 million for the year ending December 31 2020. These figures are inclusive of a contract (included in the sale to Macro Capital Holdings) due to end next year. Excluding this contract, the two divisions generated £20 million in revenue and £3 million in pre-tax profits last year.
The sale of the two divisions is subject to regulatory approval. Once the deal has gone through, the management teams and staff at both firms will remain in place, while transferring to Macro Capital Holdings’ ownership.
Capita CEO Jon Lewis said: “This is the seventh exit we have announced in the past 12 months. I am really pleased with this progress. Today is another step towards a more focused and sustainable business for the long term. Further progress on disposals will be announced as and when appropriate.”
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