Exits

Equity Insurance Group (formerly Cox Insurance)

In July 2005 Bregal acquired Equity Insurance Group ("EIG") in a public offer and delisted the company from the London Stock Exchange. EIG, based in Brentwood, Essex, is an insurance business comprising a motor underwriting business as well as a broking and distribution business. The underwriting business operates as a Lloyd's syndicate called Equity Red Star ("ERS"), which had £400 million of premium capacity for 2006. ERS is the seventh largest motor underwriter and the largest motorcycle insurer in the UK and has a 36-year unbroken track record of profitability. Bregal worked over many months together with Neil Utley, CEO of EIG, to acquire the company and completed the acquisition in partnership with another private equity firm in mid-2005.

On 8th January 2007, EIG was sold to Insurance Australia group Ltd for a total consideration of £570 million.