EIS sale completed - New and stable long term ownership for Rental insurance brands like HomeLet and Letsure in the UK
21 April 2008
The Board of EIS announces that completion has now taken place of the sale of EIS to a new investment company (Caley Limited) wholly owned by leading banks HBOS, HSBC, and Lloyds TSB. The transaction which was announced on 14 April was subject to regulatory approvals and other conditions all of which have been satisfied.
EIS believes this is an excellent outcome for all our customers' staff and suppliers. The effect is to provide EIS with long term stability and a strong financial platform. Our businesses enjoy leading market positions, good levels of profitability, low debt levels and positive operating cash flow. Based on these strong foundations, EIS has achieved the independence to operate and grow as one of the UK's leading insurance brokers in its market sectors.
The announcement today by Caley that it has now acquired the Residential Management and Property Maintenance divisions of Erinaceous Group is further good news for EIS. There are existing close business links between EIS and these businesses and there will be the opportunity for additional synergies.
Leslie Goodman, Executive Chairman of EIS, commented:
"We are delighted that the Banks have shown such strong commitment to our business. No less significant for us has been the support and confidence of our customers, insurers and suppliers over recent months which we very greatly appreciate.
With substantial long-term backing now assured, we look forward to the future with much positive expectation and confidence."
NOTES:
EIS offers innovative solutions to cover the diverse needs in risk management of residential and commercial property. EIS also offers a select range of niche general commercial insurance products for a wide range of customers. Leading EIS brands include HomeLet & Letsure, Keelan Westall, Cadogan Keelan Westall, Deacon, Cadogan Hanover Park, Truckinsure, CareAssured and Farr.
EIS Insurance Solutions is a trading name of Erinaceous Insurance Services Limited which is authorised and regulated by Financial Services Authority. Registered in England number: 3135797. Registered address: Phoenix House, 11 Wellesley Road, Croydon, Surrey CR0 2NWHomeLet and Letsure referencing and insurance products are used by numerous letting agents in the UK. On Wednesday 23rd April they received the above press release with a note from Leslie Goodman, Executive Chairman of EIS
"Dear Letting Agent
I am delighted to tell you that EIS is now securely established in the ownership of three of the UK's leading Banks and wholly separated from the Erinaceous Group. We are very pleased with this outcome and optimistic about our future prospects. I am attaching an announcement which confirms this excellent outcome.
We very much appreciate the support you have given us over recent months and we look forward to continuing to develop our business relationship in the future.
If you would like any additional information please do not hesitate to contact us.
Yours sincerely
L.D. Goodman
Executive Chairman
See also HomeLet (Group) Press Information:
EIS Completes Rebranding Exercise to Become Barbon Insurance Limited - August 2008
Martin & Co announces three year deal with HomeLet - July 2008HomeLet staff gain promotions - June 2008
New Customer relations manager for EIS Insurance Solutions - June 2008
EIS sale completed - New and stable long term ownership - April 2008
EIS separates from Erinaceous Group - New and stable ownership - April 2008
Erinaceous placed in administration - April 2008
Erinaceous puts insurance division up for sale - January - February 2008
Brian Turney has left Lumley Letsure - June 2007
Erinaceous Group Plc Opens Property Management Office in Dublin, Ireland - May 2007
HomeLet IPEX -Landlords set for buy-to-let revolution as new scheme launched - March 2007
HomeLetRental insurance launch Portfolio Insurance from 10th July 2006 in the UK
Letsure has a new Glasgow offices December 2005
HomeLet launches new low cost option landlord’s protection - July 2003
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