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EIS
sale completed - New and stable long term ownership for Rental
insurance brands like HomeLet and Letsure in the UK
__________________________________
21st
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 2NW
HomeLet
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
Source:
EIS Insurance
Further
information about Barbon Insurance Group
See
also HomeLet (Group) Press Information:
Tenants
should Insure against recession related crime - February 2009
Barbon
Insurance Appoints New Directors - Compliance - IT - Finance
- February 2009
New
Managing Director for Letsure- Barbon Insurance Group has
announced the appointment of Ian Fraser as Managing Director
- January 2009
New
Chief Executive for Barbon Insurance - September 2008
Barbon
Insurance Reveals Latest Financial Results - September 2008
EIS
Completes Rebranding Exercise to Become Barbon Insurance Limited
-August 2008
jml
Insurance are very pleased that HomeLet and Letsure are now
under the Barbon Insurance Group umbrella - August 2008
Martin
& Co announces three year deal with HomeLet - July 2008
HomeLet
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
jml
Insurance will now be introducing Homelet Landlord & Tenant
insurance instead of Letsure - March 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
HomeLet
Rental 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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