Capita to sell speciality insurance businesses for undisclosed sum
By Michele Maatouk
Date: Tuesday 02 Nov 2021
(Sharecast News) - Outsourcer Capita has agreed to sell its speciality insurance businesses to Marco Capital Holdings for an undisclosed sum.
The sale comprises two businesses: Capita Commercial Insurance Services Limited (CCIS) and Capita Managing Agency Limited (CMA).
CCIS provides outsourced business processes for the insurance industry across areas including underwriting support, claims and client finance. CMA provides regulatory approval and oversight to live and run-off syndicates in the Lloyd's insurance market.
Capita had previously announced its intention to sell a number of non-core businesses - including these two - to strengthen the balance sheet and focus on its two core divisions, Capita Public Service and Capita Experience.
Chief executive 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."
The company is still targeting £700m of non-core disposals proceeds by June 2022.
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