A car insurance firm that was once part of the General Accident conglomerate has been bought by the private equity group that own Foxtons, the estate agency chain.
Sources close to Sky News have revealed that BC Partners, which is among the UK’s largest buyout corporations, has procured a controlling stake in Sabre Insurance.
The Surrey-based insurer has a number of branches focusing on different market segments including Insurer 2 Drive and Go Girl. The latter is targeted at female drivers who traditionally paid lower premiums because of their reduced chances of getting into motoring accidents.
Sabre Insurance saw its profits rise dramatically last year and the number of policyholders on its books has risen from 85,000 in 2005 to 200,000 in 2012 – a healthy and sustainable rate of growth.
However, the transaction has not yet been made public and BC Partners declined to comment on the supposed deal when asked by Sky News to reveal if its sources were indeed correct.