Assetinsure deal safe from bank’s administrators
Commercial underwriter Assetinsure says the appointment of administrators to Babcock & Brown will not affect the sale of the investment bank’s 50% stake.
Assetinsure CEO Peter Wedgwood says the appointment of an administrator to Babcock & Brown on Friday “does not impact on the sale of B&B Insurance Pty Ltd’s shareholding in Assetinsure. The sale is only awaiting APRA’s approval.”
The sale deal was struck last month. German-based Global Group of Australia has picked up a 30% stake in the insurer, while existing Assetinsure Holdings shareholders and management have increased their stake from 50% to 70%.
Assetinsure CEO Peter Wedgwood says the appointment of an administrator to Babcock & Brown on Friday “does not impact on the sale of B&B Insurance Pty Ltd’s shareholding in Assetinsure. The sale is only awaiting APRA’s approval.”
The sale deal was struck last month. German-based Global Group of Australia has picked up a 30% stake in the insurer, while existing Assetinsure Holdings shareholders and management have increased their stake from 50% to 70%.