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Private equity companies invest in the special insurance company CFC



(Reuters) – European private equity firms EQT and Vitruvian Partners have jointly made a "significant" investment in the specialty insurance company CFC, the British firm said on Thursday without disclosing the amount.

The investment values ​​London-based CFC at more than 2.5 billion pounds ($ 3.45 billion), which is a multiple of 40 times profits before interest, taxes, depreciation and amortization, a report on the matter told Reuters.

CFC, founded in 1999, offers corporate insurance coverage for areas such as cyber, environmental liability and medical malpractice, and has 100,000 customers.

Demand for cyber insurance has increased as ransomware attacks have escalated in recent years.

"Cyber ​​is a hugely growing area", CFC CEO Graeme Newman.

The investment will enable the CFC to build on its existing strategy, including investing in technology and increasing the number of employees, said CFC founder and CEO Dave Walsh.

Vitruvian was a reinvestor in the company and EQT was a new investor, the CFC and the two companies said in a statement.

The number of employed shareholders will rise to more than 300 from 1

75 after the transaction, with employees remaining as the largest shareholding in CFC. CFC currently has 500 employees.

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