IL&P offloads British subsidiary
City of Westminster Assurance, which had been closed to new business since 1995 and was considered a distraction by the company, will be taken over by niche player Chesnara, a London-quoted company that is valued at about E150 million. The deal gets rid of a non-core business and is in line with IL&P’s strategy of focusing on its operations in Ireland.
IL&P finance director Peter Fitzpatrick said the company had been looking at its options for some time. “While we’ve been happy with the financial performance of the business, it had no long-term strategic significance for us and therefore it was incumbent on us to explore other options,” he said.
