2nd Nov 2021 11:14
(Alliance News) - Capita PLC said Tuesday it has agreed to sell its speciality insurance unit to Marco Capital Holdings Ltd for an undisclosed sum.
The midcap outsourcer said the sale will see it offload its Capita Commercial Insurance Services Ltd and Capita Managing Agency Ltd businesses.
CCIS provides outsourced business processes for the insurance industry across areas including underwriting support, while CMA provides regulatory approval and oversight to syndicates in the Lloyd's of London insurance market.
Capita said the sale of the non-core businesses will help to strengthen its balance sheet and allow the company to 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. Further progress on disposals will be announced as and when appropriate."
Capita continues to target GBP700 million of non-core disposals proceeds by June 2022.
Shares in Capita were 1.7% lower in London on Tuesday at 46.86 pence each.
By Paul McGowan; [email protected]
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