CFC confirms Vitruvian buy-in

CFC Underwriting has confirmed that Vitruvian Partners has
agreed to purchase a stake in the managing general agent (MGA).
The Insurance Insider revealed
yesterday that the private equity house hadbought a 40 percent stake in CFC at a multiple of just over 15x
forward Ebitda, valuing the whole business at £230mn
($285mn).
It is understood that Vitruvian will acquire its stake by buying
out investors Richard Corfield, the chairman of CFC; Mike Rees,
co-founder of Benfield; and Hugh Willis,.