Brit Insurance sells subsidiary

BRIT Insurance, the sponsor of the England and Wales cricket team, has sold its stake in an online business insurer in a management buyout, it emerged yesterday.

The Lloyd’s of London insurer sold a 37 per cent holding in Simply Business in a deal that values the online broker at more than £50m, according to the Daily Telegraph.

Brit has undergone a radical restructuring in recent years under chief executive Mark Cloutier, who was brought in at the end of 2011 and has focused all of the company’s efforts on its Lloyd’s business.

In the process he has sold or closed most of Brit’s consumer-facing UK businesses.