CGU, the U.K.’s largest insurer, has agreed to establish an investment fund in partnership with the venture capital firm Quester Group. CGU will provide the funds, up to 拢20 million ($32 million) initially, to look for and invest in e-commerce start-ups, which conduct activities relevant to CGU’s business.
According to reports the fund will operate as a U.K. partnership for 10 years. Managed by Quester, it plans on making between 8 and 12 investments over that period of time. Initially the capital provided would be between 拢1 and 拢1.5 million ($1.59 million to $ 2.4 million), but additional investments may be made if warranted.
“This fund will complement our internal development by providing opportunities for CGU to invest in and build relationships with external companies that can further enhance our e-commerce capability, “CGU Executive Director Philip Twyman told Reuters News Service.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Florida Mobile Home Insurance Market Still Struggling With Premiums, Coverage 
Toilet Paper Warehouse in California Destroyed by Fire; Employee Arrested 
Connecticut High Court: Injured Rental Car Occupants Covered for Uninsured Motorist 
Mustard Maker Caught Pumping Pollutants Into River for Years and Lying About It 
