Invested:
June 2000
Exited:
July 2005
Sector:
Financial Services
Headquarters:
London, UK
Region:
UK
Business:
Insurance
Cox Insurance was one of the largest UK motor and household insurance companies operating in the Lloyd’s of London insurance market, writing over £500 million of premiums annually.
Cox’s solid core business with the potential of industry consolidation, cost reduction opportunities and being with the insurance market on the verge of an upward trend in the cycle would enable the business to grow significantly.
Having completely rescued the company from bankruptcy resulting from an exposure to the 9/11 attacks, in 2005 Palamon sold its holding in Cox to a private equity consortium generating a full sterling return on invested capital.