Canadian Underwriter

Lindsey Morden shaves off Hambro interests

January 1, 1999   by Canadian Underwriter

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Lindsey Morden Group has sold Hambro Assistance (HA) to Eastgate Group Limited of London England for $132.4 million. HA, which provides telephone helplines and other assistance services in the United Kingdom, is a unit of Lindsey Morden’s Hambro Insurance Services Group (HIS) subsidiary. Lindsey Morden acquired HIS earlier this year for approximately $210.2 million. The other substantial unit of HIS, which will continue to be owned by Lindsey Morden, provides claims adjusting and related services in the United Kingdom, continental Europe, the Far East, Latin America and the Middle East.

The proceeds from the HA disposal will be used to repay loan notes issued when the company acquired U.K. adjuster Ellis & Buckle last October.

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