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Plan for Lloyd's 'consolidator' company put on back burner.
(From Lloyds List)
Byline: James Brewer
A SCHEME to float a new 'consolidator' company for smaller Lloyd's vehicles has been put on ice for possible revival later in the year.
While the plan had impressive backing from Warren Buffett's Berkshire Hathaway group, it failed to win cash subscriptions from the London institutional market.
It also received a mixed reception from some of the potential target companies, which feared losing their independence and unique approaches to underwriting.
Michael Wade, one of the people behind big changes at Lloyd's in recent years, had hoped to float his new Capital Insurance Holdings on the Alternative Investment Market in a GBP125m ($223m) initial public offering.
With August considered a weak marketing month, Mr Wade and his advisers will hold fire for the next couple of weeks before resuming working on the project and considering the next step in September.
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