US investment fund JC Flowers has appointed JP Morgan and Messier Maris to organize the sale of its insurance and credit broker Compagnie Europeene de Prevoyance (CEP), according to
L’Agefi.
American billionaire J. Christopher Flowers investment firm bought the group in 2011 from PAI for 830 million euros.
Their winning bid included an offer to help the company expand both in France, and internationally. Other bidders had included Anacap and Bridgepoint.
Specializing in the management of borrower insurance contracts, CEP has expanded over the last six years into mortgages with the acquisition of brokers Empruntis and Immoprêt.
The insurance division of CEP generated € 148 million in sales in 2016.
Related stories:
US firm snaps up UK MGA
Old Mutual to sell subsidiary for £254 million as break-up dawns
