Capita PLC (LSE:CPI) has sold off its speciality insurance businesses for an undisclosed sum, its seventh disposal in the past 12 months.
The FTSE 250 group said it is continuing to target £700mln of “non core” disposals proceeds by June 2022 as part of the plan announced in March to strengthen the balance sheet and focus on its two core divisions.
The speciality insurance business, which comprises Capita Commercial Insurance Services Limited (CCIS) and Capita Managing Agency Limited (CMA), last year made a combined revenue of £26mln and profit before tax of £5mln.
CCIS provides outsourced business processes for the insurance industry, while CMA provides regulatory approval and oversight to live and run-off syndicates in the Lloyd’s insurance market.
The buyer is Marco Capital Holdings (UK) Ltd.