Tindall Riley has agreed to sell Carina to another insurer, confirming market talk over the summer.
The London-based insurance company plans to sell the fixed premium managing general agent (MGA) to the MECO Group, also headquartered in Europe's largest city, for an undisclosed sum.
Five months ago, Tindall Riley dismissed whispers that it was seeking to dispose of Carina.
“Carina has performed well in a challenging cycle, the decision to sell was not an easy one, but we concluded that despite its success, operating Carina as an MGA was not in-line with our key strategic objectives as one of the leading mutual management operations," Tindall Riley chairman Simon Scriven said.
