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Truell’s Tungsten, Aquiline vie for ailing motor insurer Equity Red Star

22 Nov 2012

The £500m bid vehicle of Duke Street founder Edmund Truell and US buyout firm Aquiline are reported to be vying for control of troubled motor insurer Equity Red Star.

Tungsten is said to have has been given preferred bidder status by Insurance Australia Group (IAG), Equity’s owner, according to a report in the Evening Standard newspaper.

Aquiline is also understood to be interested in the company, which could fetch up to £100m.

Equity Red Star, which operates in the Lloyd’s of London insurance market, has been hit hard by the increasing number of personal injury claims over the past few years, the report said.

Truell set up Tungsten with his brother Danny, chief investment officer of The Wellcome Trust.

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