Posted by Peter Brady on Fri 23rd June 2006 at 10:01 PM, Filed in Insurance
I guess most successful entrepreneurs enjoy a descent slice of luck, others see a gaping void waiting to be filled and fill it.
Broker Gary Burke certainly found his niche. Spotting a need for an insurance company specialising in wealthy clients he set up Home and Legacy in 1995 aiming at the top 20% of homeowners who spend thousands each year to ensure valuables such as antiques, fine art, jewellery and even vintage wines. The business prospered with Burke ultimately selling a minority stake in 2003 to Sand Aire Private Equity now part of Dunedin, for £20 million. Using these new funds the business has since grown it’s list of affiliated insurers who quote on insuring homes and possessions up to the value of £30 million.
According to the UK’s Financial Mail Mr Burke is now seeking to relinquish the remainder of his stake for an estimated £50 million.
