Insurance Age - Misys looking to offload general insurance business

Insurance Age - Misys looking to offload general insurance business: "Misys looking to offload general insurance business
Software supplier Misys has indicated it may sell its general insurance arm, in order to focus on 'core' operations.
The group's PLC chairman Kevin Lomax made a statement today claiming the decision was 'consistent with the company's focus.' 'The Board is considering options for realising shareholder value from the company's general insurance business,� Mr Lomax explained. Misys plc stated its position that the Banking and Healthcare parts of its business are its core activity and has announced that it will seek to realize its value in the General Insurance business in order to concentrate on that core activity. What form the realisation of shareholder value will take is yet to be decided, however the process will now commence. Commenting on the announcement, Phillip Bell, CEO, Misys General Insurance, said: �A potential reduction in Misys plc shareholding in General Insurance will not have any impact on the day to day activities of Misys General Insurance. We are essentially an autonomous business, which is a net financial contributor to Misys plc.
�Additionally a new ownership structure in which the General Insurance business is a core activity, could have a positive impact on the future of Misys General Insurance. A new owner�s readiness to make further investments in General Insurance could accelerate benefit to our customers and, hence, the business. I believe this presents an exciting opportunity for all parties involved.� "