Brit Insurance has agreed final terms for the sale of its stake in Epic Investment Partners Limited (EIP) to Syndicate Asset Management plc (SAM).

SAM will also acquire the other shares in EIP from the other shareholders simultaneously.

Under the terms agreed with SAM, Brit Insurance will derive initial consideration of £4.4m, of which £1.3m is cash and the remaining £3.1m is 4-year SAM loan notes, the redemption value of which would be reduced if revenues derived by EIP from Brit Insurance over that period were to fall below current levels.

Brit Insurance chief executive Dane Douetil said: “At the time of our final results in March 2006 we announced our willingness to dispose of our stake in EIP. We think that EIP's prospects are better under separate ownership.”