Changed capital to capacity in paragraph 3
By Michael Jones
June 18 - (The Insurer) - Guy Carpenter has partnered with Valloop Exchange to provide capital to enable SME employees to buy the businesses in which they work, the companies said on Wednesday.
The partnership will provide what Valloop described as a new type of capital to allow one million employees in 20,000 companies to buy their companies from the original founders.
Guy Carpenter and a consortium of reinsurers have provided 39 billion pounds in capacity to back the product, which will be available in Europe, Australia, Canada, the UK and the U.S.
The Valloop platform is targeting SMEs with 10 to 250 employees, making 2 million pounds to 50 million pounds in turnover, and 250,000 pounds to 15 million pounds in profit.
Stephen Greenwood, Valloop founder and global CEO said: “The surety product and reinsurance capacity will allow the Valloop Exchange platform to accelerate the sale and purchase of an SME business at a fair value to transition to employee ownership without the need for institutional private equity."
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