Insurance Services Group Plc to Lindsey Morden Group Inc. for 44.9 million, the latest asset sale as Hambros dissolves itself. Lindsey Morden will also make a public offer for the rest of the insurance company of 132 pence a share, a 5 percent premium to Hambro Insurance's closing share price on Friday, valuing the entire company at 86 million pounds. Hambro Insurance shares rose 2.5 pence to 128.5 after the announcement.

Hambros Chairman Sir Chips Keswick said the sale "is a further step in the provision of definitive value to Hambros shareholders.'' Hambros said in December it would sell its 158-year-old operations after suffering from lagging shares and failure to match the profits of rival financial services companies. It sold its bank business to Societe Generale for 300 million in December and last month sold its fund management, property and private equity operations to Investec Group Ltd. for 428 million pounds.

After selling the insurance stake, Hambros has only its holdings in Hambro Countrywide, a real estate venture. It has pledged to spin off this stake and said today that its shareholders have approved the plan. If approved by a court, it could be spun off by the end of June, the company said.

Lindsey Morden is majority-owned by Fairfax Financial Holdings, which recently bought the Bermudas based Sphere Drake insurance group.