Leeds-based UK General Insurance Group has been acquired by international private investment firm J. C. Flowers, it was announced this afternoon.
UK General, a personal lines provider offering products across property, leisure and lifestyle, payment protection, financial loss, motor financial, warranty, travel and personal accident, was bought in a deal that completed yesterday, the companies said in a release.
The insurer’s managing director, Karen Beales, called J. C. Flowers an “experienced investor in financial services” and said that UK General, which delivers products through the intermediary and affinity marketplace, was excited to grow the business under new ownership.
“We believe that we have a very strong platform to invest in our people, products and distribution technology to further our long term aim to build a market leading position in the UK personal lines schemes market,” she commented.
J. C. Flowers’ vice president, Jonathan Cox, said that there is a “tremendous opportunity to capitalise upon UK General’s unique products and services,” adding that the firm is delighted to welcome Beales and the UK General team to its global portfolio of financial services investments.
“We look forward to working with the team to continue to build the profitability of the business,” he said.
Terms of the deal, which was previously announced on March 06, were not disclosed.
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