Managing general agent UK General Insurance has announced its acquisition by J.C Flowers, a US-based private equity firm that specialises in financial services.

 

The insurance firm expects its purchase from Primary Group to be completed in early summer, pending regulatory approval.

 

Headquartered in Leeds, UK General offers bespoke personal and commercial lines insurance products to the intermediary and affinity marketplace.

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Karen Beales, managing director of UK General, called the deal a “huge vote of confidence in our business, our brand and our people.”

 

“It strengthens our position as one of the leading personal lines schemes businesses in the UK and will enable us to continue with our strategic plans under the UK General brand,” Beales said.

 

Commenting on the acquisition, J.C. Flowers vice president Jonathan Cox said UK General is an “important addition” to the US firm’s global portfolio of investments in financial services.

 

“UK General’s innovative and diversified product offering, along with exceptional service, offers a compelling business model at a time of increasing demand for specialist personal lines insurance products,” Cox said. “We look forward to working with the management team to continue growing the business.”