UK General in advanced sales talks
Exclusive: UK General Insurance is in “advanced” sale “negotiations”, Post can reveal, with market sources tipping Primary Group as poised to buy the firm back.
Primary sold the Leeds-based personal lines schemes specialist managing general agent in 2017 to private equity firm JC Flowers.
The deal, which concluded that May, was believed to have valued the business at £100m.
JC Flowers declined to comment when approached by Post.
UK General confirmed the discussions with “an experienced investor in insurance underwriting and distribution businesses”.
However, it declined to name the party or comment on “market rumour and speculation” about their identity.
The sale, subject to contract and to regulatory approval, is expected to complete this quarter.
John Spencer, chairman of UKGI told Post: “UKGI has built a highly-regarded ‘virtual insurer’ platform and a suite of innovative specialty insurance products.
“This transaction will strengthen the business and provide an even more compelling value proposition to our broker partners.”
As part of the transaction Great Lakes Insurance has agreed to extend its underwriting capacity agreement with UKGI until 30 September 2020.
This, the firm said, will provide continuity for the company, its broker partners and clients.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Personal
Home insurers that reject half of claims named and shamed
Consumer watchdog Which? has named and shamed home insurers with a claims acceptance rate of less than 55%.
Direct Line CIO Jokhoo to leave at the end of the year
Direct Line Group’s chief information officer, Ash Jokhoo, is to leave the insurer at the end of the year, Insurance Post can reveal.
LexisNexis develops check to address ‘squeeze on consumer finances’
LexisNexis has started to offer insurance providers predictive credit reporting and affordability solutions, in the aftermath of the industry’s premium finance issues.
Value concerns moving personal injury claims out of OIC portal
More claims are moving from the Official Injury Claim portal to the Ministry of Justice portal due to valuation concerns, according to Verisk Claims.
Sign up for webinar on driving retention, growth and improved customer journeys
Insurers continue to face the challenge of distinguishing and differentiating themselves on anything other than being among the cheapest providers.
Insurers shift to being net zero accelerators
How insurers are helping companies decarbonise sooner rather than later is examined in the first of two special Insurance Post Podcasts, to coincide with the 2024 United Nations Climate Change Conference, more commonly known as COP29.
2024 European Insurance Technology Awards winners revealed
Today, Insurance Post is delighted to announce the winners of 2024 European Insurance Technology Awards.
One in five pothole-damaged cars must be written off
Following a £500m pledge by the government to address the pothole issue in the UK, research from Allianz has revealed that one in five claims where a vehicle has hit a pothole leads to the vehicle being written off.