J.C Flowers & Co has agreed to acquire British insurance provider UK General Insurance Group. No financial terms were disclosed.
London, UK – March 3, 2017 — On 2 March 2017, funds managed and advised by J.C. Flowers & Co. have entered into an agreement to acquire 100 percent of UK General Insurance Group Ltd. (“UK General“). The agreement is entered into following certain key third-party consents having been obtained and is subject to regulatory change of control approval from the UK Financial Conduct Authority. Terms of the transaction were not disclosed.
UK General is a leading personal lines insurance provider in Britain offering a range of personal lines insurance products across the property, leisure and lifestyle, payment protection, financial loss, motor financial, warranty, travel and personal accident categories.
Karen Beales, Managing Director of UK General, said: “This acquisition by J.C. Flowers & Co. is 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.“
Jonathan Cox, Vice President of J.C. Flowers & Co., said: “UK General is an important addition to our global portfolio of financial services investments. 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. We look forward to working with the management team to continue growing the business.”
About UK General
UK General, headquartered in Leeds, UK, offers bespoke personal lines niche insurance products coupled with a unique combination of expertise, people, systems and access to underwriting capacity. UK General creates and delivers a wide range of carefully tailored general insurance products to the UK’s intermediary and affinity marketplace.
About J.C. Flowers & Co.
J.C. Flowers & Co. is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $15 billion of capital in 46 portfolio companies in 16 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. With approximately $6 billion of assets under management, J.C. Flowers & Co. has offices in New York and London. For more information, visit jcfco.com.