J.C. Flowers & Co. LLC, a New York-headquartered private investment firm that focuses on investing in the global financial services industry, announced it has acquired UK General Insurance Group Ltd.
Completed on May 24, after receiving UK regulatory approval, the transaction was originally announced on March 6, 2017. Financial details of the deal were not disclosed.
Leeds, England-based UK General is a provider of personal lines insurance, which offers a range of personal lines insurance products across property, leisure and lifestyle, payment protection, financial loss, motor financial, warranty, travel and personal accident classes of business.
“J.C. Flowers is an experienced investor in financial services, and we are excited by the opportunities to grow the business under new ownership,” said Karen Beales, managing director of UK General.
“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 added.
Jonathan Cox, vice president of J.C. Flowers, said: “We are delighted to welcome Karen and the UK General team to our global portfolio of financial services investments. There’s a tremendous opportunity to capitalize upon UK General’s unique products and services, and we look forward to working with the team to continue to build the profitability of the business.”
About J.C. Flowers & Co.
Founded in 1998, J.C. Flowers & Co. has invested more than $15 billion of capital in 47 portfolio companies in 17 countries. These acquisitions have included firms in banking, insurance and reinsurance, securities, 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.
Source: J.C. Flowers & Co.
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