Alsford Page and Gems, the parent of Lloyd’s re/insurance broker, Alsford Page & Gems (APG), has been purchased by a consortium of the company’s current management and privately owned investment firm, PSC Capital.
This marks PSC’s first major investment into an established reinsurance business. The company’s management consortium will take 28 percent, with PSC taking 72 percent of the business.
David Pratt, chief executive officer of APG, said: “This deal is the culmination of an extensive process, resulting in the introduction of an established, experienced and expansive new partner, that equips us with the strong financial backing to continue our strategy of developing our independent wholesale broker business.
“We can now ensure that our business partners will continue to receive the highest of standard of service, as well as the enhanced ability to deliver the financial strength and stability required for our business to grow.
Paul Dwyer, managing director of PSC Capital, added: ’’We are thrilled to have invested alongside the skilled management team at APG. David and his team have shown tremendous character whilst the business has made a number of strategic changes in recent years. APG has a bright future and we look forward to supporting our partners in the quest to provide specialist insurance and reinsurance solutions around the globe”.
PSC, APG, Lloyd's, Reinsurance, David Pratt, Paul Dwyer, Europe