Cinven PE takes lead in life insurer International Financial as Vitruvian bids farewell

Private equity group  Cinven will buy into life insurer  International Financial Group (IFGL), succeeding Vitruvian Partners as majority investor for an undisclosed sum, sides said in parallel statements Tuesday (February 1).

Cinven likes the asset for "high quality" cash and capital generation, a track record of profitable growth based on a geographically diversified profile with strong market position, an M&A track record and further potential and strong management, Cinven said.

IFGL has £19 billion of assets under administration and operates through three principal brands: RL360, Ardan International and Friends Provident International. IFGL claims a global footprint and a headcount in excess of 550 people.

Luigi Sbrozzi (pictured), partner at Cinven, commented: “ Cinven is delighted to be investing in IFGL. IFGL is an established insurer with a strong market position. It has a large back book, which sits alongside an established new business franchise that is well diversified geographically. The Cinven team knows the market well through its previous life insurance investments, including Guardian in the UK and Viridium in Germany, and has a strong track record of working with companies in the sector to achieve strong growth, in particular, through buy-and-build as well as further product development and internationalisation.”

IFGL’s group chief executive David Kneeshaw said: “This is a very significant day for IFGL and will accelerate the Group’s ambitious plans for growth. Cinven share our vision for the future and their financial backing means we will be ideally-placed to expand significantly through both organic and new market growth and through further mergers and acquisition activity.”

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