Lorega looks to widen distribution base post management buyout
Lorega, a UK managing general agent (MGA), has completed a management buyout from a number of minority shareholders.
The Lorega executive team of managing director Neill Johnstone, finance director Andy Mintern and commercial director and Terry Wheatley, who will be appointed chairman, have been backed by Alcuin Capital Partners, investing through the Fourth Alcuin Fund.
Lorega currently distributes its assistance products through a network of more than 800 UK retail brokers
The company is introducing new assistance products for SMEs; the first of which is launching in early 2016 and is based on extensive insight into the needs of smaller businesses. The new products will bring a range of expert help to customers when they need it most.
Lorega will also continue to widen its distribution base by developing new partnerships within the broker and affinity sectors. The first of these was announced in December 2015, with Arc Legal Assistance, a leading provider of legal expenses insurance, which now offers its clients access to Lorega claims experts as part of a strategic expansion of its add-on product portfolio.
The Alcuin investment team was led by Mark Storey and Graham Morrison and they were advised by Osborne Clarke and RSM. The Lorega executive team were advised by EC3\Legal and the departing shareholders by IMAS Corporate Finance and Ince & Co.
Johnstone, said: “With the backing of Alcuin and the continuing support of an experienced team, we are set for an exciting future.
“We have built a strong reputation on delivering professional and expert services to meet the needs of brokers and their clients. This remains core to our business and we see significant opportunities to deliver a range of responsive products, backed by high levels of customer service, for both brokers and the affinity market,” he added.
Mark Storey, founding and managing partner, Alcuin Capital Partners, said: “Lorega is a long established and high quality market leader, and combines a strong management team with an excellent market position and significant opportunity for growth. We look forward to working with the Lorega team as the business goes from strength to strength.”
