UK General 'delighted' to be reacquired by previous owner
Bermuda-based investment holding company Primary Group has acquired a majority stake in UK General Insurance Group.
Primary Group owned UK General, which writes personal lines schemes business in property, leisure and lifestyle and Assistance (excess protection, LEI, accident and income protection), between 2002 and 2017 when it was sold to private equity firm JC Flowers.
The latest deal, which has received regulatory approval, will return the Leeds-based MGA to Primary after it was sold to JC Flowers in 2017.
In changes to management at UK General, executive chairman John Spencer will step down from the business with immediate effect. Joining Primary Group CFO Michael Warren as non-executive director will be Justin Tweedie, while Tim Smyth will become the new CEO. Ryan Gill will remain the CFO.
Smyth has held a number of senior management roles within the MGA and broking market and is currently CEO of RCHL, another Primary Group investment that owns a number of specialist commercial and personal lines MGA businesses. Smyth has also spent five years as founder and CEO of an MGA incubator, Precision Partnership, which was acquired by Primary in April 2019.
Warren, CFO at Primary Group, who will join the UK General board, said: “We are delighted to become the majority shareholder in UK General and believe the business is well-positioned to build its presence in the UK insurance market at a time of major change for the MGA sector.”
“On a personal level, I am excited to be back at UK General where I spent five years in the business, when it was part of the Primary Group stable of companies and a leading force in the personal lines schemes sector. I want to thank John for his sterling service at the helm of UK General during the last two years and wish him well for the future as he focuses again on his non-executive appointments.”
Smyth said: “UK General was one of the early pioneers of the virtual insurer model for MGAs in the UK, building its expertise in pricing, actuarial and underwriting, compliance, governance and claims management. Our investors have ambitious plans for the business, and I look forward to leading it on a successful new journey, focusing on profitable underwriting and a strong customer culture, alongside a skilled and resourceful team.”
