It’s a day of massive change in the UK insurance industry as two partner groups revealed their plans to combine their efforts and create the UK’s “leading independent diversified insurance group and intermediary.”
In a statement issued earlier today, HPS Investment Partners and Madison Dearborn Partners revealed that they would be bringing together their UK regional network of businesses – comprised of the majority of their insurance investments and including giant names such as
Towergate, which revealed its
first quarter results earlier today. All of the businesses included will continue to operate independently and under their existing leadership.
The businesses affected are:
-
Autonet – A van insurance broker with distribution largely through comparison websites. It is based in Stoke-on-Trent with more than 550 employees and gross written premiums last year of c. £130 million.
- Chase Templeton – The recently acquired Darwin-based private medical insurance brokerage with c. £157 million in GWP as of December 31, 2016.
- Ryan Direct Group – Based in Doncaster, it is a provider of underwriting, policy management and claims management services that employs more than 540 with a focus on niche personal lines.
- Towergate – The largest independent insurance broking platform in the UK with more than c. 4,000 employees and a range of insurance products particularly focused on SMEs, corporate clients and specialist personal cover.
In addition, Price Forbes will also be added to the group. It is an international specialty business with offices in London, Dubai, Malaysia, South Africa and Bermuda with more than 300 staff and placing more than £950 million in gross written premiums.
All of the businesses above will be under a single holding company, KIRS, which will be renamed in the third quarter of 2017.
John Tiner will take the role of chairman at the newly enlarged group and he is excited about what the future can bring.
“Today’s announcement demonstrates the tremendous confidence our major shareholders have in the businesses we are bringing together and the opportunities for further expansion,” he said.
“The coming together of these companies under a single holding company is a major milestone for the HPS and MDP insurance platform,” added group CEO David Ross. “The group will be a diversified business of scale with an unparalleled footprint and distribution presence comprising companies that are independent market leaders in their respective lines of business.”
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