Who says an old flame can’t reignite?
For Primary Group, it seems that the embers of its relationship with UK General are ready to burn bright once more after the company reacquired the firm it sold back in 2017.
The Leeds-based MGA had been offloaded to JC Flowers, but now the Bermuda-based investment holding company is back in the driving seat.
“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,” said Michael Warren, CFO at Primary Group.
“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.”
The deal brings with it a host of changes – including executive chairman John Spencer stepping down with immediate effect. Warren will become a non-executive director alongside Justin Tweedie, while Tim Smyth takes the role of CEO and Ryan Gill remains as CFO.
“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,” added Warren.
Smyth is well known throughout the MGA and broker market and is currently CEO of RCHL, another Primary Group investment.
“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,” said Smyth.
“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.”
