Insurance services firm Ryan Direct Group has been renamed as Direct Group, following the completion of its acquisition by KIRS Group from Ryan Specialty Group for an undisclosed amount.
KIRS is the independent insurance intermediary group created by HPS Investment Partners and Madison Dearborn Partners to bring together
Autonet, Chase Templeton, Direct Group, Price Forbes, and
Towergate.
Doncaster-headquartered Direct Group employs more than 500 people and has offices in London, Preston, and Halifax. It provides insurance solutions such as distribution and claims management.
Under the new ownership, Direct Group chief executive Derek Coles and chief financial officer Scott Hough will keep their posts and continue to lead the business.
According to Coles, Direct Group has already commenced a number of initiatives to support its new parent and intends to play an active role working with KIRS Group CEO David Ross and the team.
Talking about the holding company last May, Ross said the unveiling of the KIRS vision is proving to be “the momentous shake-up of
UK General Insurance” that they have always envisioned it would.
“During these early, critical days of this Group, we are delighted by the feedback and support we have had from our people, peers, and industry at large, all of whom have welcomed the news,” he said.
Previous Direct Group owner Ryan Specialty Group described KIRS Group’s latest acquisition as “a great strategic fit,” adding that the insurance solutions provider is a strong company. “We are pleased that our Direct Group colleagues are joining a firm that will continue to enhance their opportunities,” said the firm’s founder, chairman, and CEO Patrick Ryan.
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