HPS Investment Partners (HPS) and Madison Dearborn Partners (MDP) have announced plans to merge their UK regional business networks. The merger will include most of the firm’s existing general insurance investments, two recent acquisitions, and reinsurance broker Price Forbes.
Autonet, Chase Templeton, Ryan Direct Group, Towergate Group and Price Forbes will join forces to span the breadth of the UK general insurance and reinsurance industry in the newly diversified insurance group and intermediary.
Price Forbes, a Lloyd’s broker with ten successive years of growth in placing non-standard risks for large multi-national companies, will continue to operate independently and under its existing leadership offering specialist and reinsurance advice across the globe.
HPS and MDP also announced the appointment of John Tiner as Chairman of the newly enlarged Group, David Ross as Group Chief Executive Officer and Mike Donegan, the leader of the International Specialty business, as an Executive Director.
Mike Donegan, CEO of Price Forbes said; “I am delighted to be joining the board of the new Group. This structure provides the Price Forbes board, my experienced international and UK teams and importantly our worldwide client base, all the benefits of global independence on one hand and deep access to capital from very strong shareholders on the other. Our strategic intentions remain unchanged and can only be strengthened by this announcement.”
David Ross added; “The coming together of these companies under a single holding company is a major milestone for the HPS and MDP insurance platform. 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.”