Investment firm J.C. Flowers & Co has announced plans to acquire British personal lines insurance provider UK General Insurance Group.
Financial agreement terms are undisclosed, and the acquisition remains subject to regulatory change of control approval from the UK Financial Conduct Authority.
UK General is a leading UK personal lines insurer, offering insurance products across the property, leisure and lifestyle, payment protection, financial loss, motor financial, warranty, travel and personal accident areas.
Karen Beales, Managing Director of UK General, commented; “This acquisition by J.C. Flowers & Co. is a huge vote of confidence in our business, our brand and our people. It strengthens our position as one of the leading personal lines schemes businesses in the UK and will enable us to continue with our strategic plans under the UK General brand.”
Founded in 1998, J.C. Flowers & Co boasts more than $15 billion of capital invested in 46 portfolio companies across a range of industry sub-sectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management.
Jonathan Cox, Vice President of J.C. Flowers & Co., added; “UK General is an important addition to our global portfolio of financial services investments. UK General’s innovative and diversified product offering, along with exceptional service, offers a compelling business model at a time of increasing demand for specialist personal lines insurance products. We look forward to working with the management team to continue growing the business.”
