Prestige Insurance Holdings, the parent company of Northern Ireland’s largest privately owned broker, Abbey Insurance, has secured a multi-million pound investment by global equity firm Capital Z Partners Management.
The deal, for an undisclosed sum, will see Capital Z acquire the shares of a number of retiring shareholders of Prestige.
Prestige’s Founder George Storey and the existing management team will retain a significant minority stake in the business and remain on the Board.
The largest privately-owned Insurance Broker and Managing General Agent in Northern Ireland, Prestige employs 519 people and has operations in Northern Ireland, Great Britain and Republic of Ireland.
New York-based Capital Z has invested over $2.9 billion in over 40 transactions since 1990, of which more than $2 billion has been in the insurance sector.
Hines Associates Limited acted as exclusive financial advisor to Prestige.
“Prestige is an exceptional business. We have known Prestige for many years, and are pleased to secure an excellent outcome for all stakeholders in a short timeframe. Capital Z is an ideal partner to take Prestige forward into the next stage of its development having successfully invested in a number of UK brokers,” commented Richard Hines, Chairman at Hines.