JC Flowers has acquired UK General from Primary Group for an undisclosed sum.
Post understands that the agreement, which has been in development for some time, was signed late yesterday evening.
UK General, working with Fenchurch Advisory Partners, was in talks with a number of potential acquirers before the agreement was struck with JC Flowers.
The firm is currently advertising for a number of new roles within the business including a new delegated authority manager and Post understands that UK General is looking to create further roles following its acquisition. Current managing director Karen Beales pictured will retain her role.
Primary appointed Fenchurch Advisory Partners in 2015 to look into selling its largest asset UK General, with the firm understood to be valued in the region of £100m.
Private investment firm JC Flowers has investments in 46 companies in 16 countries across a range of sectors including banking, insurance and reinsurance.
The deal is subject to approval from the Financial Conduct Authority.
- FSCS has paid out £104m to failed insurer Enterprise customers
- Blog: Open banking offers a new insurance distribution channel
- ERS sees best first half profit performance in five years
- Northern Irish hub acquisition pushes GRP’s GWP over £700m
- Admiral delivers UK growth and builds on its European Brexit preparations
- Blog: Got your A-level results? Check out insurance apprenticeships
- Esure looks for 'new type of leader' following Bain takeover