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.
- Government to unveil discount rate reform
- Insurance leaders pledge to pass on personal injury reform savings
- Claimant lawyers accuse government of ‘washing its hands’ of injured people
- Lloyd’s struck by £2bn loss from nat cats
- Tributes paid to former APPG insurance deputy chair Baroness Turner
- Ombudsman launches review following undercover investigation
- Zurich appoints former RSA boss Robinson as chief underwriting officer