Jubilee confirms sale to Ryan
Jubilee Group has been sold to Ryan Specialty Group for an undisclosed sum.
The sale on Wednesday [18 May] is subject to Lloyd’s and Financial Services Authority approval.
Rupert Lowe, chairman of Jubilee Group, said: “The agreement marks an important milestone in the growth of Jubilee and will provide us with the necessary economies of scale to achieve a greater operating and capital base. We have strong and profitable businesses in our Lloyd’s underwriting and distribution operations.
“The support of Ryan Specialty Group means we are now in an even better position to achieve our plans. Working with JLT Advisory throughout this process has provided us with the experience and strategic input we have needed to achieve this successful outcome.”
Andreas Loucaides, pictured, chief executive of Jubilee Managing Agency, part of Jubilee Group, commented: "Our sale to Ryan Specialty Group is very much in line with the strategy of growth and diversification Jubilee has been pursuing. Our market position and experienced team and the considerable investment made in key areas such as Solvency II has enabled the business to grow and respond to market opportunities.
"As a result, we provide a robust Lloyd’s platform for Ryan Specialty Group to expand its reach.”
Jubilee Group Holdings Limited owns Jubilee Managing Agency Limited and the distribution and administration businesses Lutine Assurance Services Limited, Jubilee Service Solutions Limited and Jubilee Europe.
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