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UK General in advanced sales talks

Sale spelled out on keyboard
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Exclusive: UK General Insurance is in “advanced” sale “negotiations”, Post can reveal, with market sources tipping Primary Group as poised to buy the firm back.

Primary sold the Leeds-based personal lines schemes specialist managing general agent in 2017 to private equity firm JC Flowers.

The deal, which concluded that May, was believed to have valued the business at £100m.

JC Flowers declined to comment when approached by Post.

UK General confirmed the discussions with “an experienced investor in insurance underwriting and distribution businesses”.

However, it declined to name the party or comment on “market rumour and speculation” about their identity.

The sale, subject to contract and to regulatory approval, is expected to complete this quarter.

John Spencer, chairman of UKGI told Post: “UKGI has built a highly-regarded ‘virtual insurer’ platform and a suite of innovative specialty insurance products.

“This transaction will strengthen the business and provide an even more compelling value proposition to our broker partners.”

As part of the transaction Great Lakes Insurance has agreed to extend its underwriting capacity agreement with UKGI until 30 September 2020.

This, the firm said, will provide continuity for the company, its broker partners and clients.

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