Rcapital Partners LLP (Rcapital), and joint investor Montague Investment Group (Montague) have completed the acquisition of UK General Insurance Ltd (UKG) and Precision Partnership Limited (PPL), following regulatory approval. The deal, which was first announced in August, brings together UKG and PPL under the chairmanship of Lord Marland, chief executive Tim Smyth and CFO Ryan Gill.
Lord Marland said: “As we have worked our way through the process of achieving regulatory approval, I am convinced that we have brought together two quality businesses under a forward-thinking management team. We begin with a firm focus on measured, profitable growth, both organically and inorganically where it fits our longer-term strategy.”
He continued: “We intend to work closely with our capacity providers, including insurer Accelerant, and other stakeholders, to fulfil the potential of the combined business, which already controls in excess of £100 million GWP and employs 140 people.”
Chris Campbell, Head of Investments at Rcapital commented, “We are pleased to have obtained regulatory approval in a quick timeframe, and appreciate the support of the FCA, our advisers and the management team in this regard. We can now proceed with the planned acquisition and our exciting merger and growth plans for these businesses.”
Donald Harrell, founder and CEO of Montague, said: “We are delighted that this acquisition has been completed successfully and we look forward to working closely with Tim, Ryan and their excellent teams to deliver on their growth ambitions. UKG and PPL are two outstanding businesses, and this is the first of what we envisage will be a number of such transactions with like-minded companies for Montague.”
CEO Tim Smyth said: “Our focus is firmly on the niche and specialist schemes space, and while our priority is to combine the businesses, we are also bringing forward an enhanced client proposition through giving them access to broader products, capability, expertise and capacity.”
He added: “It’s great news to finally complete this deal, and I look forward to an exciting and fruitful new era with the support of our investors Rcapital and Montague. We are all excited by the opportunity to create exceptional value for our new owners, capacity providers and our customers.”
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