JC Flowers acquires Munich Re-backed MGA UK General

US-based private equity firm JC Flowers is acquiring managing general agent (MGA) UK General Insurance from Primary Group.

The acquisition is subject to regulatory approval, after which UK General will come under new ownership. The process is expected to be completed in the early Summer 2017.

Karen Beales, managing director of UK General, said: "This acquisition by JC Flowers is a huge vote of confidence in our business, our brand and our people. It strengthens our position as one of the leading personal lines schemes businesses in the UK and will enable us to continue with our strategic plans under the UK General brand."

UK General operates in personal lines insurance and is backed by Great Lakes Reinsurance (UK), a wholly owned subsidiary of Munich Re.

Great Lakes Reinsurance have a gross written premium income of £2 billion and are the preferred facilitator of insurance business for the group of Munich Re outside the US and Canada.

Jonathan Cox, vice president of JC Flowers, said: "UK General is an important addition to our global portfolio of financial services investments. UK General’s innovative and diversified product offering, along with exceptional service, offers a compelling business model at a time of increasing demand for specialist personal lines insurance products. We look forward to working with the management team to continue growing the business."

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