Aquiline Capital Partners Completes Acquisition of Equity Insurance Group
Appoints Chief Executive Officer and Chairman of the Board to Strengthen the
Senior Leadership Team
NEW YORK & BRENTWOOD, England -- April 22, 2013
Aquiline Capital Partners (“Aquiline”), a New York-based private equity firm
investing in financial services, today announced that it has completed the
acquisition of Equity Insurance Group (“the Company”), a market-leading
specialist motor insurer based in the United Kingdom. It was purchased from
Insurance Australia Group (ASX: IAG). Equity Insurance Group includes motor
insurer Equity Red Star and Equity Syndicate Management Ltd. (“ESML”), with
its associated Syndicate 218 at Lloyd’s, as well as the broking business
Equity Direct Broking Limited.
The largest motor insurance syndicate at Lloyd’s, the Company is one of the
ten largest motor insurers in the U.K. and has been insuring commercial and
individual customers for more than 60 years.
Aquiline announced that Ian Parker has become Chief Executive Officer of
Equity Insurance Group. The Company has also announced a new board for the
managing agency, which includes Patrick O’Sullivan as Chairman of ESML.
Veterans in the insurance industry, Messrs. Parker and O’Sullivan will lead
the Company’s senior leadership team in redirecting the emphasis of the
business to its core specialty motor insurance lines.
“Equity Insurance Group has been a leading underwriter in the specialty motor
space,” said Jeff Greenberg, Chief Executive of Aquiline. “Ian and Patrick are
great additions to the team and their leadership will be integral in building
the Company’s reputation for market-leading underwriting profitability and
customer service over the coming years. We look forward to working with Ian
and Patrick and the rest of the senior leadership team.”
“I am pleased to be joining the Equity Insurance Group management team and
look forward to growing our strongest business – specialty motor insurance,”
said Mr. Parker. “With Aquiline’s financial support and operational expertise,
we will strengthen the business and our position as the leading specialty
motor underwriter in the United Kingdom.”
Mr. Parker joins Equity Insurance Group from specialist insurer and reinsurer
Hardy Underwriting, where he was Chief Operating Officer. Previously, he
served as Zurich Financial Services’ Chief Executive of Direct & Partnership
European General Insurance and Chairman of Zuritel S.p.A and Deutsche
Mr. O’Sullivan brings to the Company decades of experience in insurance and
financial services. Most recently, he served as Vice Chairman of Zurich
Financial Services. He is the Chairman of Old Mutual and a non-executive
director of Man Group plc and Bank of Ireland.
Macquarie Capital (Europe) Limited acted as sole financial adviser to Aquiline
on the transaction.
About Equity Insurance Group
Equity Insurance Group provides insurance to more than one million
policyholders through its diverse divisions. These include Equity Red Star,
the Lloyd’s underwriting business based around Syndicate 218, which has been a
leading motor insurer for more than 60 years. Equity Red Star now offers a
diverse range of insurance for private cars, classic cars, vans, motorcycles,
taxis, minibuses, fleets, haulage and agricultural vehicles, households and
Equity Insurance Partnerships (the trading name for Equity Direct Broking
Limited)is one of the UK’s leading affinity brokerage businesses, working
with a host of leading brands such as Banco Santander, HSBC, First Direct,
Renault and Honda. With UK-only based customer contact centres and innovative
web-based services, Equity delivers exceptional product and service solutions
across car, home and motorbike insurance. In addition to affinity partnerships
they also provide outsourcing for brokers and insurers seeking to exit
personal lines administration.
About Aquiline Capital Partners LLC
Aquiline is a private equity firm based in New York investing in financial
services enterprises in industries such as property and casualty insurance,
banking, securities, asset management, life insurance and financial
technology. Aquiline seeks to add value to its portfolio companies through
strategic, operational, and financial guidance.
For Aquiline Capital Partners:
David Millar, +1 646 805 2000
For Equity Red Star:
Victoria Sisson, +44 (0)20 7623 2368
Michael Gaughan, +44 (0)20 7623 2368
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