Aquiline Capital completes acquisition of UK's Equity Insurance Group
Aquiline Capital Partners, a New York-based PE firm focusing on investments in the financial services space, has completed its GBP87 million ($140 million) acquisition of UK motor insurer Equity Insurance Group (EIG) from ASX-listed Insurance Australia Group (IAG).
Equity Insurance Group includes Equity Red Star and Equity Syndicate Management (ESML) as well as the broking business Equity Direct Broking. The company, established 60 years ago, is one of the UK's top ten motor insurers and the largest motor insurance syndicate at Lloyd's.
IAG acquired EIG from UK PE firms Englefield Capital and Duke Street Capital for GBP570 million ($871 million) in 2006. IAG confirmed the sale of its UK business to Aquiline last December, following a strategic review in which it predicted net losses of GBP156 million after tax.
Ian Parker, former COO of Hardy Underwriting, has been named as the new CEO of Equity Insurance Group and former Zurich vice-chairman Patrick O'Sullivan has been named as chairman of the board of ESML.
"Equity Insurance Group has been a leading underwriter in the specialty motor space," said Jeff Greenberg, chief executive of Aquiline in a statement. "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."
US-based Aquiline specializes in financial sector investments, particularly in risk-bearing and services enterprises across the insurance, banking, specialty finance, securities and asset management spaces. It targets assets in North America and Europe, typically committing $100-400 million.
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