Aquiline Capital Partners, a New York-based private equity firm investing in financial services, has completed the acquisition of Equity Insurance Group, a motor insurer based in the UK.
It was purchased from Insurance Australia Group (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.
The largest motor insurance syndicate at Lloyd’s, Equity Insurance Group is one of the ten largest motor insurers in the UK and has been insuring commercial and individual customers for more than 60 years.
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,” says Jeff Greenberg (pictured), 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,” says 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 UK.”
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 SpA and Deutsche Allgemeiner Versicherung.
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 and Bank of Ireland.
Macquarie Capital (Europe) Limited acted as sole financial adviser to Aquiline on the transaction.
