LONDON May 9 The majority owners of insurance
broking platform Towergate said on Tuesday they planned to bring
together their UK insurance assets into a new holding company,
to create one of Britain's biggest diversified insurance groups.
HPS Investment Partners and Madison Dearborn Partners said
in a statement they would then look to consolidate the group's
capital structure in the loan and bond markets, including
through refinancing existing debt.
Joining Towergate under the new structure would be Autonet,
a van insurance broker, private medical insurance broker Chase
Templeton, and general insurance broker Ryan Direct Group. All
would operate independently under existing management.
A fifth company, Lloyd's Of London speciality insurance
broker Price Forbes, would also join the new holding company,
they added. The new holding company, KIRS, would be renamed in
the third quarter, when more details would be released.
The investment groups said John Tiner had been appointed
chairman of the newly enlarged Group, with David Ross as chief
executive and Mike Donegan, leader of the International
Specialty business, as an executive director.
"Today's announcement demonstrates the tremendous confidence
our major shareholders have in the businesses we are bringing
together and the opportunities for further expansion," Tiner
said in the statement.
(Reporting by Simon Jessop, Editing by Lawrence White)