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)
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