Primary Group has confirmed it will take a majority stake in UK General Insurance, having initially sold the group to J C Flowers in 2017.
UK General will see some changes to management after the acquisition, with executive chairman John Spencer stepping down from the business with immediate effect.
Michael Warren, CFO at Primary Group, who will join the UK General board. Justin Tweedie will join him as non-executive director, while Tim Smyth will assume the role of CEO. Ryan Gill remains CFO.
Tim Smyth has held a number of senior management roles within the MGA and broking market and is currently CEO of RCHL, a Primary Group investment that owns a number of specialist commercial and personal lines MGA businesses.
Warren said: “I want to thank John for his sterling service at the helm of UK General during the last two years and wish him well for the future as he focuses again on his non-executive appointments.
“We are delighted to become the majority shareholder in UK General and believe the business is well-positioned to build its presence in the UK insurance market at a time of major change for the MGA sector.”
He added: “On a personal level, I am excited to be back at UK General where I spent five years in the business, when it was part of the Primary Group stable of companies and a leading force in the personal lines schemes sector.”
Tim Smyth said: “UK General was one of the early pioneers of the virtual insurer model for MGAs in the UK, building its expertise in pricing, actuarial and underwriting, compliance, governance and claims management.
“Our investors have ambitious plans for the business, and I look forward to leading it on a successful new journey, focusing on profitable underwriting and a strong customer culture, alongside a skilled and resourceful team.”