Latest news with #J.C.Flowers
Yahoo
23-04-2025
- Business
- Yahoo
Admiral Group to divest US motor insurance portfolio to J.C. Flowers
Admiral Group has agreed to sell its US motor insurance division, including Elephant Insurance Company and Elephant Insurance Services, to private equity firm J.C. Flowers. Financial specifics of the deal were not shared but the cash consideration is said to approximate the net asset value of Elephant, subject to customary adjustments and transaction expenses. The sale is contingent upon regulatory approval and is due to be completed in the fourth quarter of 2025 (Q4 2025). Elephant Insurance, based in Richmond, Virginia, provides car insurance to US customers and its offerings include tools designed to assist customers in selecting protection within their financial means. Admiral Group has appointed BofA Securities as its financial advisor and Sidley Austin as legal counsel. J.C. Flowers has engaged Keefe, Bruyette & Woods, a Stifel Company, as its financial advisor and Debevoise & Plimpton as its legal counsel. Admiral Group international insurance head Costantino Moretti said: 'In Elephant, we have built a business with a great foundation, and selling the company to J.C. Flowers is the right decision to ensure its future success. J.C. Flowers and Elephant have a shared ambition for generating growth and value. This partnership will allow the business to continue to deliver the high-quality insurance products and services that US motorists need. 'This is a good outcome not only for Elephant and its employees, but also the Group and our shareholders. This transaction will enable us to focus on the opportunities we see for delivering long-term sustainable growth in our businesses in the UK and Mainland Europe.' J.C. Flowers managing director and co-president Eric Rahe said: 'J.C. Flowers has a long, distinguished history of investing in the insurance industry, and we will leverage our experience to help Elephant Insurance generate new opportunities as a stand-alone company. We are excited to partner with the Elephant team as the business enters this new stage of development.' Last month, Admiral's UK insurance division endorsed Flood Re's Build Back Better scheme. Admiral has supported the Flood Re initiative since its establishment in 2016. "Admiral Group to divest US motor insurance portfolio to J.C. Flowers " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
28-03-2025
- Business
- Yahoo
Seven2 to purchase majority stake in wealth platform HRK LUNIS
Private equity firm Seven2 has reached a binding agreement with J.C. Flowers to purchase a majority stake in German wealth management platform HRK LUNIS. This deal is Seven2's inaugural investment in the German market. The HRK LUNIS management team will retain leadership of the business, with CEO and co-founder Andreas Brandt retaining a 'significant' ownership stake. The company provides a comprehensive range of competitive wealth management services, including discretionary and advisory wealth management, investment management, private equity, and family office services under the Wertiq brand. Clients will benefit from a fully integrated platform featuring a centralised investment office and a unified IT infrastructure. The company has grown through mergers and acquisitions, including the merger with Hubert, Reuss & Kollegen in 2023 and the acquisition of ProVidens in 2024. HRK LUNIS now stands among the top five largest German independent wealth managers, with over 100 employees managing over €6.6bn ($7.7bn) in assets for more than 2,200 clients. Brandt said: 'We want to thank J.C. Flowers for the great partnership over the past eight years, and we are happy to welcome Seven2 as our future partner to further drive organic and inorganic growth, and strengthen the positioning within the German independent wealth manager market as well as across the broader DACH region.' The transaction is expected to close in the fourth quarter of this year, subject to regulatory approvals. Seven2 partner Dr Florian Wolff said: 'We are thrilled to welcome HRK LUNIS into the Seven2 family. 'This partnership reflects our deep confidence in this outstanding team, whose expertise and entrepreneurial culture have built a unique business in the German independent wealth segment.' Rothschild & Co, Latham & Watkins, and Alvarez & Marsal are advising Seven2 on the acquisition. Houlihan Lokey and Noerr are advising J.C. Flowers and HRK LUNIS. Last month, Canada's Infinite Investment Systems, a wealth-tech company, secured a majority investment from J.C. Flowers. "Seven2 to purchase majority stake in wealth platform HRK LUNIS" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
