Madison Dearborn and HPS acquire UK insurance firm PFP

New Zealand-based CBL, an insurer and reinsurer focused on financial risk, entered administration in February. Its European division was then placed into administration by the Central Bank of Ireland.

Financial terms of PFP's sale have yet to be disclosed. CBL acquired 92% of PFP from its founders in 2015 for £7.5m.

HPS and Madison Dearborn also own a large shareholding in Ardonagh Group, a group of insurance brokers.

Company
Established in 1985, PFP is a fee protection insurance provider for accountancy practices. It covers the clients of an accountancy practice for any professional fees that result from an investigation by HMRC. It generated revenues of £4.3m and profit before tax of £1m in 2016.

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• Topics
• Buyouts
• UK / Ireland
• Financials
• United Kingdom