Aquiline buys Equity Insurance Group

Following the acquisition by Aquiline, Equity Insurance Group will refocus its business on its core speciality motor insurance lines. The GP has appointed industry veterans Ian Parker and Patrick O'Sullivan as CEO and chairman of ESML (the Equity Syndicate Management Ltd part of the group) to overlook the process.

Company
Equity Insurance Group is a provider of motor insurance. The business consists of Equity Red Star and Equity Syndicate Management Ltd, with its associated Syndicate 218 at Lloyd's, as well as the broking business Equity Direct Broking Ltd.

Equity Red Star offers a range of insurance for private cars, classic cars, vans, motorcycles, taxis, minibuses, fleets, haulage and agricultural vehicles, households and personal accidents.

Equity Insurance Partnerships (the trading name for Equity Direct Broking Ltd) is an affinity brokerage business, working with brands such as Banco Santander, HSBC, First Direct, Renault and Honda. It offers product and service solutions across car, home and motorbike insurance. In addition to affinity partnerships it provides outsourcing for brokers and insurers seeking to exit personal lines administration.

The group employs around 1,200 people at its 11 locations across the UK and had a gross written premium in 2011 of £531m.

People
Jeff Greenberg is chief executive of Aquiline.

Advisers
Equity – Macquarie Capital (Corporate finance). 

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• Buyouts
• UK / Ireland
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• United Kingdom