New York-based private equity firm, Aquiline Capital Partners has completed the purchase of Equity Insurance Group from Insurance Australia Group.
Based in the UK, Equity Insurance is one of the ten largest motor insurance syndicate at Lloyd's, and has been insuring commercial and individual customers for over 60 years.
The company also includes motor insurer Equity Red Star and Equity Syndicate Management, along with its associated Syndicate 218 at Lloyd's, as well as the broking business, Equity Direct Broking.
As part of the acquisition, Ian Parker will become chief executive officer of Equity Insurance Group, while Messrs, Parker and Patrick O'Sullivan will lead the company's senior leadership team in redirecting emphasis of the business to its core specialty motor insurance lines.
Parker said, ''With Aquiline's financial support and operational expertise, we will strengthen the business and our position as the leading specialty motor underwriter in the United Kingdom.''
Aquiline has also established a new board for the managing agency, which includes O'Sullivan as ESML chairman.
Macquarie Capital (Europe) served as the sole financial adviser to Aquiline on the transaction.