Jubilee Group has announced today its sale to Ryan Specialty Group, the underwriting business formed by Aon founder Pat Ryan.
The fee was undisclosed but it was thought to be around £35m ($56mn), or 2.5x book value.
Jubilee Group chairman Rupert Lowe said: “The agreement marks an important milestone in the growth of Jubilee and will provide us with the necessary economies of scale to achieve a greater operating and capital base. We have strong and profitable businesses in our Lloyd’s underwriting and distribution operations.
“The support of Ryan Specialty Group means we are now in an even better position to achieve our plans. Working with JLT Advisory throughout this process has provided us with the experience and strategic input we have needed to achieve this successful outcome”
Andreas Loucaides, chief executive of Jubilee Managing Agency Limited, part of Jubilee Group, said: "Our sale to Ryan Specialty Group is very much in line with the strategy of growth and diversification Jubilee has been pursuing. Our market position and experienced team and the considerable investment made in key areas such as Solvency II has enabled the business to grow and respond to market opportunities. As a result, we provide a robust Lloyd’s platform for Ryan Specialty Group to expand its reach.”
Jubilee Group owns Jubilee Managing Agency Limited and the distribution and administration businesses Lutine Assurance Services Limited, Jubilee Service Solutions Limited and Jubilee Europe BV.
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