The Creechurch Group has sold its entire issued capital of Creechurch Holdings Limited to a subsidiary of the Logan Trust Group.
Following the acquisition, David Gundlach, Hastings Insurance Services chief executive will become chairman of the board of Creechurch Holdings.
The Creechurch Group includes Lloyd's managing agent Creechurch Underwriting, and its two UK service companies Charrington Insurance and Impact Underwriting.
The group also owns three Lloyd's corporate members and has a minority interest in specialist run-off service provider Independent London Market Services.
Creechurch Group chief executive Bruce Graham, said: “Creechurch has been exploring a number of avenues to identify long term sources of capital to provide a stable base on which the future developments of our syndicates can be built.
“The Logan Trust Group will provide that stability and I am delighted at the prospect of working with David Gundlach and his colleagues to build our business.”
Gundlach said: “We are very please with the purchase of Creechurch, which provides a good strategic balance for the distribution capabilities of the Hastings Group and the personal lines insurance activities managed by it.
“I am particularly looking forward to becoming reacquainted with the Lloyd's insurance market at a time when Lloyd's is seeking to lead change within the insurance industry to improve operational and financial performance.”
The deal is subject to Lloyd's and FSA Approval.
