UK General sells stake in compliance business

UK General Insurance has sold a stake in its Warrington-based compliance consultancy business UKGI to compliance firm Thistle Initiatives.

The specialist insurer has retained a minority stake in the business from the sale. UKGI was set up in 2003 as a dedicated compliance business for independent brokers.

UK General Group chief executive Peter Hubbard said that by bringing the two businesses together they will be able to offer new and existing clients a much wider portfolio of products and services at a time when financial services firms are under ever increasing regulatory scrutiny.

He added: “The acquisition makes compelling sense, so we are very keen to continue our involvement with UKGI and help it to thrive and prosper in the future.”

The chief executive of the newly combined business David Selden said that for the time being UKGI will continue to operate as a distinct brand. The 20-strong UKGI team will also move across to the West-London based Thistle.

Selden said: “UKGI is highly regarded in the insurance world, and we want to leverage that reputation to access new markets across the financial services sector.

“I believe that the combination of technical skills and a shared culture gives us a compelling proposition to deliver further growth.”