Prestige Insurance Holdings Limited, the parent company of Northern Ireland’s largest privately owned broker, Abbey Insurance, has confirmed that it has signed a deal which, if approved by the relevant regulatory authorities, would see a multi-million pound investment by global equity firm Capital Z Partners Management, LLC (“Capital Z”).
The deal, for an undisclosed sum, will mean the US-based insurance investor will acquire the shares of a number of retiring shareholders of Prestige Insurance Holdings Limited.
The company was founded by George Storey in 1973. Under the proposed deal, Mr Storey and the existing management team would remain on the Board and have reassured staff that their jobs would not be at risk.
New York based Capital Z has invested over $2.9billion in over 40 transactions since 1990, of which more than $2billion has been in the insurance sector alone.