M&A

A completion of the investment by the continental PE firm has coincided with the appointment of Emmanuel Clarke as BMS Group chairman.

DirectAsia is a direct-to-consumer business operating in Singapore and Thailand that predominantly sells motor insurance.

The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.

The business is likely to be marketed off a roughly EUR120mn Ebitda amid heightened PE interest in German brokers.

Insurance Insider revealed yesterday that the two firms were in advanced talks over a potential transaction.

Goldman Sachs’ private equity arm and Atlas Merchant are no longer involved in the process, sources said.

The business specialises in space and terror risks.

The personal lines strategy mirrors the buy, build and sell playbook you would see from a sponsor.

This CVC investment has come hot on the heels of an H1 result which showed performance plus growth, and should be interpreted as vindication of the work done at Lloyd’s.

The Duncan Dale-led business has reached an ‘inflection point’ where a large, aligned capital provider is advantageous, executives say.

The deal will provide the group with significant additional funds to support M&A in its international and specialty segments.

The deal values Ardonagh’s UK personal lines business at around £1.2bn and creates a business with millions of customers.