News and Press
| Date: | November 2006 |
| Title: | Liverpool Victoria to buy ABC Insurance |
| Author: | Acquisition Finance Magazine |
| Download: | pdf version |
Liverpool Victoria to buy ABC Insurance
Liverpool Victoria Friendly Society has acquired ABC Insurance Solutions
Limited, a recently formed general insurance business which has well-developed
business plans to deliver new propositions to the retail and commercial
markets.
ABC was founded in 2005 by a group of insurance professionals led by John
O’Roarke, the former Chief Operating Officer of Royal Bank of Scotland
Insurance and Group Managing Director of Churchill Insurance.
ABC will become part of Liverpool Victoria’s general insurance
business – Liverpool Victoria Insurance Company. John O’Roarke
will head that business and become a member of Liverpool Victoria’s
Executive Committee.
Fenchurch was exclusive
adviser to ABC Insurance, on the deal. Malik Karim, Managing Director
and Kevin Cunningham, Director commented: “We approached the investment
community to secure funding for the business. After receiving a considerable
amount of interest, we concluded that Liverpool Victoria’s proposition
was the most compelling offer because it gives the management team an
established platform and source of capital to facilitate the creation
of a significant force in the general insurance market”.
John O’Roarke commented on the deal: “The Fenchurch
team did a first class job for us, initiating our introduction to a wide
range of potential funders including our ultimate chosen partner, Liverpool
Victoria, as well as demonstrating creativity on the deal structure”.
Richard Lewis and Laura Wilkinson at Lovells advised Liverpool Victoria
on the deal.