Pro Global Insurance Services plc (the “PLC”), with the support of the majority shareholder Financière Pinault, has entered into an agreement for a proposed acquisition of the Pro service companies1 (“Pro”) by Acuity Investment LLP (Acuity.) The transaction is subject to a shareholder vote as well as to FCA and other regulatory approvals.
Since Pro’s demerger in 2014, it has successfully transformed itself into an independent service provider through growing its services, teams and locations. Pro’s brand and reputation in the insurance and reinsurance markets have strengthened significantly.
Acuity is a private equity firm, founded by two principals, Adam Barron and Toby Franklin. The principals have a strong track record of investing in the insurance and specialty lending sectors, including a very successful ten-year investment in Canopius at Lloyd’s. Acuity has a long-term perspective for its investments, to allow companies to grow and develop over time.
There are no planned changes to the Pro management and teams. In addition, the acquisition will provide Pro with long term financial stability and eliminates all long-term debt. Pro will no longer be AIM listed, resulting in a simpler corporate structure, enabling more effective governance and responsiveness to client needs.
Following the transaction closing, the PLC will retain only its investment in Asta Capital and will be renamed. The PLC’s financial debt will largely be paid off following the sale and the excess will remain with the PLC.
Artur Niemczewski, CEO of Pro, said: “Our priority in 2017 is the continued implementation of Pro’s “Client First” strategy with a single-minded commitment to client service. Core to this strategy is the provision of market leading solutions to the industry. The acquisition by Acuity will provide Pro with the investment necessary to pursue this objective. The Pro team is very excited about the prospects, long term stability and financial strength this acquisition will bring to us.”
Adam Barron, Acuity, said, “Acuity aims to invest in strong businesses, like Pro, with outstanding management and good market positions in well-established areas of financial services. Pro has tremendous expertise at all levels in its chosen sectors, and we are looking forward to seeing what the Pro team can accomplish over the coming years.”
Matt Beasley, FWD PR, 020 7418 8900 firstname.lastname@example.org
Notes to editors:
Pro is a specialist in the provision of operational outsourcing and consulting services, focusing solely on the global insurance and reinsurance industry. Our mission is to create value for our clients at each stage of their operations, by enabling them to focus on what they do best and helping them improve their operations.
Pro operates across the entire spectrum of client needs, from market entry to exit; from live to legacy business. We are best known for our ability to manage the operations that matter most to our clients and have been involved with some of the biggest and most complex assignments in the market. Examples include a cost reduction program for a global reinsurer through centralization of its operations from 15 to 2 locations and the management of over 25 legacy portfolios with collective liabilities in excess of $5bn.
We add value in four main areas:
- Risk, Audit and Compliance: internal and external audits including peer reviews and coverholder audits; providing risk management and compliance frameworks to ensure compliance within a changing regulatory environment.
- Operational consulting: helping improve the efficiency and effectiveness of client operations and manage major change.
- Technical outsourcing: providing underwriting, claims and technical accounting support to complement internal teams; client sectors include risk carriers, brokers and MGAs.
- Legacy solutions: managing discontinued business through outsourcing or consulting to extract maximum value and enable clients to focus on core business activities; client sectors include risk carriers and brokers.
Our people are industry practitioners with many years of experience in running, often complex, reinsurance and insurance operations. As experienced professionals, we are trusted to use our initiative, blending easily with our clients’ ways of working and becoming effectively an extension of their teams.
Pro is a global company, with 5 main offices in London, Cologne, Zurich, New York and Buenos Aires. These primary hubs are supported by regional operations in Glasgow, Gloucester, Hamburg, York (US) and satellite offices in Bogota, Lima, Peru, Sao Paulo, Sydney, Florida, Texas and California.
For more information, visit our website: www.pro-global.com
1 Pro Service companies includes
Pro Insurance Solutions Limited
Pro Is, Inc (Delaware)
Pro Insurance Solutions S.A. (Fka Chiltington Internacional S.A.)
Pro Claimssolutions Gmbh (Fka Ass Assekuranz, Service Und Sachverstandigengesellschaft Gmbh)
Pro Insurance Solutions Gmbh (Fka Chiltington International Gmbh)
Tasca Consulting Limited (Fka Tawa Consulting Limited)