IFGL announces Cinven to become new majority investor
30 Nov 1999
International Financial Group Limited (IFGL) – Friends Provident International Limited’s owner - has today announced a deal in which international private equity firm Cinven will become its majority investor. The deal, which is subject to regulatory approval, would see Cinven succeed Vitruvian Partners.
Cinven has a strong track-record of investing in companies who want to step-change their growth.
Luigi Sbrozzi, Partner at Cinven, said ‘Cinven is delighted to be investing in IFGL. IFGL is an established insurer with a strong market position. It has a large back book, which sits alongside an established new business franchise that is well diversified geographically. Cinven knows the market well through its previous life insurance investments, including Guardian in the UK and Viridium in Germany, and has a strong track record of working with companies in the sector to achieve strong growth, in particular, through buy-and-build as well as further product development and internationalisation.’
David Kneeshaw, Chief Executive Officer
IFGL’s Group Chief Executive David Kneeshaw said: ‘This is a very significant day for IFGL and will accelerate the Group’s ambitious plans for growth. Cinven share our vision for the future and their financial backing means we will be ideally-placed to expand significantly through both organic and new market growth and through further mergers and acquisition activity.
‘We would like to thank Vitruvian Partners for being exactly the investor we needed over the last 8.5 years. Their support has been key in helping us achieve everything we have since 2013.
‘We now look ahead to what will be a hugely exciting new period for IFGL.’
This will not result in any changes to plan terms and conditions for policyholders.