Alsford Page and Gems Holdings Ltd. (“the Company”), the parent of Lloyd’s Insurance and Reinsurance Broker, Alsford Page & Gems (APG), today announces its purchase by a consortium of the Company’s current management and privately owned investment firm, PSC Capital.
The new shareholding agreement between the Company’s management consortium and PSC Capital, a split of 28/72% respectively, marks the latter’s first major investment into an established reinsurance business.
Commenting on the acquisition, David Pratt, CEO of APG said:
“This deal is the culmination of an extensive process, resulting in the introduction of an established, experienced and expansive new partner, that equips us with the strong financial backing to continue our strategy of developing our independent wholesale broker business. We can now ensure that our business partners will continue to receive the highest of standard of service, as well as the enhanced ability to deliver the financial strength and stability required for our business to grow.
APG has a long history in the provision of transactional broking solutions and we look forward to discussing the benefits that our new structure will bring with our trading partners. The board of APG is enormously grateful to our exiting shareholders for their contribution to the business over the last 30 plus years. As we start a new era with PSC, we now look forward to the increased opportunities that this partnership will bring as a whole.”
Paul Dwyer, Managing Director of PSC Capital also commented:
’’We are thrilled to have invested alongside the skilled management team at APG. David and his team have shown tremendous character whilst the business has made a number of strategic changes in recent years. APG has a bright future and we look forward to supporting our partners in the quest to provide specialist insurance and reinsurance solutions around the globe”.
APG was advised by Mazars LLP and Holman Fenwick & Willan. PSC was advised by DLA Piper.