Former Direct Line boss to join A&A as chairman

The A&A Group has completed a management buyout (MBO) with funding from Darwin Private Equity.

The group is made of Hyperformance and The A&A Group Limited, previously Allen & Allen.

The MBO is led by A&A Group chief executive Tony Allen and the senior management team.

As part of the deal, Ian Chippendale will be joining as chairman. Previously Chippendale was chief executive of Direct Line and Privilege Insurance, as well as chairman of RBS Insurance.

Allen & Allen was founded in 1968 as a broker specialising in niche motor risks. It has more than 500 staff and had around £140m gross written premium last year.

Allen said: “We are a close-knit team, who have worked together for a long time. Over the past two years, we have got to know the Darwin team extremely well. They have good experience and knowledge of our industry and their plans to invest and build the business were very much in line with our own.”

Darwin Private Equity partner Jonathan Kaye said: “We see great potential for the business and are looking forward to working with Tony and his team to help them extend their market position in non-standard motor insurance.”

The deal needs FSA approval.