Lutine will also receive additional insurer capacity
Direct Group (DG) will absorb former Jubilee subsidiary Lutine Assurance Services into its structure following the sale of Jubilee to Dutch insurer ANV.
DG and Lloyd’s insurer Jubilee were sister companies within Ryan Specialty Group (RSG) before RSG agreed to sell 80% of Jubilee’s two syndicates, 5820 and 779, to ANV last year.
The ANV deal did not include Lutine, a life managing general agency (MGA), which has now become part of DG’s structure.
Birmingham-based Lutine has also signed an additional capacity deal with a Lloyd’s syndicate that will enable the life MGA to extend its underwriting footprint.
DG chief executive Derek Coles said: “This is an exciting development for the business and we believe that, with Lutine under the DG umbrella, the brand will be able to broaden and develop our total market offering.
“It is a significant business, with around 30,000 policies on its books. DG will support Lutine through providing policy administration, claims management and other back office activities.”
Coles added: “2013 has been a difficult year of change for Lutine culminating in the sale of Jubilee to ANV Holdings, but I’m confident that bringing the business into DG and adding additional insurer capacity are the catalysts for renewal, growth and stability in 2014.”
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