Misys General Insurance (MGI) is predicting a “period of accelerated growth and development” as a result of major investment from Montagu Private Equity, one of Europe's best-known private equity investors.
The parent company of MGI, Misys plc, has officially confirmed that the private equity investor has signed an agreement to acquire the general insurance business for £182m.
Final completion of the sale is expected within three months, subject to consent from the FSA.
Phillip Bell, MGI Chief Executive, said: “With more than €3 billion under management, Montagu clearly has the financial strength to invest in the business for the benefit of our broker and insurer customers.”
Jason Gatenby, director of Montagu, added: “This acquisition is in line with our favoured strategy of backing established teams in businesses with positive momentum.
“We plan no changes to the management of MGI, with whom we have been very impressed, or the way it is run, and are delighted to be associated with another very high quality business.”
MGI is the leading supplier of IT solutions to general insurance intermediaries in the UK and Republic of Ireland.
A new name and brand identity is expected to be revealed in due course.
