Alcuin Capital Partners is very pleased to announce its exit from Lorega, the UK’s leading supplier of loss recovery insurance. The business has been acquired by Geo Underwriting, The Ardonagh Group’s MGA segment, and will continue to be led by Managing Director Neill Johnstone and operate independently under the Lorega brand. Alcuin backed the management buy-out of Lorega in February 2016.
Lorega Managing Director, Neill Johnstone, said: “We are extremely grateful for the support of Alcuin over the last six years and are thrilled to be joining Geo Underwriting, where we will sit alongside a host of leading industry brands. We remain committed to all our UK brokers and to the service excellence we provide to them and their customers. We look forward to continuing to build our relationships with the broking industry across the UK and to bring more policyholders the expert support they need when they encounter an unexpected loss or damage.”
Derek Coles, Ardonagh MGA CEO, commented: “Lorega is a real specialist and leader in the loss recovery insurance market with a wealth of experience within the team. We are excited about the potential to support their growth with both commercial and consumer clients and investing in digital platforms to extend the product distribution even more widely to the market.”
Graham Morrison, Investment Director at Alcuin, said: “We are very pleased with what is a very successful exit for the Fourth Alcuin Fund, and of course wish management at Lorega the very best for the future. Under this team the business has grown in size and strengthened its formidable position as the UK’s leader in loss recovery insurance. It has been a pleasure to have worked with them and we look forward to seeing the business develop further in the future.”
