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Disclaimer
This document and the presentation to which it relates (“Presentation”) do not constitute or form part of, and should not be construed as, an offer to sell or an issue for sale or subscription of, or solicitation of any offer or invitation to subscribe for, underwrite or otherwise acquire or dispose of, any securities of TIG Topco Limited (to be renamed KIRS Group Limited (“KIRS”)) or any of its subsidiaries in the United States or any state or any jurisdiction in which such offer, sale or solicitation would be unlawful nor should they or any part of them form the basis of, or be relied on in connection with, any contract or commitment whatsoever which may at any time be entered into by the recipient or any other person, nor do they constitute an invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000 (“FSMA”). This document and the Presentation do not constitute an invitation to effect any transaction with KIRS or to make use of any services provided by KIRS.
By accepting this document and the Presentation you agree and acknowledge that this document and its contents may contain proprietary information belonging to KIRS.
This document and the Presentation may contain forward looking statements in relation to certain of KIRS’ plans and current goals and expectations, in particular but not limited to its future financial condition, performance and results. These forward looking statements can be identified by the use of forward looking terminology, including the words “aims”, “believes”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “will”, “plans”, “predicts”, “assumes”, “shall”, “continue” or “should” or, in each case, their negative or other variations or comparable terminology or by discussions of strategies, plans, objectives, targets, goals, future events or intentions. By their very nature, all forward looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond KIRS’ control, including but not limited to insurance pricing, interest and exchange rates, inflation, competition and market structure, acquisitions and disposals, and regulation, tax and other legislative changes in those jurisdictions in which KIRS, its subsidiaries and affiliates operate. As a result, KIRS’ actual future financial condition, performance and results may differ materially from the plans, goals and expectations set out in any forward looking statement made by KIRS. KIRS has no obligation to update any forward looking statement contained in this document or the Presentation or any other document or any other forward looking statement KIRS may make. All subsequent written or oral forward looking statements attributable to KIRS or to persons acting on its behalf should be interpreted as being qualified by the cautionary statements included herein. As a result, undue reliance on these forward looking statements should not be placed.
Past performance cannot be relied upon as a guide to future performance.
The financial results in this document and the Presentation include certain financial measures and ratios, including EBITDA, Pro Forma Adjusted EBITDA and certain other ratios that are not presented in accordance with IFRS and are unaudited. The financial information included in this Presentation only includes 9 months of audited information from the year ended December 31, 2015 for Towergate. Towergate’s Q1 2015 financial results are unaudited and unreviewed and may not reflect what Towergate results would have been had the current group structure and management been in place from January 1, 2015.
No representation or warranty, express or implied, is or will be made by any person in relation to the accuracy, fairness or completeness of the information or opinions made in this document and the Presentation, which information and opinions should not be relied or acted on, whether by persons who do not have professional experience in matters relating to investments or persons who do have such experience. The information and opinions contained in this document and the Presentation have not been audited or necessarily prepared in accordance with international financial reporting standards and are subject to change without notice. No responsibility or liability whatsoever is or will be accepted by KIRS, its shareholders, subsidiaries or affiliates or by any of their respective officers, directors, employees or agents for any loss howsoever arising, directly or indirectly, from any use of this document or its contents or attendance at the Presentation.
This document is for distribution only in the United Kingdom and the Presentation is being made only in the United Kingdom to persons falling within Articles 19, 43, 47 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended), to persons who have professional experience in matters relating to investments or to persons in the United Kingdom to whom this document may otherwise be lawfully distributed. This document is being supplied and the Presentation made to you solely in that capacity for your information. This document may not be reproduced, redistributed or passed on to any other person, nor may it be published in whole or in part, for any purpose.
By accepting this document and the Presentation, you agree to be bound by the foregoing limitations, undertakings and restrictions.
2
Agenda
3
14:30 – 14:35 Introduction
14:35 – 14:40 Investment Thesis
14:40 – 15:10 KIRS Strategy and Business Highlights
15:10 – 15:25 KIRS Financial Highlights
15:25 - 15:30 Conclusion
15:30 – 16:00 Q&A
Investment Thesis
KIRS(1) will be the result of a carefully targeted acquisition and hiring strategy in the UK insurance market
Towergate, Autonet(2)(3), Price Forbes(2)(3), Direct Group(2)(3) and Chase Templeton(2)(3) were specifically targeted due to:
A. Strong management teams
B. Leading position in their respective market segments
C. Significant organic growth and acquisition opportunities
D. Ability to create additional value from portfolio effect without disruption or integration of underlying businesses
Presence across the entire insurance value chain will allow KIRS to optimise service to customers and maximise commission capture
KIRS will be the leading diversified independent insurance intermediary group in the UK and is positioned to capitalise on the significant benefits of scale across all its segments
Highly resilient and profitable business model with significant cash flow generation capabilities
5
1
2
3
4
5
(1) Represents the Project Name for the creation of the new group. The final group name will be published in due course when trademark process is finalised.(2) Price Forbes, Chase Templeton, Autonet and Direct Group transactions are signed and completion is subject to regulatory approval.(3) Majority ownership.
KIRS will be the leading diversified independent insurance intermediary group in the UK
Significant Strategic Investment By Core Shareholders
6
2015 2016Jun NovApr Dec
2017 2018Q3 – Q4
Creation of Nevada and
acquisition of majority stake in Price Forbes
Acquisition of majority stake
in Broker Network
MDP investment in Towergate and Nevada
Acquisition of majority stake
in Chase Templeton(1)
Acquisition of majority stake
in Direct Group(1)
Acquisition of majority stake in
Autonet
HPS investment in
Towergate
~£680m Total Investmentby Core Shareholders to Support
the Creation of KIRS
KIRS is the result of a carefully crafted acquisition strategy executed over the last 24 months
(1) Completion subject to regulatory and other customary approvals.
Dedicated Shareholder Base
7
Key shareholders have invested ~£680m in the development of KIRS and will own >95% of group equity
(1) As of April 1, 2017.(2) As of March 31, 2017 SEC filing.
Founded in 2007
>100 investment professionals globally
$39bn(1) asset under management
Joint owner of Watford Re, global insurance and reinsurance group, alongside Arch Capital and second largest shareholder in NFP Corp.
Founded in 1992
41 investment professionals
$12.5bn(2) asset under management
Largest shareholder of NFP Corp., a leading US insurance broker
Founded in 1976
>370 investment professionals globally
$98bn asset under management
Strong prior knowledge of the insurance sector having invested in Willis Group, Alliant Insurance Services and USI
Founded in 1998
>110 investment professionals globally
$24bn asset under management
Significant experience in the insurance sector, including investments in many US mid-market insurance brokers
Highly Supportive Market Backdrop
9
Phase 1First period of consolidation
Phase 2 Financial crisis
Phase 3 Consolidation of the consolidators & increased focus on innovation
2008 – 2011
Credit crisis causes significant slowdown in acquisitions
Total Number of Large Broker Acquisitions
2005 – 2008
First wave of consolidation
2012 – Today
“Historical” consolidators being acquired, new leaders emerge
Clear consolidation opportunity in a highly fragmented market
c. 150 consolidator transactions backed by £17bn of private equity capital and cheap leverage
Insurer funding providing additional firepower to consolidators
Consolidation significantly slowed down
Focus on new avenues of organic growth (new products and channels)
Oval and Giles acquired by AJ Gallagher, Jelf and Bluefin acquired by Marsh
New consolidators emerge backed by fresh private equity capital
Latest transaction multiples reflect highly attractive opportunity in the sector
Focus on integration across the value chain development of strong technology / digital footprint
KIRS is ideally positioned to capitalise on latest market trends
31
59
14
2008 2009 2010 2011
KIRS Guiding Principle: Maximise Presence Across Value Chain
10
e.g. American Airlines, Exxon
e.g. Private Motor, Home
Customer Characteristics
CU
STOM
ER
Services (Policy Administration, Claims, Renewals)
Pe
rso
nal
Smal
l &
Me
diu
m
Co
mm
erci
al
Larg
e C
orp
ora
teC
om
ple
x
Aggregator
Affinity partner
Consultant
Reg Broker
Reg Broker
MGAInternational
Wholesale Broker
Reg Broker
MGA
LondonWholesale Broker
Reg Broker
Online Broker
MGA Retail Broker
Retail Broker
Wholesale BrokerMGA
High £ / Policy Low Volume
Low £/ Policy High Volume
Market Characteristics
CA
PIT
AL
Collectively we have created significant opportunities to disrupt the “traditional” value chain, and realise value across multiple channels and verticals
Multiple Avenues to Capture Incremental Commission
11
£100 £100 £100 £100 £100 £100
AdvisoryWholesale
DigitalCar & Van
UnderwritingSpecialty MGA
UnderwritingInternational
AdvisoryCommericalCombined Retail Household
Distribution Underwriting Wholesale
Services Other Income Premium to Carrier
KIRSEconomics
£15 £25 £30 £35 £40 £50
Illustrative purposes only
Integration across the value chain gives KIRS the opportunity to maximise commission per policy
KIRS Resulted from Highly Selective Investment Strategy
12
2015 2016Jun Nov
Apr
Dec2017 2018
Q3 – Q4
Carefully structured acquisition plan executed in parallel with execution of Fix / Build / Grow plan in Towergate
Build
(1) Price Forbes, Chase Templeton, Autonet and Direct Group transactions are signed and completion is subject to regulatory approval.(2) Majority ownership.(3) 20% ownership.
(3)
(1)(2)(1)(2)(1)(2)(1)(2)
Grow
Fix
KIRS Operating Framework
13
Distribution Wholesale Underwriting
Services
Leading UK broker services network and leading claims management and TPA platform
Leading UK insurance broker with strong online presence, extensive local
footprint and high margin specialist brands
International insurance and reinsurance broker with a diverse
international income stream
Leading MGA in the UK with diversified product focus
Digital / Direct Advisory
GEO
(3)(1) (2)
(1)(2)
London Market International(1)(2)
(1)(2)
Highly diversified and integrated insurance distribution, underwriting and services company
Note: Financial metrics reflect 2016A exclude unallocated Pro Forma Adjusted EBITDA of (£3m).(1) Price Forbes, Chase Templeton, Autonet and Direct Group transactions are signed and completion is subject to regulatory approval.(2) Majority Ownership.(3) 20% ownership.
KIRS Company Highlights
1. Leading diversified independent UK insurance intermediary group
14
2. Extensive local footprint combined with global reach
3. Large and diversified earnings base
4. Highly scalable operating platform
5. Stable and cash generative business model
6. Early and continued engagement with the FCA
7. Market leading, highly experienced management team
1. Leading Diversified Independent UK Insurance Intermediary Group
15
UK’s leading MGA with approximately 10% market share (3)
Underwriting
Wholesale
Price Forbes is a top five independent London and international wholesale broker(1)
Services
UK’s leading broker services network and leading claims management platform
(£ in millions)
UK Insurance Broker Rankings by Income (1)
Leading independent SME and specialty personal lines-focused UK broker, distributing 3rd party and own branded insurance products
UK’s leading provider of property related insurance products via mortgage brokers
Leading van broker in the UK with significant share
Strong provider of Buildings & Contents (B&C) and Mortgage Payment Protection Insurance
Leading private medical insurance intermediary in the UK
Distribution
KIRS has a strong position in the UK insurance intermediary market
Leading diversified independent broker and top 10 broker overall in the UK market with c.£2.8bn GWP
(1) Source: Insurance Times Top 50 Brokers 2016.(2) Income is pro forma for Bluefin and Jelf acquisitions.(3) Managing General Agents Association.
£953
£866
£758
£650 £601
£507 £488
£387
£285 £243 £229 £223 £219
£146 £131 £117 £109 £75 £69 £64 £63 £62 £61 £56 £55 £55 £41 £40 £38 £36 £36 £35 £32
International
Personal
Commercial
London
2. Extensive Local Footprint Coupled with Global Reach
16
Distribution
Wholesale
Underwriting
Services
Key
Distribution
Underwriting
Wholesale
Services
9 local offices serving local brokers
Highly efficient operations centre in Doncaster
Primary operations in Doncaster and Preston
7 national contact centers each with a product focus online and on the phone
81 local offices across the country serving local clients
London headquartered, in close proximity to Lloyd’s and London market
97% of premium in respect of non-UK risks sourced from an extensive network of global brokers
IrelandUnited
Kingdom
Extensive UK distribution network linked to international capital markets
Wholesale Markets
3. Large and Diversified Earnings Base…
No material GWP or income concentration around key producers
Call centre and online operations naturally diversified
Stability of frontline staff further underpinned by a comprehensive retention strategy, including long-term incentive plans for top performers, focus on culture change and integrated CRM systems
Strong retention figures for 2016 across the business
No material income concentration on any specific customer
No more than 11% of total GWP written by a single carrier
Top 5 carriers all “A”-rated or above
Long term relationships with all key carriers, underpinned by recently renewed capacity agreements
17
Highly Diversified Business Model 2016 Pro Forma Income(1)
Digital
Advisory
Wholesale
Underwriting
Services
34%
30%
16%
18%
2%
No meaningful concentration by income producer, carrier, distribution channel or product
(1) “Pro Forma Income” means the combined income of Towergate, Price Forbes (FX adjusted), Autonet, Direct Group and Chase Templeton (annualised) for the year ended December 31, 2015 and 2016, as applicable.
ExpertiseSpecialist knowledge
Partnerships
Strong customer relationships
“Stickiness” of specialist products
3. …With Numerous Niche Specialisms
18
A depth of specialist knowledge built-up over many years
Examples of Specialisms
Est. 1990
Property
Est. 1982
Marine
Est. 1998
Van
Est. 1907
Healthcare
Est. 2002
Medical
Est. 1983
Haulage
Est. 1985
Classic Car
4. Highly Scalable Operating Platform
19
Significant investments made across all KIRS businesses since early 2016 to optimise operating infrastructure and prepare the group for the next phase of growth
Key Programmes Include:
Premium and policy management
Renewals and administrative services
Offline sales and servicing
Coverage of the complete claims lifecycle
Platform provision
Optimisation of support functions (e.g. Finance, HR)
Key Areas of Focus:
IT Transformation Programme: £19m investment completing in Q2‘17 to create fit for purpose IT infrastructure
Finance Transformation Programme: £21m ongoing investment to maximise efficiency and integration vs. front end systems
Implementation of automated solutions in low complexity / high volume processes
Consolidation and simplification of property footprint and procurement function
Middle and Back Office Capabilities
Well-invested Claims and TPA platforms with significant spare capacity in existing systems
Services
Multiple investments underway focused on improving pricing capabilities and speed of product launches
Underwriting
Broad IT investment programme to upgrade and upscale existing infrastructure
Wholesale
Highly scalable, well invested online platform
Fast growing home insurance panel
Significant investment in new, consolidated front-end system
Distribution
5. Highly Stable and Cash Generative Business Model
20
Pro Forma Income(1)
Strong foundation, poised to achieve substantial growth and rapid organic deleveraging
Pro Forma Adjusted EBITDA(2)
% Margin 24% 27%
5.7x
Opening
£121£134
2015A 2016A
£491 £487
2015A 2016A
Rapid organic deleveraging driven by cost reduction
plans well under-way
(£ in millions)
Targeted Net Debt / Pro Forma Adjusted EBITDA
Note: The financial information included in this Presentation only includes 9 months of audited information from the year ended December 31, 2015 for Towergate. Towergate’s Q1 2015 financial results are unaudited and unreviewed and may not reflect what Towergate results would have been had the current group structure and management been in place from January 1, 2015.(1) “Pro Forma Income” means the combined income of Towergate, Price Forbes (FX adjusted), Autonet, Direct Group and Chase Templeton (annualised) for the year ended December 31, 2015 and 2016, as applicable.(2) “Pro Forma Adjusted EBITDA” means Towergate EBITDA, Autonet EBITDA, Price Forbes EBITDA, Direct Group EBITDA and Chase Templeton EBITDA, as adjusted for certain run rate cost savings and other exceptional
items as determined by management.
6. Early and Continued Engagement with the FCA
The FCA has been involved from the outset of the process, and remains supportive of the proposed new group
We have engaged with the FCA with full transparency and acted swiftly and appropriately when required
We continue to liaise with the FCA as the KIRS management team remains highly focused on completing the implementation of best in class risk and compliance policies and improvement of legacy operations
21
The FCA has been supportive of the development of KIRS
7. Market Leading, Highly Experienced Management Team
22
KIRS has attracted an experienced best of breed management team with a high profile in the market
Distribution Management
Wholesale Management
Underwriting and Services Management
Paul Dilley+25 years experience
Derek Coles+25 years experience
David Leatham+30 years experience
Andy Baughan+30 years experience
Andrew Bell+20 years experience
David Bruce+30 years experience
Scott Hough+20 years experience
Michael Donegan+35 years experience
David Baxter+40 years experience
Neil Pearce+20 years experience
James Masterton+25 years experience
Gordon Newman+50 years experience
Steve Anson+20 years experience
Joe Thelwell+15 years experience
Warren Dickinson+25 years experience
Craig Ball+10 years experience
Corporate Management
Kay Martin+25 years experience
Geoff Gouriet+20 years experience
Sarah Dalgarno+25 years experience
Antony Erotocritou+15 years experience
David Ross+26 years experience
Mark Mugge+20 years experience
Adrian Brown+28 years experience
Janice Deakin+16 years experience
Ian Donaldson+20 years experience
Strong EBITDA Growth
24
Strong EBITDA growth driven by efficiency improvements and income growth in Nevada
Growth
2015(2) 2016 £ %
Towergate £75 £84 £9 +12%
Nevada £46 £50 £4 +10%
KIRS Group £121 £134 £13 +11%
Pro Forma Income(1)
Pro Forma Adjusted EBITDA(3)
2015(2) 2016 Growth
Towergate 22% 26% +4%
Nevada 30% 31% +1%
KIRS Group 24% 27% +3%
Pro Forma Adjusted EBITDA Margin
(£ in millions)
Growth
2015(2) 2016 £ %
Towergate £340 £325 (£15) (4%)
Nevada £151 £163 £12 +8%
KIRS Group £491 £487 (£3) (1%)
(1) “Pro Forma Income” means the combined income of Towergate, Price Forbes (FX adjusted), Autonet, Direct Group and Chase Templeton (annualised) for the year ended December 31, 2015 and 2016, as applicable.(2) The financial information included in this Presentation only includes 9 months of audited information from the year ended December 31, 2015 for Towergate. Towergate’s Q1 2015 financial results are unaudited and
unreviewed and may not reflect what Towergate results would have been had the current group structure and management been in place from January 1, 2015.(3) “Pro Forma Adjusted EBITDA” means Towergate EBITDA, Autonet EBITDA, Price Forbes EBITDA, Direct Group EBITDA and Chase Templeton EBITDA, as adjusted for certain run rate cost savings and other exceptional
items as determined by management.
Towergate: Very Positive Income and Expense Trends
25
Income vs. Prior Year
Expenses vs. Prior Year
Second quarter of sustainable income growth and third quarter of EBITDA(1) growth
(7%) (7%)(5%)
2%
1%
(10%)
(5%)
0%
5%
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
5% 5% 5%
3%
(3%)
(0%)
(6%)(8%)
(4%)
(10%)
(5%)
0%
5%
10%
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Quarter 1 2017
Growth
2016 2017 £ %
Income £77 £78 +£1 +1%
Staff costs (£46) (£40) £6 14%
Op expenses (17) (19) (1) (8%)
Total expenses (£63) (£59) +£5 +8%
EBITDA(1) £14 £19 +£6 +42%
Margin 18% 25% +7%
New management team: expense savings started
(£ in millions)
Note: The financial information included in this Presentation only includes 9 months of audited information from the year ended December 31, 2015 for Towergate. Towergate’s Q1 2015 financial results are unaudited and unreviewed and may not reflect what Towergate results would have been had the current group structure and management been in place from January 1, 2015.(1) Pro Forma Adjusted EBITDA - “Pro Forma Adjusted EBITDA” means Towergate EBITDA, Autonet EBITDA, Price Forbes EBITDA, Direct Group EBITDA and Chase Templeton EBITDA, as adjusted for certain run rate cost
savings and other exceptional items as determined by management.
Towergate: Extensive Cost Reduction Programme
26
£56m cost savings identified and committed (20% reduction in 2015 cost base) with circa 1 yearaverage payback – 61% complete at end March 2017
programme essentially completed in Q1’17
Including server migration to Azure Cloud
Improvements to networks and telephony
Over 4,000 users upgraded to Windows 10
Contract signed with Accenture
Investment in robotics and process automation started
Completed initial process engineering activities
Closed Milton Keynes and Manchester locations
Footprint reduced by 21% with locations reduced from 140 to 98 (Jan‘15 to date)
Consolidated suppliers across cleaning, waste, repairs & maintenance and security
Back office operational process efficiency
Reduced reliance on agency and temporary staff
Commenced supplier rationalisation and procurement programme using external parties
Detailed implementation planning for consolidation of broker systems completed
First roll-outs commenced in 2017£5m
Total
IT Transformation £19m£7m
Finance Transformation
£21m£14m
SBU Turnaround £4m£7m
Property Cost Reduction
£1m£5m
InitiativeTotal One-off
Costs
Total Medium-
Term SavingsProgress to Date
Operational Efficiency
£2m£18m
Broker Systems Consolidation
£12m
£56m £59m
£6m
£4m
£7m
£4m
annualisedSavings toend Q1’17
£13m
--
£34m
£7m
£13m
£7m
£5m
annualisedSavings to end 2017
£16m
--
£48m Programme = 20% reduction in 2015 cost base
£13m cost savings already achieved in 2016 in-year result, 50% one-off spend paid before March’17
Additional Benefits Not Included in £134m EBITDA(1)
27
Medium-term identified and committed cost savings of £8m, signed contracts resulting in £6muplift in profitability and near-term revenue synergies of £2m have been excluded from EBITDA(1)
£8
Medium-term identified and committed cost savings
£6
Signed contracts resulting in profitability
step-change in 2017£2
Near-term identified and committed revenue
synergies
£16
Additional savings
(£ in millions)
(1) Pro Forma Adjusted EBITDA - “Pro Forma Adjusted EBITDA” means Towergate EBITDA, Autonet EBITDA, Price Forbes EBITDA, Direct Group EBITDA and Chase Templeton EBITDA, as adjusted for certain run rate cost savings and other exceptional items as determined by management.
Highly Cash Generative Business Model
28
Nevada is highly cash generative – Towergate capex and exceptional spend expected to reduce significantly post completion of the ongoing Transformation Programme
63%
90%
76%
Towergate Nevada KIRS Group
(1) Operating Cash Conversion defined as Operating and Investing Cash Flow (Adjusted EBITDA less Working Capital Movement and Maintenance Capex) over Adjusted EBITDA and excludes capex and exceptional costs related to cost reduction initiatives and other one-off costs.
2016 Operating Cash Conversion(1)
Indicative Capitalisation and Leverage
29
KIRS Group is expected to support circa £800m gross debt, with a net leverage of circa 5.7x,organically de-leveraging rapidly – we are exploring different financing options
Indicative Capitalisation & Leverage
2016A Pro Forma Adjusted EBITDA(1)
Towergate £84
Nevada £50
Total KIRS Group £134
Estimated Gross Debt £800
Estimated Cash (40)
Indicative Net Debt £760
Indicative Net Leverage 5.7x
Implied Transaction Equity Value(2) £655
(£ in millions)
(1) “Pro Forma Adjusted EBITDA” means Towergate EBITDA, Autonet EBITDA, Price Forbes EBITDA, Direct Group EBITDA and Chase Templeton EBITDA, as adjusted for certain run rate cost savings and other exceptional items as determined by management.
(2) Based on third party fairness opinion supporting Nevada roll-over contribution and price of Towergate's most recent rights issue.
KIRS Group Financial Targets
Mid-single digit income growth, underpinned by market growth and investments made in income producers
2019 EBITDA margin in 25-35% range
Project Capex and exceptional costs relating to transformation programme largely complete by 2018
Operating cash conversion(1) 80-90%
Rapid organic deleveraging
30
1
2
3
4
5
(1) Operating Cash Conversion defined as Operating and Investing Cash Flow (Adjusted EBITDA less Working Capital Movement and Maintenance Capex) over Adjusted EBITDA and excludes capex and exceptional costs related to cost reduction initiatives and other one-off costs.
Conclusions
We are creating KIRS to capitalise on highly supportive market tailwinds in a structurally attractive sector
Transactions completed to date will combine into the largest independent player in the market, an ideal platform for future growth
Strong combination of market leading management teams, deep product expertise and wide presence across entire value chain
Highly resilient business model with great cash flow generation capabilities
HPS and MDP share management vision and are fully committed to supporting its implementation
32
1
2
3
4
5
KIRS will be the leading diversified independent insurance intermediary group in the UK