HPS and MDP are set to add to their insurance portfolio with the acquisitions of Capita Specialist Insurance Solutions and PFP.

HPS and MDP, the owners of Ardonagh Group, are to buy two insurance firms according to competition approval documents from the European Commission.

The Commission approved deals for the private equity firms to buy broker Capita Specialist Insurance Solutions (CSIS) and managing general agent Professional Fee Protection (PFP) which also offers risk management services.

Both deals were for an undisclosed sum.

Charity
Bristol-based CSIS is being sold by Capita Insurance Service Holdings.

The European Commission document noted that CSIS is “is a provider of insurance brokerage services, specialising in care, charity and school staff absence insurance in the UK”.

PFP is based in Basildon and was founded in 1985 according to its website.

The case document for PFP stated: “PFP is a small UK provider of risk management services operating as a managing general agent and specialising in fee protection cover, and also provides a range of related tax advisory services.”

In both cases MDP and HPS will assume joint control of the businesses.

CSIS and PFP have been contacted for comment.

HPS and MDP most recently bought Compass Network.

The organisations already jointly own Broker Network and Ardonagh which formed from Towergate, Autonet, Carole Nash, Chase Templeton, Price Forbes and Direct Group.

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