Belfast Telegraph

Abbey Insurance owner announces sale of shares to global equity firm

By Margaret Canning

Northern Ireland insurance giant Prestige Insurance Holdings, which owns Abbey Insurance, has announced it's selling the shares of founding members to a global equity firm.

A Prestige spokeswoman said Capital Z Partners Management has now made a multi-million pound investment in Prestige Insurance Holdings after the sale of the “significant” shareholding.

It’s understood the deal will affects around 50% of the Carrickfergus-based business, which is led by chief executive Trevor Shaw.

Prestige was founded by George Storey in 1973 — while other retiring directors have now sold their shares, Mr Storey and executive board members have retained a shareholding and remain on the board.

A spokeswoman gave assurances for staff that their jobs "would not be at risk”.  Prestige employs around 572 people. 

The deal has to be approved by regulatory authorities.  Capital Z, which is based in New York, is a major investor in the insurance sector. 

Belfast Telegraph Digital

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