Daily Mirror (Northern Ireland)
Caabnbaedyadeaxypsofrotsr fsiormar Capital in drive for £1bn regional revamp scheme
US investor buys majority stake Surveying rise of technology
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THE six councils and education bodies behind the bid for a Belfast Region City Deal have submitted their plans in the hope of securing £1billion worth of support from Westminster.
The scheme’s central objective is to make Northern Ireland a global investment destination and create 20,000 new jobs.
AUS private equity firm has taken a majority stake in one of Northern Ireland’s biggest insurers Abbey for an undisclosed sum.
The move will see founder George Storey retire from his role as chairman of parent company Prestige Insurance Holdings, although he will remain on the board.
Mr Storey built the company up over 45 years and said he was proud to have attracted such high-quality investors as New York-based Capital Z Partners Management.
He added: “I am confident to leave the group in the hands of a very capable management team and excellent staff.
“I look forward to supporting the new owners in a non-executive role and I wish them every continuing success.”
The business will continue under the existing management team of Trevor Shaw as group chief executive and Paul Hanna as group chief financial officer.
Mr Shaw said: “I am delighted to welcome Capital Z as our majority shareholders.
“They are long-term partners who bring a great deal of knowledge of our sector, along with funds for acquisitions and growth.
“This is a very positive move for our staff, customers and insurance suppliers.”
Prestige Insurance Holdings provides a wide range of services including broking, underwriting, software development and claims management, through its flagship brands which include Abbey Insurance Brokers,prestige Underwriting and Cover.net. Jonathan Kelly, Partner of Capital Z, welcomed the deal.
He said: “The Prestige Group represents a great insurance platform for us, having strong distribution, particularly in Northern Ireland, with niche underwriting positions in the home and car markets, together with its own IT platform.
“We look forward to working with Trevor Shaw and his team to help it fulfil its potential.”
The company said the deal has been approved by the Financial Conduct Authority and the Central Bank of Ireland. ROYAL Institution of Chartered Surveyors President John Hughes visited Belfast yesterday to meet members, university staff and business people.
The Toronto-based official’s visits to RICS offices across the UK will also form part of the fact-finding Future Of The Profession research.
This will help the organisation understand how the industry is adapting to new technologies.
As part of the visit, Mr Hughes toured the Tropical Ravine in Botanic Gardens, which was the Project of the Year in the RICS Awards 2018.
He is pictured with Brian Henning, left, chairman of RICS Northern Ireland, and Martin Doherty, right, project panager at Belfast City Council.