Craven Street Capital are extremely proud to have been the sole financial adviser to Gryphon Group Holdings Limited on its purchase of Guardian Assurance.
Please find the Professional Adviser article below https://www.professionaladviser.com/professional-adviser/news/3023444/gryphon-group-holdings-to-acquire-guardian-assurance
by: Victoria McKeever
Gryphon Group Holdings is to acquire Guardian Assurance, using its name for the firm’s protection business.
As part of the acquisition Gryphon has bought the rights to the firm’s trading names, including immediate rights to use the Guardian name. No policyholders or assets are affected, it said.
Gryphon will use the Guardian brand name for the new protection business it is building. It raised £180m from the City to design, build and launch an insurance challenger that seeks to protect more families in the UK.
Craven Street Capital acted as Gryphon’s financial adviser for the purchase.
Gryphon Group Holdings chief executive Simon Davis (pictured) said: “Our ambition is for every family to have protection that they truly believe in. Acquiring the name of Guardian is an extremely important step for us, as it gives us a compelling brand name that fits with our values and goals, just as it did when founded two hundred years ago.
“This name, combined with our culture and fresh approach to technology, will create a really exciting business that can deliver better protection for families across the country.”
Davis was promoted to chief executive last month, to replace Daniel Pender who left the business. Davis had previously worked at Guardian as chief risk officer.
Guardian was acquired by ReAssure in January 2016 and was renamed to ReAssure Life in June 2016. Its and its business – including some 900,000 annuity, life insurance and pension policies in the UK and Ireland – was transferred to ReAssure Limited in December 2016.
The company was renamed Guardian Assurance in March 2017. The sale of the Guardian trading name to Gryphon has no impact on the policies transferred to ReAssure Limited.