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New majority investor for IFGL Group

Private equity firm Cinven due to suceed Vitruvian Partners

One of the insurance sector's largest employers on the Island - IFGL - has a new majority investor.

International private equity firm Cinven will take up the position subject to regulatory approval.

Cinven would succeed Vitruvian Partners which has partnered the company since 2013.

IFGL, which is based in the Isle of Man Business Park, has four main brands - Ardan International, RL360, Friends Provident International and RL 360 Services.

Group marketing director Simon Barwell says it's great news for the group and the Island.

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