Heritage Group chief executive, Richard Tee, said the sale allowed the group to implement its strategy of concentrating on the businesses that have the greatest synergy and potential to grow.
“The release of our captive insurance business enables us to focus on developing our five specialist business units: fund management, administration and depository, corporate administration and wealth management, insurance broking, insurance underwriting and our new managed facilities, office accommodation and professional support offering,” Mr Tee said.
The new group will become wholly management-owned following the sale of shares by exiting shareholders including Polygon Group.
“We will look to grow both organically and, where appropriate, by acquisition in our key specialist businesses – something that could have been limited under the previous structure,” Mr Tee said.
Heritage Financial Services head, Mark Huntley, said: “The sale is extremely positive for Heritage Group; it enables us to actively develop our key financial services and thriving insurance business streams.
“We have been able to properly align the equity of the group with our business interests and, through our talented people, we’re focussed on our capacity and capabilities and the excellent client services we deliver.”
Long-standing Heritage directors, Laurence McNairn and Kevin Roberts join the existing Heritage Group board members Richard Tee, Mark Huntley and Karl Bradley.