Church insurer counts blessings of deal

Bradford-based Congregational & General Insurance (CGI) has sold a majority share of its subsidiary MGA, Integra Insurance Solutions, to the Hannover Re Group.

FSA (Financial Services Authority) approval for the transaction has been granted.

The announcement follows the decision by CGI to seek to grow Integra’s share of the intermediary home market to £100m in the next five years.

Carlo Cavaliere, CGI chief executive, said: “We have a solid, long-standing relationship with the Hannover Re Group, embracing reinsurance and, since its launch early last year, the underwriting capital for Integra.

“The investment truly cements our strong relationship, which already brings together our underwriting and distribution expertise with Hannover Re’s AA-rated capital.

“Integra will continue to be managed and serviced by CGI under the existing services agreement.

“CGl will remain under the sole ownership of the Congregational & General Charitable Trust and will be strengthening its position as a specialist Church insurer.”

Juergen Graeber, a member of the executive board of Hannover Re, said: “We are delighted to have secured the investment in Integra, which will enable us to underwrite a significant share of profitable Home business and also to develop new initiatives with our partners at Congregational.”

Bradford-based CGI was founded in 1891 and specialises in insuring church buildings belonging to a variety of denominations across the UK.

Over the years, CGI has had some of the country’s most intriguing churches on its books, including the last Inghamite Chapel in the UK, in Wheatley Carr, near Burnley and the United Reformed Church in Saltaire, near Bradford. CGI has 63 staff and group controlled premium income is £47m.