The Blackstone Group, along with Goldman Sachs and DLJ Merchant Banking, has acquired Texas-based insurance group UICI in a transaction valuing the company at $1.7bn (€1.4bn).

UICI has been working on a sale since mid-2004, but the process accelerated after the company's founder and chairman Ronald Jensen was killed in a car crash earlier this month. Jensen is to be replaced as chairman by current chief executive William Gedwed.

Andrew Dewson

Blackstone Group

Goldman Sachs

JP Morgan

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

Senior GIC private equity lawyer joins Dechert in London

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US law firm hires private equity specialist from key client

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Demand is up for private aviation, the luxury that separates the 1% from the 0.1%.

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The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

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The London-based bank said it is well on its way to achieving the target of returning at least $8 billion to shareholders over the three years ending in 2026.

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Blackstone leads $1.7bn UICI deal

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