Cinven Partners LLP is buying Premium Credit Ltd. for £462 million (U.S. $700 million) from Chicago private equity firm GTCR.

Surrey, England-based Premium Credit is an insurance premium financing company that operates in the U.K. and Ireland. The company works with insurance brokers and carriers to help individuals and businesses pay insurance premiums in installments instead of a single annual payment. Premium Credit also provides payment facilitation and financing services for professional fees, school fees, membership subscriptions and other services.

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