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Avid Insurance Services has purchased specialist construction MGA Incorporated Insurance Group (IIGL) for an undisclosed sum.
The deal will see Avid take a majority stake in IIGL, taking its gross written premium up to £75m.
Founded in 2013 by Mike Smith, Lyndsey Thompson and Dean Surridge, IIGL is based in Hornchurch, Essex, and employs 17 staff.
It provides insurance across the construction sector, as well as property, airside, health and safety and packaged business for SMEs.
Avid CEO
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Insurance Age
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Inflexion has made an investment into corporate insurance broker David Roberts & Partners Group.
The private equity firm stated that the investment is being made by Inflexion Enterprise Fund V, its lower mid-market fund.
The move follows Inflexion’s sale of Bollington to Gallagher at the start of the year. At the time, Inflexion partner Carl Wormald told
Insurance Age that the PE house would be looking to build up another UK regional broker.
Growth
DR&P, based in the North of England
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Ex-Aviva boss Mark Wilson to lead insurtech venture after merger with Complete Cover Group Print this page
Former Aviva boss Mark Wilson has teamed up with private equity firm Sun Capital Partners to launch a new insurtech venture, Abacai Holdings.
According to a statement, Abacai is to merge with Complete Cover Group (CCG), which has been owned by Sun Capital since early 2020.
The business explained that Abacai will invest an initial £50m in the creation of an entirely new AI-based insurtech platform.
It also revealed plans to expand its footprint and enter additional markets by making
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London Market Group CEO Clare Lebecq will be stepping down at the end of April to become group chief operating officer at Miles Smith-owner Specialist Risk