“IIGL complements our existing portfolio and shares our key focus on underwriting for profit.” Steve Gibson, AVID CEO
Avid Insurance Services Ltd(Avid) has acquired specialist construction MGA Incorporated Insurance Group Ltd (IIGL).
The transaction sees London and Leeds-based Avid take a majority stake in IIGL, increasing the GWP of the business that is currently written each year to circa £75m.
IIGL was founded by Mike Smith, Lyndsey Thompson and Dean Surridge in 2013 and employs 17 staff, based in Hornchurch, Essex. It has a market-leading reputation for providing insurance across the construction sector, as well as property, airside, health and safety and packaged business for SMEs.
Avid CEO Steve Gibson hailed the transaction as “very exciting for Avid and a big step forward towards meeting our medium-term growth ambitions. At a stroke we are adding more diversification by increasing our specialist product lines from 8 to 12.”