Business

Avid Insurance Services acquires IIGL

The transaction will see 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

Avid Insurance Services (Avid) has announced it has acquired specialist construction MGA Incorporated Insurance Group Ltd (IIGL for an undisclosed sum.

The transaction will see London and Leeds-based Avid take a majority stake in IIGL, increasing the GWP of the business that is currently written each year to around £75m.

IIGL was founded by Mike Smith, Lyndsey Thompson and Dean Surridge in 2013 and employs 17 staff, based in Hornchurch, Essex. It provides insurance across the construction sector, as well as property, airside, health and safety and packaged business for SMEs.

Steve Gibson, CEO of Avid, said: “IIGL is a highly complementary business for our existing commercial portfolio. They have A-rated insurer support and share our underwriting-led business philosophy.

“They have built their success in construction by underwriting every risk themselves, which has underpinned their outstanding performance during the current hard market.”

Gibson explained that in addition to the 17-strong team who will join the business, underwriting manager Dean Surridge and head of operations Lyndsey Thompson will also move across as a result of the transaction, IIGL will keep its brand and office.

Surridge and Thompson will become directors of IIGL and sit on the wider Avid operational board. Founder Mike Smith will step down as CEO but keep a stake in the business going forward, as will the senior leadership team.

Smith said: “This is a great deal for Avid and IIGL. Steve and his team have the same relentless focus as we do on underwriting expertise, deep market knowledge and profitable underwriting driven by data analytics.”

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