A NEWTOWNARDS based underwriting agency is to be acquired by the British arm of Amercian insurance firm Ryan Speciality Group.
MGS Midas Underwriting is to be bought by Doncaster-headquartered Ryan Direct Group (RDG) for an undisclosed sum.
RDG said it expects to close on the deal, which will expand its services in the home, motor and commercial sectors, before the end of the first quarter this year.
Midas' business includes SME, commercial vehicle, personal home and motor, non-standard home and car, property owners and ancillaries.
The firm, which was formed in 2001 under the name ClaimSafe, expects to write insurance premium in excess of £30 million into the market in its current financial year covering Britain and Ireland.
RDG chief executive Derek Coles said: “Midas is a specialist business, like RDG, and the Midas book complements our existing portfolio in SME, property owners and landlords, and additionally supports our medium term aim of creating a balanced commercial and personal lines book.
“It marks RDG’s first significant foray into the niche and specialist motor market, building on our existing TPA arrangement with the Only Young Drivers brand in the UK. We look forward to working with Midas’ existing capacity providers, including Axa, Ageas and KGM, to deliver accelerated growth and profitability across all business lines.”
He said that the acquisition of Midas will also give RDG access to enhanced claims capability, especially in motor, which “adds considerably to the services the group can offer our insurance and broking clients".
Midas managing director Alan Hunter said the acquisition was "a huge vote of confidence in our business and our people".
"It strengthens our position as a leading player in the Northern Ireland and Irish market, and will give us added financial strength to accelerate growth under the RSG brand," he said.
Paul Donaldson, currently non-executive director of RDG, will chair Midas which also has an office in Chelmsford, Essex.
RDG is part of the global Ryan Specialty Group and has 475 staff across sites in Doncaster, London, Manchester, Preston and Elland.
