DOXA has completed its acquisition of Eaton Gate Group, five months after the deal was first announced in April. The transaction gives the US specialty platform its first UK operation, with Goldman Sachs Asset Management's capital ultimately behind it.
Eaton Gate describes itself as one of the largest independent MGUs in the UK mid-market commercial sector. It was founded in 2016 and serves more than 50,000 UK businesses and homeowners across SME commercial and mid-to-high-net-worth insurance. DOXA acquired it from European alternative credit specialist NorthWall Capital, which had backed the MGU's regional expansion and investment in its e-trading platform.
Goldman Sachs Asset Management acquired DOXA in a deal that closed in late 2023, explicitly to fund DOXA's acquisition strategy across specialty MGAs and MGUs.
Matt Sackett, DOXA's chief executive, called Eaton Gate "the right place for us to start" as the firm enters the UK market. Jonathan Matthews, Eaton Gate's co-founder and chief executive, continues to lead the business, with what DOXA describes as strategic support rather than a change of management.
Eaton Gate's underwriting authority comes from a panel of global insurers rated A- or higher by AM Best. Insurance Business has previously reported on Eaton Gate's capacity partnership with SiriusPoint.
For UK brokers with Eaton Gate relationships, the practical point is less about day-to-day service, which DOXA has signalled will continue under existing leadership, and more about what follows. DOXA has built its US business through a steady run of acquisitions. Now that it has established Eaton Gate as its UK platform, further bolt-on deals in the UK or wider Europe would be consistent with how it has grown elsewhere.
