The specialist MGA and broker services platform OneAdvent has today revealed it has completed a management buyout. The investment is led by current managing director Tim Quayle who is now taking on a new role as CEO. Meanwhile, former group CEO and founder David Hill, who is also part of the investment team, will remain with the firm as a non-executive director.
In a Press release, OneAdvent stated that the MBO is aimed at boosting the business’s UK and European market presence and product offering. The funding raised will look to develop new partnerships and capabilities, while expanding OneAdvent’s ability to source and secure additional capacity for existing and new MGA and broker partners.
Commenting on the move, Quayle hailed it as a “landmark moment” for OneAdvent and its leadership team. The investment provides the business with access to new funds, he said, which it will use to evolve its existing support services and capabilities in the UK and Europe.
“With the continuing growth of the MGA sector, we see a huge opportunity for a flexible independent MGA platform that understands what entrepreneurial underwriters and MGAs need to succeed,” he said. “Whilst the MBO gives us the financial strength to broaden our market appetite and offering, we will maintain the identity and independent approach which our existing MGAs and partners welcome and have come to rely upon.”
Hill noted that since the business launched in 2000, it has been continually refining its offering and striving to be a partner “that goes above and beyond”.
He added: “This is a fantastic opportunity for us to secure the future of our business and help accelerate the growth of our clients.”