ANV Group Holdings has completed its acquisition of Assured Underwriting Group (AUG), a London-based MGA that underwrites the bonds and insurance tour operators must hold by law to trade.
The deal brings into ANV's credit and protection segment a business whose client base is legally required to hold the products it underwrites. AUG was acquired from UK private equity firm Mobeus Equity Partners for an undisclosed sum. All required regulatory approvals have been received.
Founded in 1983 and headquartered in London, AUG operates through three businesses. Travel & General Insurance Services is the UK's largest provider of travel bonds. Arcus Solutions distributes surety bonds across Europe through a broker network. ABTOT runs a bonding scheme for UK travel organisers. Together, they serve more than 1,600 clients in more than 10 European countries, with offices in France and Germany.
Travel bonds are not a discretionary purchase. Under the Package Travel and Linked Travel Arrangements Regulations 2018, tour operators must hold insolvency protection as a condition of trading. That obligation can be met through bonds, insurance or a trust arrangement. AUG underwrites two of those three options. Its position in the compliance chain is structural, rather than contingent on operators choosing to buy cover.
The regulatory framework is also evolving. The Package Travel and Linked Travel Arrangements (Amendment) Regulations 2026 received parliamentary approval in April 2026 and take effect in April 2027. The reforms widen the legal definition of a package holiday. Certain bundled travel arrangements currently outside the regime will become full packages under the new rules. Operators newly classified as package organisers will need insolvency protection for the first time. AUG's consulting arm advises on those obligations, creating a natural pipeline to its underwriting business.
The government's January 2026 consultation response confirmed that territorial restrictions on insurance cover will also be relaxed. Policies will no longer need to be held with an insurer authorised in the UK, Channel Islands or Isle of Man. That removes a structural barrier to writing business more freely across continental Europe, a direction ANV has already signalled for AUG.
ANV was formed in December 2025 when AmTrust Financial Services and Blackstone Credit & Insurance spun several specialist MGA and fee-based businesses into a new independent platform. The group subsequently acquired Iris Insurance Brokers in the UK, gaining Lloyd's market access and a domestic MGA incubator. It also built out a US workers' compensation platform, rebranded as ANV Comp in September 2026.
AUG sits in a segment that has drawn sustained acquirer interest. MGAs and Lloyd's brokers took more than a quarter of all UK insurance distribution deals in the first half of 2026, the highest proportion on record, according to M&A advisory firm MarshBerry. Mobeus's exit from AUG, which it had backed since 2018, follows the pattern of private equity sponsors exiting mature specialty platforms to strategically capitalised buyers.
The context for AUG's business has also sharpened in 2026. A succession of UK tour operators ceased trading through the year, among them Regen Central in January, Gold Crest Holidays and Groupia in the first half, and Wayfairer Travel in September. Each failure activated the financial protection arrangements that travel bonds and insolvency insurance are designed to fund, reinforcing the practical function of the products AUG underwrites.
Richard Watson, chief executive of AUG, said the group had expanded significantly across the UK and Europe over the past decade. "Joining ANV gives us the resources and support to continue that growth, while preserving the expertise, relationships and culture that have been central to our success," he said.
Adam Karkowsky, ANV's chairman and chief executive, said AUG had built "deep expertise in travel protection and a strong reputation in the market." The acquisition, he said, creates "a strong foundation for expansion across key European markets."
Freshfields acted as legal counsel to ANV, with Macquarie Capital and PwC as financial advisers. Grant Thornton and Clyde & Co advised AUG.
