The Broker Investment Group (TBIG) has expanded its ownership interest in managing general agent Hathaway & Cope to 75% of the MGA.
Hathaway & Cope, located in West Yorkshire, specialises in offering retail insurance brokers public and employers’ liability insurance, contractors all risk, and excess of loss insurance. The business has been trading since 1982 with £6 million in gross written premium.
TBIG – whose MGA division includes Accelerate Underwriting, Insurety, and TBIG Residential Property – initially acquired a stake in Hathaway & Cope in October 2022.
“I’m delighted to strengthen our partnership with The Broker Investment Group,” said Hathaway & Cope managing director Dave Ransley (pictured), who will continue leading the company. “Since our initial collaboration in 2022, the relationship has really blossomed, and we have worked really well together to increase distribution.”
Ransley also highlighted their unique position in the market, stating: “Our niche products such as liability and excess of loss products are perfect for more unusual or difficult to place risks, and once an insurance broker gets to know both our products and our exceptional team of people, this helps grow our book of business exponentially.
“I really feel we are becoming much more visible in the insurance broking market, and we continue to attract the best talent to our team to make sure we deliver the best possible service to our retail insurance brokers.
“Feedback tells us that it is our quick turnaround of quotes and general high levels of communication that make us stand out as an MGA, and we look forward to further cementing our strong relationship with TBIG and continuing our growth trajectory.”
TBIG chief executive Dave Clapp, meanwhile, lifted the lid on the increased investment.
“When looking for growth opportunities, it is important to back the right people,” he declared. “We were really impressed with Dave and his team before we took the initial investment in 2022, and working with them since has been a real pleasure.
“We are delighted to be increasing our investment in this business as we see the significant growth potential. Our MGA division is in a great place, and we look forward to continued success in the years ahead.”
Financial terms of the transaction were not disclosed.
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