Senior management at specialist liability adjuster Garwyn have completed their MBO, with the deal estimated at £20m.
Insurer QBE announced in November 2005 that it had decided to sell off the adjuster because in the long term Garwyn was "not core" to its underwriting businesses.
Garwyn managing director Declan Treanor confirmed at the time that a number of capital providers were involved in the deal. As yet Garwyn has not named the providers.
QBE managing director of Lloyd's division Steve Burns said: "We are very pleased to have successfully concluded the Garwyn MBO. We wish the team at Garwyn all the best and look forward to continuing our business relationship together."
Treanor led the buy-out team which includes the company's directors and staff.
