Atec announces first acquisition since securing PE backing

Atec Group has acquired commercial SME insurance specialist Moorhouse Group, marking its first deal since securing backing from private equity investor Perwyn in 2024. 

Caerphilly-based Moorhouse Group has operated for 35 years and has three brands, including wholesale broker Xbroker, retail arm constructaquote.com and MGA Toledo.

All 80 of its staff will transfer to Atec under the new ownership, with the Moorhouse brand retained and no changes expected to existing customer or broker services.

Brendan Devine, chief executive at Atec, said the acquisition supports the firm’s strategy to expand into new markets.

“We’re delighted to make this announcement and hugely excited to welcome Moorhouse to the Atec Group,” he said.

“Moorhouse is an established, respected business with a long heritage, a clean book of business and strong capacity partnerships already in place.

“It is the perfect stepping stone for Atec into the SME space to help diversify and grow our portfolio into complementary lines.”

‘First of many’

Atec operates across the UK personal lines market, designing, distributing and underwriting a range of specialist home and leisure products.

It currently serves more than 350,000 policyholders and has tripled its organic revenues since 2020.

Edward Lunken, investment director at Perwyn, said the deal aligned with Perwyn’s plans to accelerate Atec’s growth through targeted acquisitions.

He said: “We are very pleased with Atec’s first bolt-on acquisition. When we invested in Atec in June last year, we undertook to support Devine and his team both to continue the strong organic growth and also to begin a new chapter of M&A.

“The acquisition of Moorhouse represents the ideal entry-point into the new and complementary end-market of SME insurance and we hope that it will be the first acquisition of many.”