Firm will seek to buy brokers and MGAs following investment from ECI Partners

Online home insurance broker Avantia has completed a £57m private equity-backed management buy-out (MBO).

The transaction was backed by mid-market private equity house ECI Partners.

Avantia owns the HomeProtect home insurance brand.

The company says its investment in research and development has allowed it to offer home insurance to households that others would consider too difficult to serve.

It says it can return a quote to more than 97% of applicants, and that 80% of its business is considered non-standard.

Avantia chief executive Phillip Walter said: “This investment from ECI will allow us to grow faster organically as well as by acquisition. We will be looking to acquire profitable specialist household books of business or MGAs and intermediaries who are specialists within the residential property market.”

ECI investment director Paul McCreadie added: “ECI’s investment into Avantia will help to accelerate its growth in both existing and new markets. We look forward to working with Phillip and his team to realise HomeProtect’s strong potential.”