Seventeen Group back on the acquisition trail with MGA purchase
MGA Touchstone Underwriting has bought Shield Underwriting from Stackhouse Poland, swelling its underwriting capacity by 12.5%.
The takeover grows the capacity of Touchstone, which is owned by Seventeen Group, by £1.5m to £13.5m. The sale price was not disclosed.
Shield’s three underwriters, Rebekah Whiskin, Cara Russell and Kerry Skinner, have moved to Seventeen Group’s Chelmsford office.
Touchstone managing director Alan Roe said the acquisition would help it reach brokers in Kent and Essex. The rest of Touchstone’s staff are based in Watford.
“We’re excited. A real part of our business plan was to acquire businesses as well as growing organically,” Roe said.
Touchstone is targeting £40m in gross written premiums in three years.
The acquisition adds Contessa Underwriting to the list of A-rated capacity providers that Touchstone works with.
Touchstone specialises in insurance products for tour operators, roofers and scaffolders and unoccupied property, while Shield is a professional indemnity specialist with products for hotels, pubs and restaurants and dry cleaners.
Stackhouse Poland acquired Shield as part of its takeover of LFC Shield in February.