IMAS acted as the exclusive financial adviser to Manchester Underwriting Agencies Limited (“Manchester Underwriting”) on the sale of the business to Gallagher Holdings (UK) Limited (“Gallaghers”).
Manchester Underwriting (or ‘MUM’) is a multi-class, full-service underwriting agency based in the UK. Established in 2010 by Charles Manchester, the business has grown to become one of the best known and respected MGAs in the UK. It is a benchmark underwriting business that has delivered consistently profitable underwriting over many years, whilst providing brokers and their customers with a best-in-class service through cover, pre-bind service and in claims. MUM is active across Professional Indemnity, Management Liability, and Casualty lines of business, serving mainly SME clients in the UK and selected overseas markets. The business operates across five offices in the UK, including Chesham in Buckinghamshire (where it is headquartered) and Lime Street in London, employing 44 staff.
Gallaghers is a leading global insurance brokerage, based in Illinois and listed on the New York Stock Exchange. It employs more than 30,000 staff globally. The business is a Top 10 broker in the UK. Its UK underwriting division, Pen Underwriting, is one of the UK’s largest MGA’s, with a stated strategic aim to become a £1bn GWP underwriting and distribution business.
IMAS was retained by Manchester Underwriting in the second half of 2021 to advise the business and its owners on a sale. IMAS managed a very narrow and tightly controlled process, soliciting interest from a small number of carefully selected parties. Gallaghers/ Pen Underwriting was selected based on a number of factors, including its long-term approach and commitment to partnering closely with its insurers to deliver sustainable business based around disciplined underwriting.
IMAS advised Manchester Underwriting on all aspects of the transaction, including assisting the business throughout a comprehensive due diligence process conducted by the buyer.