Nick Parr, CEO Inter Hannover, said: “London & European is an established authority in this specialist niche line and has a solid book of existing clients as well as a healthy appetite to grow profitably.
“We believe there is a real market opportunity in this sector and we saw something exceptional in London & European. We have experienced a long and fruitful relationship with them and we’re delighted to have completed this deal to take full ownership of this growing business.”
London & European CEO, Christopher Taylor, who completed an MBO of the MGA in 2009 and who successfully negotiated the deal, said: “Inter Hannover is an entrepreneurial business which has the ability to spot an opportunity in a specialist sector and the vision to realise its potential.
“It’s no secret that the property market continues to be depressed but our continued success despite the state of the market is proof that our innovation, expertise and products have endured and remain invaluable solutions for lenders and conveyancers.
“I’m very pleased and excited by the new partnership between London & European and Inter Hannover. Inter Hannover’s superior security will be a game changer for London and European – giving our clients access to other innovative risk management products and opening up our doors, products and services to a wider and potentially much larger market.”
Christopher Taylor and all staff currently at London & European will remain with the business.
Inter Hannover is registered in England and its activities include writing primary insurance business via MGAs. The company provides the security and protection of an S&P ‘AA-‘ and A.M. Best ‘A+’ rated global insurance provider. Today’s announcement will mean significant investment into London & European; bringing the underwriting in-house to Inter Hannover and giving London & European access to rated security. The deal will provide London & European with the capacity to underwrite complex legal indemnity and title insurance solutions with Inter Hannover and, where necessary, in partnership with established Lloyds and London market insurers, as well the opportunity to offer other innovative risk management products to protect lenders’ books of business.