Avid Insurance acquires construction MGA

Avid Insurance Services Ltd. has acquired specialist construction managing general agency Incorporated Insurance Group Ltd. for an undisclosed consideration.

The transaction sees Avid Insurance take a majority stake, increasing annual gross written premiums of the business to about £75 million. Incorporated Insurance provides insurance across the construction sector, as well as property, airside, health and safety and packaged business for small and medium-sized enterprises.

Avid CEO Steve Gibson said the transaction increases the company's specialist product lines to 12 from eight.

Incorporated Insurance Underwriting Manager Dean Surridge and Head of Operations Lyndsey Thompson will become directors of Incorporated Insurance and sit on the wider Avid operational board. Founder Mike Smith will step down as CEO but will keep a stake in the business, as will the senior leadership team.

Avid Insurance is a Lloyd's cover holder and broker that places personal lines and commercial products.