Insurance business snaps up specialist firm
DONCASTER-BASED insurance business Ryan Direct Group has bought up an Irish company for an undisclosed sum.
RDG is part of the Chicago-based Ryan Specialty Group. It has bought Belfast-headquartered MGA Midas Underwriting, which is said will increase its specialist home, motor and commercial products.
Derek Coles, RDG chief executive, said:”Midas is a specialist business, like RDG, and the Midas book complements our existing portfolio in SME, property owners and landlords, and additionally supports our medium term aim of creating a balanced commercial and personal lines book.”
He added: “It marks RDG’s first significant foray into the niche and specialist motor market, building on our existing TPA arrangement with the Only Young Drivers brand in the UK.”
Alan Hunter, managing director of Midas, said: “This acquisition by RDG is a huge vote of confidence in our business and our people. It strengthens our position as a leading player in the Northern Ireland and Irish market, and will give us added financial strength to accelerate growth under the RSG brand.”
Midas will write in excess of £30 million GWP into the market in its current financial year covering the mainland UK, Northern Ireland and Southern Irish markets.
