DOXA, a US-based managing general underwriter (MGU) platform, has acquired the Eaton Gate Group (Eaton Gate) from European alternative credit specialist, NorthWall Capital.
Founded in 2016, Eaton Gate is a founder-led, independent commercial MGU specialising in UK small to medium-sized enterprises (SMEs) commercial and mid-/high-net-worth insurance.
Serving over 50,000 clients, the company is considered the UK’s largest independent commercial MGU.
Its deep industry experience, authority from AM Best rated A- global insurers, broad underwriting footprint, and robust distribution model have driven its rapid growth.
Eaton Gate is DOXA’s first acquisition in the UK and the firm expects it to be instrumental in accelerating its international expansion and growth strategy across specialty insurance.
Back in December 2024, NorthWall provided a £43.5 million senior secured lending facility to Eaton Gate, supporting the refinancing of existing debt facilities and equipping the business with additional capital to accelerate growth.
Over the course of the partnership, the facility supported Eaton Gate’s continued regional expansion and investment in its e-trade platform.
Jonathan Matthews, CEO at Eaton Gate, added, “NorthWall has been a supportive and flexible capital partner throughout a pivotal phase of Eaton Gate’s growth. Their ability to structure a solution tailored to our needs allowed us to accelerate our strategic priorities whilst maintaining our market position. We thank the team for their partnership and look forward to building on the strong foundations established together as we enter our next chapter with DOXA.”
The acquisition is subject to standard regulatory approvals and is expected to complete in the second half of 2026.
Howden Capital Markets & Advisory is acting as exclusive financial advisor to DOXA.
Michael Forman, Co-Head of North America, HCMA, said: “DOXA’s announced acquisition of Eaton Gate is a defining transaction that reinforces the rapid international expansion efforts of leading U.S. MGAs. Eaton Gate is a top-tier U.K. underwriting platform with the scale, leadership and capabilities to accelerate DOXA’s global ambitions. HCMA is proud to be advising on a transaction that exemplifies the next phase of growth for best-in-class specialty platforms.”
This transaction underscores the ongoing importance of M&A to DOXA’s strategy throughout 2026.
Leo Beckham, Head of UK & Europe, HCMA, commented: “DOXA’s first acquisition in the U.K. highlights the increasing pace and complexity of cross-border M&A in the specialty insurance sector. HCMA’s fully integrated transatlantic platform and deep sector expertise position us at the forefront of advising on these strategic transactions. We continue to deliver best-in-class outcomes for clients executing on international growth strategies.”
