Specialist MGA and broker services platform, OneAdvent, has completed a management buyout.
This investment is aimed at boosting its UK and European market presence and product offering.
The management buyout was led by the firm’s current Managing Director, Tim Quayle, who becomes CEO.
Former Group CEO and founder, David Hill, is also part of the investment team and will remain with the business as a Non-Executive Director.
Tim Quayle, OneAdvent CEO said, “This is a landmark moment for OneAdvent and our leadership team. It provides us with access to new funds which we will use to grow out our existing support services and capabilities, both here in the UK and more widely across Europe.
“With the continuing growth of the MGA sector, we see a huge opportunity for a flexible independent MGA platform that understands what entrepreneurial underwriters and MGAs need to succeed.”
The funds raised from the MBO will be directed to develop new business partnerships and capabilities.
It will help to broaden the business’ ability to source and secure additional capacity for existing and new MGA and broker partners.
Quayle added, “Whilst the MBO gives us the financial strength to broaden our market appetite and offering, we will maintain the identity and independent approach which our existing MGAs and partners welcome and have come to rely upon.”
Hill, Non-Executive Director, concluded, “Since starting the business in 2000 we have been refining our offering and striving to be a partner that goes above and beyond. This is a fantastic opportunity for us to secure the future of our business and help accelerate the growth of our clients.”
