The Business
For 35 years, Travel & General Insurance Services Limited has specialised in financial protection insurance (surety bonds) for the travel industry. T&G operates as an MGA (Managing General Agent), vested with underwriting authority by Hiscox, which acts as the primary insurer.
The Deal
We invested £8.4m in the management buyout of T&G. As part of the transaction, £3m of senior debt was provided by Triple Point. We led negotiations with the vendors and took time to understand this complex business, enabling us to complete the transaction just prior to the business’s peak trading period, which was a key requirement.
The Plan
With its skilled underwriting base and detailed understanding of the surety industry, T&G is expanding into a number of new markets in mainland Europe. We have supported the introduction of Carl Beardmore, a sector specialist Chairman, and are targeting bolt-on acquisitions of specialist MGA operations.
