Speciality Managing General Agent (MGA) Landmark Underwriting, a leading provider of innovative insurance solutions, has completed two acquisitions. South East Law firm Thomson Snell & Passmore advised Landmark on the deals, which form part of the MGA’s wider growth ambitions.
The acquisitions follow on from Landmark’s recent, successful debt raise with BOOST&Co. The team at Thomson Snell & Passmore also advised Landmark in respect of this debt raise. Both of the organisations acquired are direct intermediaries, who will serve to bolster the strategic reach and product range of the MGA by giving it direct access to policyholders.
The first, a specialty Teacher Replacement scheme, will expand Landmark’s national footprint with a base in Leeds. The second, a specialist commercial property underwriting team, gives Landmark its third U.K. base and the opportunity to develop their new products into new geographical areas through existing, experienced teams.
This will bring the privately-owned MGA’s, total to three acquisitions in only a short period since its creation. Landmark now has three offices in the U.K. and international regulated offices in both France and Canada.
Landmark’s owners, Ross Lazaroo-Hood, Sitki Gelmen and David Robinson will continue to pursue organic and non-organic growth opportunities, looking for attractive and value-add propositions.
Jason Varney, M&A Partner at Thomson Snell & Passmore led the legal team for Landmark and was assisted by Katya Batchelor (Senior Associate, Banking & Finance), Joseph Hartland (Associate, Corporate), Joanne Wright (Partner, Commercial Property), Robert Trench (Associate, Commercial Property) and Ben Stepney (Senior Associate, Employment).
Commenting on the acquisitions, Jason Varney at Thomson Snell & Passmore says: “It is always rewarding to work with ambitious, growing businesses, building relationships and gaining in-depth knowledge of their corporate objectives to help them reach their goals. We look forward to continuing to support and guide Landmark through the complex M&A process, harnessing our in-depth legal and M&A expertise (as well as our business insight) to further accelerate their growth plans.“
Landmark’s Managing Director, David Ratledge, comments: “We are thrilled with these first two acquisitions by the Landmark team. These will bring new opportunities, increase our scope in terms of diversifying to become a growing multi-product MGA and provide additional capacity and geographical footprints. The team and I are very much looking forward to the next stage of Landmark’s planned growth, nurturing our new teams and having them working with like-minded individuals within the Landmark family."
The transaction amounts for both were not disclosed and are subject to FCA approval.