The sale includes Manchester’s wholly owned subsidiary Manchester Underwriting Management Limited (MUM) and took place for an undisclosed sum.
Founded in 2010 by Charles Manchester, Manchester Underwriting Agencies Limited (MUM) is a full-service underwriting agency which specializes in coverage for SMEs. MUM employs 50 staff who provide professional indemnity and management liability coverage to clients across the UK from five locations, including Bristol, Buckinghamshire, Leeds, London and Scotland.
Illinois-headquartered Gallagher is a leading global insurance broker, risk management services and consulting firm with more than 30,000 employees worldwide and offers client service capabilities in more than 150 countries. In the UK, its regional network of branches and specialist London market operations provide tailored risk management and insurance solutions for corporate, commercial and individual customers. Its multi-class, multi-territory specialist underwriting subsidiary Pen Underwriting is one of the UK’s largest managing general agents (MGA) generating more than £600m gross written premium across its national branch presence and team of nearly 400 insurance professionals.
Birketts team was led from the Chelmsford office by Heidi Bond (Corporate) with assistance from James Stocker (Corporate) and Jonathan Insley (Employment). John Nisbet and Olly Laughton-Scott at IMAS acted as corporate finance adviser.
Founder and Chief Executive Officer Charles Manchester will continue to lead MUM. Of the sale he said: “Gallagher and its MGA business, Pen Underwriting, will be a great home for MUM as they share our mindset and motivations. This will be a great partnership for colleagues, capacity partners, broker clients and customers alike. We would also like to pass our sincere thanks to Birketts for their commercial acumen, responsiveness and excellent client service.”
Heidi Bond, Senior Associate in Birketts’ Corporate Team concluded: “Birketts were delighted to assist on this deal and look forward to seeing the business develop and prosper.”