Twin UK, an insurance coverage underwriter, has introduced the acquisition of managing common agent (MGA) Worldwide Passenger Safety (IPP).
The monetary phrases of the transaction weren’t disclosed.
The deal is ready to boost Twin UK’s presence within the journey monetary failure insurance coverage market.
IPP, established in 1990 and primarily based in London, specialises in offering merchandise that shield customers towards the insolvency of journey operators and associated suppliers.
The acquisition is topic to regulatory approval in each the UK and Malta.
Twin UK is a part of Twin, a subsidiary of Howden. It operates in 50 nations and employs 16,000 folks, managing $38bn in premiums for shoppers.
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Twin UK CEO Simon McGinn stated: “IPP is a pioneer in all of the merchandise they provide and is recognised as a pacesetter within the journey sector. This acquisition provides a robust new product set to Twin’s UK portfolio, and positions us because the market chief in journey monetary failure insurance coverage.
“As we take a look at our progress plans, I additionally see this as an excellent alternative to additional construct the IPP enterprise as they collaborate with colleagues throughout Twin and the broader Howden enterprise, offering them the chance to entry Twin’s dealer community and service companions. I’m trying ahead to welcoming the entire IPP staff to Twin.”
IPP managing director Paul Mclean stated: “We’re trying ahead to the subsequent chapter for IPP in Twin. We will already see among the nice advantages of being a part of one of many world’s main MGAs and turning into a part of the Howden household. Being half of a giant organisation will give us entry to a community of brokers and capability to additional develop our enterprise.”
Final month, Twin Australia launched its specialty strains enterprise product, guarantee and indemnity insurance coverage, concentrating on sectors comparable to actual property, renewables, infrastructure, manufacturing and expertise.
In July, Twin Europe partnered with VHV Allgemeine Versicherung, a German insurance coverage supplier specialising within the development sector, to boost its development market choices.
Earlier within the 12 months, Twin Europe acquired the Genoa-based marine staff from Swiss Re to strengthen its marine insurance coverage capabilities.
