ANV Group Holdings said Monday it has agreed to acquire Assured Underwriting Group, a London-based specialty managing general agent that provides insurance-backed financial protection to tour operators in the U.K. and Europe, from Mobeus, a private equity firm.
Terms of the transaction were not disclosed. The deal is subject to approval by the U.K. Financial Conduct Authority and is expected to close in the third quarter.
Founded in 1983, Assured Underwriting Group underwrites insurance-backed travel bonds that are used by tour operators to satisfy insolvency requirements mandated under the UK and EU package travel regulations, in addition to financial failure insurance and consulting services. The MGA has about 40 employees and over 1,600 clients in more than 10 European countries.
Assured Underwriting Group CEO Richard Watson and COO Walter McCulloch will continue to lead the business, according to an ANV statement.