LLOYD’S COVERHOLDER ATC ACQUIRES AUSTRALIAN MOTOR MGA

Australian managing general agent and Lloyd’s coverholder ATC Insurance Solutions has acquired MB Prestige Holdings, a Sydney-based prestige motor vehicle MGA. ATC has agreed to acquire 100% of MB for A$17m (£9m), with the consideration being paid in a combination of cash and equity. The deal will also see private equity investor BP Marsh sell its 40% stake in MB for newly issued shares in ATC valued at A$6.8m. BP Marsh currently has a 20% shareholding in ATC, which will increase to 25.5% following ATC's acquisition of MB. Daniel McNamara, the current managing director of MB, will join the management team at ATC, whilst also remaining managing director of MB. BP Marsh said the transaction was a “transformational opportunity for both companies, creating one of the largest independent underwriting agencies in Australia, handling gross written premium of circa A$125m.”