Travel & General Insurance Services
A leading UK provider of financial protection insurance for the travel industry
Mobeus has invested £8.4m in the management buyout of Travel & General Insurance Services (T&G), a leading UK provider of financial protection insurance for the travel industry.
T&G is a specialist providing financial protection insurance (surety bonds) to the travel industry, and operates as a Managing General Agent vested with underwriting authority by Hiscox, which acts as the primary insurer.
Mobeus provided £8.4m to fund the MBO. As part of the transaction, £3m of senior debt was provided by Triple Point.
Following the buyout, Hiscox will also support the business’s ambition to move into other areas of surety, including bonds for construction projects, leveraging its strong reputation and skilled underwriting base.
Chris Price led the deal for Mobeus, supported by Freddie Bacon, and will join the board. The buyout of T&G sees Mobeus backing a strong management team, led by Richard Watson (MD) and Richard Tillett (underwriting director). Tillett has previously worked in construction underwriting at AmTrust and RSA, and has particular experience in opening up new vertical markets. Industry expert Christian Young will join as chairman from completion. He has held senior roles at the AA and Aon, and has non-exec experience.
- Business Services
- Management Buyout
- August 2018
- Chris Price