London-based Trireme Insurance Group, a unit of insurance broker US Risk Insurance Group, has taken over local peer MGB Insurance Brokers (MGB). Financial terms of the deal were not revealed.
Previously called Senior Wright Indemnity, MGB was acquired by Manchester Underwriting Management around five years ago.
Trireme chairman Randall Goss said: “MGB’s approach to its partner brokers and clients is very similar to U.S. Risk’s. They value client service and building a long-term relationship by demonstrating their expert knowledge of their market segments.”
MGB places professional indemnity risks for firms across various industries including construction, consulting, accounting, and insurance. It was established in 2001 and is a Lloyd’s broker.
The company will now sit alongside Oxford Insurance Brokers and James Hampden International, Trireme’s existing broking businesses.
MGB joint managing director Nick Bender said: “Glenn Gostling and I are delighted to join the U.S. Risk family of companies. We believe their entrepreneurial culture matches up very well with ours, and we are excited to be able to both supplement our offering to current brokers and clients and to expand our client base through the U.S. Risk network of agents.”
Trireme’s growing number of specialist MGA platforms includes UNIS AG and Antarah Underwriting based in Dubai. Trireme is backed by US Risk Inc, the eighth largest MGA in the US.