A leading independent provider of specialist insurance products is aiming to double in size after being bought by a US investor.
The deal, which is subject to approval from the Financial Conduct Authority, saw Vantage Holdings Limited, which has offices in London, Worthing, Farnborough and Brentwood, being acquired for an undisclosed sum by Pennsylvania-based NSM Insurance Group.
The sale of the business – which includes Vantage Insurance and Classic Insurance Services – was handled by law firm Cripps.
Partner Nigel Stanford, who led the multi-disciplinary legal team, said: “The acquisition of Vantage saw the existing shareholders – predominantly the management team – sell their interests in the business to NSM but with senior managers staying in post.
“With the additional financial muscle the new parent company offers, Vantage is looking to buy other niche insurance providers with a view to doubling the size of the business over the next five years.
“This is the second US acquisition of a UK business we have handled in recent weeks where the aim has been to give the purchaser a foothold in this country with a view to growing its presence further.”
Like Vantage, NSM is an industry leader in the development, implementation, marketing and underwriting of profitable, industry-specific insurance programs, handling over US$500 million in premiums annually.
John Collyear, CEO of Vantage, said: “We are absolutely delighted to be partnering with NSM and excited about the opportunities that lie ahead.
“I look forward to continuing our relationship with Cripps as we further develop as a company.”
Cripps has offices in Tunbridge Wells, Kings Hill, London and Sandwich.