TBIG acquires 70% stake in Newark-based £3.5m GWP broker

The Broker Investment Group (TBIG) has acquired a 70% majority stake in Newark-based broker Magnet Insurance.

Established in 2008, Magnet specialises in property insurance, including non-standard homes, unoccupied properties, listed buildings, distressed risks and high net worth (HNW) households.

Writing £3.5m in gross written premium (GWP), Magnet employs 12 people and is led by managing director Tony Bound, alongside fellow directors Olivia Johnston and Kristian Johnston.

Following completion of the deal, Magnet will continue to trade under its existing brand from its Newark headquarters, with no changes to staff or client arrangements.

Under the agreement, Magnet will gain access to wider insurer relationships, marketing support, compliance expertise and additional resources through the TBIG network.

Bound said: “This is an exciting new chapter for Magnet.

“We wanted a partner that shared our values, respected the business we’d built and could help us take it to the next level. TBIG gives us exactly that.

“I’ll continue leading Magnet alongside our fantastic team, while benefiting from the additional scale, insurer relationships and support that will help us grow faster.”

Growth plans

TBIG said the acquisition aligns with its strategy of investing in entrepreneurial brokers with specialist expertise and strong regional reputations.

The investment is also intended to support the broker’s next phase of growth while maintaining its existing leadership structure.

Dave Clapp, deputy chairman at TBIG, said: “From our very first conversations, we were drawn to Magnet. Not just because of its specialist expertise, but because of the quality of its people, the culture Bound has created and the ambition to continue growing the business.

”Magnet has established an excellent reputation in a technically demanding area of the market, backed by exceptional customer loyalty. It’s exactly the type of business we want to partner with.”