Inter Hannover has acquired London and European, the provider of title insurance and legal indemnity solutions.
Inter Hannover is a subsidiary of Hannover Re. It is registered in England and its activities include writing primary insurance business via MGAs.
It claimed the news will mean “significant investment” into London and European; bringing the underwriting in-house to Inter Hannover and giving London and European access to “superior rated security”.
The deal aims to provide London and European with the capacity to underwrite complex legal indemnity and title insurance solutions with Inter Hannover and, where necessary, in partnership with established Lloyds and London market insurers, as well the opportunity to offer other new risk management products to lenders.
“London and European is an established authority in this specialist niche line and has a solid book of existing clients as well as a healthy appetite to grow profitably,” said Nick Parr, CEO Inter Hannover.
“We believe there is a real market opportunity in this sector and we saw something exceptional in London and European. We have experienced a long and fruitful relationship with them and we’re delighted to have completed this deal to take full ownership of this growing business.”
Christopher Taylor, London and European CEO, who completed an MBO of the MGA in 2009 will, along with all other London and European staff, remain with the business.
He said: “Inter Hannover is an entrepreneurial business which has the ability to spot an opportunity in a specialist sector and the vision to realise its potential. It’s no secret that the property market continues to be depressed but our continued success despite the state of the market is proof that our innovation, expertise and products have endured and remain invaluable solutions for lenders and conveyancers.
“I’m very pleased and excited by the new partnership between London and European and Inter Hannover. Inter Hannover’s superior security will be a game changer for London and European – giving our clients access to other innovative risk management products and opening up our doors, products and services to a wider and potentially much larger market.”