Insurance services provider Ryan Direct Group (RDG), a Britishsubsidiary of Chicago-based Ryan Specialty Group, said it plans toacquire Northern Ireland-based MGA Midas Underwriting.

The terms of the agreement were not disclosed, but theacquisition is subject to regulatory approval.

RDG CEO Derek Coles said the acquisition will give RDG extracapability in niche and specialist lines in home, motor andcommercial: “Midas is a specialist business, like RDG, and theMidas book complements our existing portfolio in [small and midsizeenterprises], property owners and landlords, and additionallysupports our medium-term aim of creating a balanced commercial andpersonal lines book.”

“It marks RDG’s first significant foray into the niche andspecialist motor market, building on our existing [third-partyadministrator] arrangement with the Only Young Drivers brand in theU.K.,” he said. “We look forward to working with Midas’s existingcapacity providers, including Axa, Ageas and KGM, to deliveraccelerated growth and profitability across all businesslines.”

Coles said that RDG’s acquisition of Midas will also give RDGaccess to enhanced claims capability, especially in motor, which“adds considerably to the services the Group can offer ourinsurance and broking clients.”

“This acquisition by RDG is a huge vote of confidence in ourbusiness and our people. It strengthens our position as a leadingplayer in the Northern Ireland and Irish market, and will give usadded financial strength to accelerate growth under the RSG brand,”said Alan Hunter, managing director of MGA Midas.

Hunter said MGA Midas’s business includes small and midsizeenterprises; commercial vehicle; personal home and motor;nonstandard home and car; property owners; and ancillaries. MGAMidas is expected to write in excess of £30 million grosswritten premium into the market in its current financial yearcovering the mainland United Kingdom, Northern Ireland and Republicof Ireland markets.

Paul Donaldson, currently nonexecutive director of RDG, willchair the acquired business, which is headquartered in Belfast,Northern Ireland, and has an office in Chelmsford, Essex, in theU.K. The acquisition is expected to be completed during the firstquarter of 2016.

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