We are delighted to announce that our portfolio company Atec Group, the high-growth multichannel insurance distribution platform, has acquired Commercial SME insurance specialist, Moorhouse Group, subject to regulatory approval.
This marks Atec’s first acquisition since securing investment from Perwyn in 2024. The deal signals Atec’s intention to triple in size in the next five years, through a combination of M&A and organic growth, to become a top 10 specialist insurance broker.
Moorhouse is a specialist in Commercial SME insurance with a 35-year heritage. The group includes a wholesale broking operation, Xbroker, a retail broking arm under the online brand constructaquote.com, and the MGA, Toledo. Based in Caerphilly in Wales, Moorhouse’s 80 employees will all transfer across under the new ownership. The company will retain the Moorhouse brand, and the acquisition will present no disruption to service for its customers and broker partners.
Atec designs, distributes and underwrites a range of specialist home, leisure and now SME insurance products within the UK wholesale and retail personal lines market on behalf of over 350,000 policyholders. Backed by 15 years of high-quality data and significant investment in technology and analytics, Atec has successfully outpaced and outperformed the market, more than tripling its organic revenues since 2020 and growing its customer policy volumes from 125,000 to 350,000. The company now aims to replicate its success in retail and wholesale broking, and in the MGA space to drive growth for Moorhouse.
Brendan Devine, CEO of Atec, commented:
“We are delighted to have signed a deal to acquire Moorhouse and are hugely excited to welcome them to the Atec Group. Moorhouse is an established, respected business with a long heritage, a clean book of business and strong capacity partnerships already in place. Its range of SME products are comprehensive, flexible and dedicated to the sector. It is the perfect stepping stone for Atec into the SME space to help diversify and grow our portfolio into complementary lines.”
Edward Lunken, Investment Director at Perwyn, added: “We are very pleased with Atec’s first bolt-on acquisition. When we invested in Atec in June last year, we undertook to support Brendan and his team both to continue the strong organic growth and also to begin a new chapter of M&A for Atec. The acquisition of Moorhouse represents the ideal entry-point into the new and complementary end-market of SME insurance and we hope that it will be the first acquisition of many.”