Insurer swoops for £30m rival

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A Doncaster-based insurance company is set to snap up a £30m turnover underwriting business in Northern Ireland.

Ryan Direct Group has agreed to acquire MGA Midas Underwriting, subject to regulatory approval, for an undisclosed sum.

The group employs 475 across sites in Doncaster, London, Manchester, Preston and Elland. Midas employs 51.

Derek Coles, CEO, said: “Ryan Direct is a Yorkshire business that has doubled in size during the last two years and Midas puts us well on the way to trebling over the next two years.

“This acquisition gets us into the Northern Ireland and Irish markets, where we see real growth opportunities. All the Midas people will become part of Ryan Direct Group, however, it is likely that we will be recruiting in the North during the next few months to service the business growth this acquisition delivers.

“Midas is a specialist business and it complements our existing portfolio in SMEs, property owners and landlords and additionally supports our medium-term aim of creating a balanced commercial and personal lines book.”

Alan Hunter, managing director of Midas, said: “This acquisition is a huge vote of confidence in our business and our people. It strengthens our position as a leading player in the Northern Ireland and Irish market, and will give us added financial strength to accelerate growth under the RSG brand.

Paul Donaldson, currently non-executive director of Ryan Direct, will chair the acquired business, which is headquartered in Belfast.”