Insurance provider’s management team complete MBO

The management team at Hood Group have completed a buyout of the insurance provider’s silent shareholders.

The transaction comes as the firm’s leadership team looks to expand the business’ functions and resources, as well as invest in new and existing verticals.

Chief executive Simon Hood, commercial director Bruce Reid, chief operating officer James Wallis, travel director Mark Izzard and non-executive chair Andy Homer all remain with the business following the deal, as do the associate directors.

Hood said: “This investment marks an important milestone for Hood Group.

“We are confident in our ability to accelerate our growth plans and continue providing market-leading insurance solutions to our partners and customers.”

Support

The buyout was supported by Connection Capital, a private equity and alternative investment platform.

Hood welcomed the support of the firm, saying that it had a “great team”.

Mark Snaith, investment director at Connection Capital, added: “We have enjoyed getting to know the management team at Hood Group and have been impressed with their experience, expertise and how they have evolved the business as the insurance market has continued to change.

“We believe they are well-positioned to build on the company’s success and continue delivering exceptional value to their clients. Our investment and our connections within the insurance industry will provide the support needed to unlock new opportunities and deliver the planned growth.”