Insurance intermediary platform ANV Group Holdings Ltd has struck a deal to acquire Assured Underwriting Group Limited from private equity firm Mobeus. Assured is a London-based managing general agent that was founded in 1983 and specialises in insurance-backed financial protection products for tour operators and the travel sector.

Assured underwrites travel bonds that operators use to satisfy the insolvency requirements enshrined in UK and EU regulations for the packaged travel market. It also offers financial failure insurance products. The acquisition is subject to regulatory approval and is expected to complete in the third quarter.

Adam Karkowsky, chairman and chief executive officer of ANV, said: “AUG will continue to be a best-in-class underwriting franchise with deep expertise in travel protection and a long track record of disciplined, profitable underwriting.

“This acquisition is fully aligned with ANV’s strategy of partnering with specialist MGAs in niche markets.”

Richard Watson, chief executive officer of Assured Underwriting Group, added: "ANV's long-term investment approach, established capacity relationships and global infrastructure are ideally suited to support our continued expansion across Europe and beyond. We are confident this is the right home for our business, our people and our clients.”