The Broker Investment Group has snapped up a 70% majority stake in broker Magnet Insurance, which is based in Newark and controls around £3.5m in gross written premium. Magnet was established in 2008 and has a focus on non-standard homes such as thatched, unoccupied, listed or distressed risks.

Tony Bound leads a team of 12 at Magnet and following the deal the firm will continue to trade under its own brand and from its existing headquarters. The broker also supports high net worth homeowners and commercial property clients and has two specialist schemes for model railway enthusiasts, clubs and societies, as well as stamp collectors, philately clubs and dealers.

Dave Clapp, deputy chairman of The Broker Investment Group, said: “From our very first conversations, we were drawn to Magnet. Not just because of its specialist expertise, but because of the quality of its people, the culture Tony has created and the ambition to continue growing the business.

“Magnet has established an excellent reputation in a technically demanding area of the market, backed by exceptional customer loyalty. It’s exactly the type of business we want to partner with.”

Tony Bound, managing director of Magnet Insurance added: “We wanted a partner that shared our values, respected the business we’d built and could help us take it to the next level. TBIG gives us exactly that.

“I’ll continue leading Magnet alongside our fantastic team, while benefiting from the additional scale, insurer relationships and support that will help us grow faster.”