Avid Insurance Services, a specialist insurance intermediary and managing general agent with offices in London and Leeds, has secured investment from Beech Tree Private Equity (BTPE).
Avid said that the capital will be used to accelerate growth both organically and through investing in new underwriting teams.
As part of the investment, Andy Marsh and Ben Cartwright from BTPE have joined the Avid board.
“We’re delighted to partner with Beech Tree and look forward to utilising their knowledge and experience of scaling businesses as we embark on our growth plan together,” said Stephen Gibson, Managing Director of Avid.
He added: “With long-term fully delegated binder agreements in place, we have the capacity and appetite to support new product lines and to acquire complimentary underwriting teams as we continue to expand our business alongside Beech Tree.”
Mr Marsh, Managing Partner of BTPE, said: “After getting to know a large number of companies in the market, we were able to quickly identify Avid as a stand-out performer.
“The business is well diversified after developing a number of long-term relationships with capacity providers and distributers and has a demonstrable track record for writing profitable business.”