Sale of Northcourt

27 Apr 2021

Northcourt is the only independent MGA specialising exclusively in the provision of specialist Nuclear Property and Nuclear Liability insurance to nuclear power station operators; decommissioning plants; nuclear fuel manufacturers; enrichment processors; and other contractors & suppliers to the nuclear industry. For many years the company had been led by its highly experienced management team, but it was wholly-owned by the estate of its founder. Optio Group, a PE backed MGA focused on emerging and specialty lines, was the successful acquirer.

Key features of the transaction include:

  • A genuinely unique business that was dependent on a small number of key people with specialist market knowledge that most of the interested potential buyers did not have;
  • It was necessary to ensure that all stakeholders were tied in to the business post-sale and incentivised through the sale process;
  • The transaction utilised a buyer’s W&I policy; and
  • Transaction successfully concluded at a favourable valuation of > 1x GWP with no deferred consideration.

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