Barbican buys Manchester based MGA

Guernsey-based insurance group Barbican has purchased the Manchester-based MGA, Professional Indemnity Protect (PI Protect).

PI Protect brand will retain its branding and the underwriting team will remain in Manchester, becoming part of Barbican's regional professional indemnity underwriting business.

"This acquisition represents a good underwriting fit with our portfolio and is an effective way to accelerate our development in the UK PI sector," says David Reeves, chief executive of Barbican.

"The deal represents a clear opportunity to buy a young business and take it through the next stage of growth and create real value."