Tue, 28 Apr 2026 | BUSINESS SALE
US-based DOXA has entered the UK market with a deal for managing general underwriter (MGU) Eaton Gate Group. The acquisition provides the Indiana-based group with an immediate presence in the UK’s SME commercial and mid- to high-net-worth personal lines market.
The deal comes amid a shift in the UK’s insurance M&A market, as dealmaking moves away from the widespread broker consolidation that has established the UK as Europe’s leading market for insurance dealmaking over recent years. As this change takes effect, deals for specialist intermediaries and some niche brokers have remained resilient.
The acquisition of Eaton Gate Group is set to serve as a springboard for further international expansion for DOXA, with the group’s CEO Matt Sackett calling the deal “an excellent launching point to expand our geographic reach.”
Sackett called Eaton Gate Group reflected what DOXA was looking for, “high-quality underwriting businesses with strong leadership, deep industry expertise and teams that align with how we build for the long term”, adding that the group’s “distribution and product capabilities complement and align with DOXA’s strengths.”
According to Sackett, DOXA’s initial expansion into the UK will provide a platform for further M&A activity in the region and beyond. DOXA is backed by Goldman Sachs Asset Management, reflecting the growing interest of private equity firms in the MGA and specialty distribution markets.
Focusing on the UK mid-market, Eating Gate Group operates with a multi-MGA model. Positioning itself as an independent “virtual insurer”, the firm works exclusively via brokers, with its portfolio including Eaton Gate Commercial, Broker Express and Artsure.
Eaton Gate Group, which was founded in 2016, serves more than 50,000 businesses and homeowners and has built significant scale in the UK market, with a broad underwriting footprint and distribution model.
Jonathan Matthews, co-founder and CEO of Eaton Gate, commented: “This transaction delivers resources, financing and support as we continue to build Eaton Gate, and allows us to prioritise first class broker service and profitable underwriting. We are very much open for business and are excited to share our enhanced offering with our trading partners, as well as with current and future colleagues.”
In the year to December 31 2024, Eaton Gate MGU Limited reported turnover of £9.1 million, up from £8.1 million a year earlier, while EBITDA increased from close to £2.8 million to £3.1 million.
Read more about UK insurance M&A:
UK and Ireland insurance M&A entering “a new phase”
Insurance M&A: Is dwindling supply driving focus away from broker deals?
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