Magenta backs insurance underwriter EGV

The investment is the second for Magenta's second fund, which invests equity tickets of £5-20m and closed last August on £60m. Magenta partner Chase Emson has joined the EGV board.

Company
EGV specialises in UK mid-market commercial insurance and is comprised of Eaton Gate and Vigilis, currently two separate companies with the same management. Both were established in 2016 by Gary Burke.

Burke also founded underwriting agency Iprism, which was backed by Magenta in 2010 and sold to Bowmark Capital in 2014.

People
EGV – Gary Burke (founder).
Magenta Partners – Chase Emson (partner).

Advisers
Equity – Eversheds Sutherland (legal); Smith and Williamson (tax); Intuitus (IT due diligence).
Company – ABG Corporate Finance (corporate finance); Macfarlanes (legal); Norton Rose (legal).

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• Topics
• Expansion
• Financials
• UK / Ireland
• United Kingdom