TBIG acquires 70% majority stake in Magnet Insurance in 4th deal of 2026

The Broker Investment Group (TBIG) has acquired a 70% majority stake in Newark-based Magnet Insurance.

Established in 2008, Magnet Insurance writes £3.5 million Gross Written Premium (GWP) and has built a strong reputation for advising clients with more complex property insurance needs, including non-standard homes (Thatch, Unoccupied, Listed, distressed risks), residential property owners, commercial property owners, and high net worth homes.

The business also operates two specialist insurance schemes for model railway enthusiasts, clubs and societies, as well as stamp collectors, philately clubs and dealers.

Led by Managing Director Tony Bound, Magnet employs 12 people and remains a family-run business, with fellow Directors Olivia Johnston and Kristian Johnston playing key leadership roles.

The investment reflects TBIG’s strategy of partnering with high-quality entrepreneurial brokers with specialist expertise and strong local reputations. Magnet’s technical knowledge, personalised service and exceptional customer retention made it a natural fit for the growing Group.

Following completion, Magnet will continue to trade under its existing brand from its Newark headquarters, with no changes for clients or staff. Tony will continue to lead the business, while the investment supports the next phase of growth and provides a long-term pathway for future family leadership through Olivia and Kristian.

By joining TBIG, Magnet will benefit from wider insurer relationships, enhanced marketing and compliance support, and the scale and resources to accelerate its growth while remaining true to the values that have underpinned its success over the past 18 years.

Dave Clapp – Deputy Chairman, The Broker Investment Group

Dave Clapp, Deputy Chairman of The Broker Investment Group, comments:

“From our very first conversations, we were drawn to Magnet. Not just because of its specialist expertise, but because of the quality of its people, the culture Tony has created and the ambition to continue growing the business.

Magnet has established an excellent reputation in a technically demanding area of the market, backed by exceptional customer loyalty. It’s exactly the type of business we want to partner with.

Our investment is about building on that success. Magnet will retain its identity and independence while benefiting from the wider insurer relationships, expertise and support available across TBIG.

We’re delighted to welcome Tony, Olivia, Kristian and the whole Magnet team to the Group and look forward to supporting the next stage of their journey.”

Tony Bound, Managing Director, Magnet Insurance

Tony Bound, Managing Director of Magnet Insurance, comments:

“This is an exciting new chapter for Magnet Insurance.

We wanted a partner that shared our values, respected the business we’d built and could help us take it to the next level. TBIG gives us exactly that.

I’ll continue leading Magnet alongside our fantastic team, while benefiting from the additional scale, insurer relationships and support that will help us grow faster. At the same time, the investment provides a clear long-term future for the business, supporting Olivia and Kristian as the next generation of family leadership when the time is right.

It’s very much business as usual for our clients, but with even greater opportunities ahead. We’re excited to become part of TBIG and look forward to growing together.”