US-based managed general underwriter (MGU) platform DOXA has acquired Eaton Gate from European alternative credit specialist NorthWall Capital.
Established in 2016, Eaton Gate is an independent, founder-led commercial MGU specializing in UK small and medium-sized enterprises (SME) commercial and mid/high net worth insurance.
The company serves over 50,000 customers and is considered the UK’s largest independent commercial MGU.
Its deep industry experience, AM Best A-rated global insurance authority, extensive underwriting business and robust distribution model have driven its rapid growth.
Eaton Gate is DOXA’s first acquisition in the UK and the company expects it will help accelerate its international expansion and growth strategy in the specialty insurance sector.
Back in December 2024, NorthWall provided a £43.5 million senior secured loan facility to Eaton Gate, supporting the refinancing of existing debt facilities and providing the business with additional capital to accelerate growth.
As part of the partnership, the facility supports Eaton Gate’s continued regional expansion and investment in its electronic trading platform.
Eaton Gate CEO Jonathan Matthews added: “NorthWall has been a supportive and flexible capital partner during a critical stage of Eaton Gate’s development. Their ability to build solutions based on our needs has enabled us to accelerate our strategic priorities while maintaining our market position. We are grateful to the team for their partnership and look forward to building on the strong foundation we have built together as we enter the next chapter with DOXA.”
The acquisition is subject to standard regulatory approvals and is expected to be completed in the second half of 2026.
Howden Capital Markets & Advisory serves as DOXA’s exclusive financial advisor.
Michael Forman, Co-Head of North America at HCMA, said: “DOXA’s announcement of the acquisition of Eaton Gate is a decisive transaction that reinforces the rapid international expansion efforts of a leading U.S. MGA. Eaton Gate is a top UK underwriting platform with the scale, leadership and capabilities to accelerate DOXA’s global ambitions. HCMA is proud to have advised on this transaction, which represents the next phase of growth for a best-in-class specialty platform.”
The transaction underscores the continued importance of M&A to DOXA’s strategy throughout 2026.
Leo Beckham, Head of UK and Europe at HCMA, commented: “DOXA’s first acquisition in the UK highlights the increasing pace and complexity of cross-border mergers and acquisitions in the specialty insurance industry. HCMA’s fully integrated transatlantic platform and deep industry expertise puts us at the forefront of advising on these strategic transactions. We will continue to deliver best-in-class results for clients executing on their international growth strategies.”