ANV Group Holdings Ltd has acquired managing general agent Assured Underwriting Group Limited, which provides insurance-backed financial protection to tour operators and other firms in the travel sector. The deal has received the requisite regulatory approvals.

London-based AUG was established in 1983 and it now supports around 1,600 clients in the UK and across continental Europe with insurance-backed travel bonds, financial failure insurance and consulting services. ANV says AUG will add travel protection and financial failure capabilities to its credit and protection division.

Richard Watson, chief executive officer of AUG, said: “Over the last decade we have significantly expanded our business across the UK and Europe while remaining focused on specialist travel protection solutions and exceptional service for our clients. Joining ANV gives us the resources and support to continue that growth, while preserving the expertise, relationships and culture that have been central to our success.”

Adam Karkowsky, chairman and chief executive officer of ANV, added: “The acquisition strengthens our credit and protection capabilities and creates a strong foundation for expansion across key European markets.”