As part of the transaction, Capita will provide business outsourcing services to managing general agent (MGA) Pardus Underwriting Limited, a wholly-owned subsidiary of Pardus Holdings Limited, which will initially write North American property insurance.

This is the third such investment Capita has made as part of its strategy of building a portfolio of minority equity stakes in insurance intermediary businesses to which it also provides business outsourcing services.

HFW also advised Capita on its previous two investments in MGAs:

• In a deal that was widely publicised in 2013, Capita took a stake in Cobalt Insurance Holdings in order to finance the launch of Shariah-compliant MGA Cobalt Underwriting Services.
• In March 2014, Capita took a minority stake in Infinity Agency Limited, which specialises in high net worth motor insurance.