DOXA has made its first move into the UK with the acquisition of Eaton Gate Group, one of the largest independent managing general underwriters (MGUs) in the mid-market commercial space.
The deal gives the Fort Wayne, Indiana-based DOXA an immediate foothold in the UK SME commercial and mid- to high-net-worth personal lines market and is expected to serve as a springboard for further international expansion.
“Eaton Gate reflects exactly what we look for at DOXA - high-quality underwriting businesses with strong leadership, deep industry expertise and teams that align with how we build for the long term,” said Matt Sackett, CEO of DOXA. “This is an excellent launching point to expand our geographic reach as Eaton Gate’s distribution and product capabilities complement and align with DOXA’s strengths. This expansion into the UK will give us a platform for additional mergers and acquisitions focused on the region and beyond.”
Founded in 2016, Eaton Gate operates a multi-MGA model focused on UK mid-market commercial risks and mid- and high-net-worth home business. It has positioned itself as an independent “virtual insurer” working exclusively through brokers, with a portfolio that includes Eaton Gate Commercial, Broker Express and Artsure, targeting SMEs, mid-sized corporates and high-net-worth clients.
The group serves more than 50,000 businesses and homeowners and has secured binding authority from a panel of AM Best A- rated global insurers to support its programmes. Its broad underwriting footprint and distribution model have helped it scale in the UK market at a time when a number of composite carriers have retrenched or tightened capacity in certain commercial lines.
“We are delighted to be joining DOXA, a Goldman Sachs Alternatives backed company,” said Jonathan Matthews, co-founder and CEO of Eaton Gate. “This transaction delivers resources, financing and support as we continue to build Eaton Gate, and allows us to prioritise first class broker service and profitable underwriting. We are very much open for business and are excited to share our enhanced offering with our trading partners, as well as with current and future colleagues.”
Matthews will continue to lead the organisation with strategic support from the DOXA team.
The deal comes less than three years after Goldman Sachs Asset Management agreed to acquire DOXA, in a transaction that industry commentators have cited as one of the more notable private equity-backed investments in the global MGA and specialty distribution sector. Financing for the buy-out included a sizeable private credit package, underlining the scale of capital available to established delegated authority platforms.
While data from advisory firms show UK broker M&A activity fell to a multi-year low in 2025 as some major consolidators pulled back, specialist intermediary and delegated authority transactions have remained comparatively resilient, driven by investor appetite for underwriting-led businesses with access to stable carrier capacity.
Analysts have pointed to MGUs’ ability to deploy capital efficiently, generate fee-based income and provide carriers with granular performance data as key reasons the segment continues to attract private equity interest, even as headline deal volumes across wider financial services have moderated.
Within that context, DOXA’s move into the UK is likely to be seen by market participants as part of a broader trend of North American-backed platforms looking to build transatlantic delegated authority businesses. Buyers have consistently highlighted UK MGUs’ distribution into the regional broker market and their proximity to Lloyd’s and the London company market as strategic advantages, particularly for SME and mid-market risks.
Howden Capital Markets & Advisory is acting as exclusive financial advisor to DOXA.
