MAC Group, the Isle of Man’s largest corporate Financial Advisor and insurance broker, has announced the acquisition of a 50 per cent stake in Nugent Sante Ltd, a UK specialist medical and healthcare broker.

Based in the North West of England, Nugent Sante was formed last year by its managing director, Paul Nugent. It officially launched in January 2016 and already manages in excess of ?5million of annual insurance premium for private and corporate clients.

The company, which employs 10 people from its Preston headquarters, is aiming to distinguish itself from other brokers by offering a rounded proposition that focuses on keeping clients healthy and then supporting them when they are ill.

MAC Group Chief Executive Jon McGowan said: “We are delighted to announce our partnership with Nugent Sante which not only gives us opportunities for expansion in the UK but also offers MAC Group access to market leading healthcare schemes that are simply not available elsewhere.

“Nugent Sante is a dynamic young company that specialises in dealing with small to medium enterprises and brings a new sense of purpose and energy to the health protection sector. Its services and facilities will be at the full disposal of our Isle of Man corporate clients and we look forward to building on our relationship over the coming months.

“This acquisition is part of a strategic plan of investment and development for MAC Group. We believe it will act as a springboard for further acquisitions and other opportunities. We already have a number of exciting developments in the pipeline and hope to make more announcements later in 2016.”

Paul Nugent, Managing Director of Nugent Sante, added: “The investment into the business by MAC Financial provides a wealth of growth opportunities. Having built a strong relationship with Jon and the team at the wider MAC Group, it also gives us comfort and stability in the early years of the business and presents a platform to deliver a sustainable expansion plan.

“Our business has grown organically through doing the basics right – offering a first class service – but this investment will be a key factor in the future success of Nugent Sante. I’m extremely excited about the potential we can achieve working with the MAC Group and how we can also support its plans to develop its business in the UK.”

MAC Group comprises of MAC Financial, MAC Commercial and MAC Financial Pension Trustees and currently looks after the benefits of some 11,500 employees in schemes on the Isle of Man.

Pictured left to right are Jon McGowan and Paul Nugent.