Ataraxia backs broker EIC's management buyout

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Hemel Hempstead broker EIC Insurance Services has completed a management buy-out (MBO) following the partial retirement of owner Ian Styles, Insurance Age can reveal.

Broker investment firm Ataraxia Broking announced that it had invested in the business in order to make the MBO possible.

Former sales director Charlie Hicks is now managing director at the broker and has taken ownership of the company with Ataraxia as a minor investor and silent partner.

The terms of the MBO were not disclose