Magnet Insurance News


December 2008 - Magnet Acquires Model Railway Scheme

Magnet Insurance Services Ltd has purchased the Model Railway Insurance business from Taylor McGill.

"It is very much business as usual for our Model Railway Insurance customers"

Magnet's managing director Tony Bound, who was previously a director of Taylor McGill, commented on the acquisition: “Whilst working at Taylor McGill, I was responsible for the Model Railway Insurance business and over the last 3 years have helped to insure most of the UK’s model railway clubs, societies, and individual enthusiasts. During this time I have acquired a good understanding of the particular insurance needs for those connected to the model railway hobby and built some strong relationships."

"Magnet Insurance will continue to provide our new customers with a personal, high quality service and I look forward to continuing our relationship. It is very much business as usual for our Model Railway customers, other than the name over the door has changed to Magnet Insurance.”

During the time that Tony has been managing the scheme, it has grown by over 100% and its policyholders now account for more than 70% of the UK market.

For new quotations for Exhibition, Club or Collector’s Insurance please visit or tel: 01636 858249.



September 2009 - Magnet launches new Home Insurance Policy

Magnet Insurance has launched a new home insurance policy giving generous discounts of up to 64% for no claims, up to 30% for customers who choose a higher policy excess and a further 20% discount if buildings and contents are insured on the same policy.

In addition, the policy includes free cover for up to £100 for freezer food, £250 for pedal cycles and £500 for money and credit cards, covers which are often charged as extras on other home insurance policies.

Magnet Homecover is arranged by Magnet Insurance Services Ltd and underwritten by a panel of underwriters including Lloyd's of London and Legal & General.

The policy is aimed at those customers who don’t claim for the occasional small loss but who buy home insurance for the financial protection it provides against the larger loss and the ‘peace of mind’ it gives.

The scheme rewards clients generously for their past claims free record and gives further discounts where the customer chooses a higher excess, which cuts out the smaller claims but equally delivers a very competitive premium

Cover can be purchased by phone or on Magnet's website with the premium paid either by credit, debit card or monthly instalments by direct debit.


April 2012 - Magnet launches its "Home Extra" insurance policy for non-standard homes

Some homes are difficult to insure due to unusual construction, poor claims history etc. The "Magnet Home Extra" policy, developed in conjuction with and underwritten by Royal and Sun Alliance is unique to Magnet and offers highly competitive rates for unusual homes that other insurers frequently decline.

Click here for more information on insuring non-standard homes wth Magnet or tel: 01636 858249.


July 2013 - Magnet acquires Taylor McGill Insurance Consultants Ltd

Magnet has acquired the general insurance business of Nottinghamshire broker Taylor McGill.

The acquisition includes all Taylor McGill staff and allows Magnet to offer a much wider range of commercial insurance products.

"The merger will allow us to provide a better service for all our clients"

Gerry McGill, former managing director at Taylor McGill is working with Magnet for the first 12 months to ensure a smooth transition for his clients.

Initially, staff will continue to work from Taylor MgGill's office in Arnold but in August, the office will move to Magnet's premises in Newark.


July 2015 - Magnet launches new landlords' scheme

Magnet's new Residential Property Owners scheme is underwritten by Liberty Mutual Insurance Europe Ltd and offers excellent cover at a very competitively price.

September 2015 - Magnet launches new household schemes

To expand its cover for the non-standard household market, Magnet has launched two new schemes underwritten by Lloyd's syndicate Novae and by Gable Insurance.

"Magnet can provide cover for almost all UK homes."

With these products in place, Magnet is now able to offer cover for almost all UK domestic properties including let property, holiday homes and unoccupied properties.


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