The Gloucester-based broker acquired the commercial intermediary for an undisclosed sum.
Gloucester based Cass-Stephens Insurances has bought D Paxman - a privately-owned commercial insurance broking business based in Malvern – for an undisclosed sum.
According to a statement the Paxman deal is the seventh acquisition in the last 15 years for Cass-Stephens. The D Paxman Malvern office will close and the staff are joining Cass-Stephens in Gloucester including the principal Chris Paxman
D Paxman, which was established in 1963, is a commercial insurance broker specialising in commercial property, motor trade and fleet lines servicing SME clients throughout Gloucestershire and Worcestershire.
James Cass, managing director, commented: “Chris Paxman has an excellent reputation and managed a strong business for many years with loyal clients.
“We look forward to Chris joining us and being part of the team. Cass-Stephens brings the size, structure and technology required to service clients in an era of ongoing regulation and change in the market.”
He continued: “We will look to carefully ensure that we build upon Chris’s strong client relationships. We are focused on growing the combined business organically, through recruitment and through selective acquisitions that fit within our operating criteria.”
Cass-Stephens, which specialises in both commercial and personal lines insurance, now employs 27 staff.
Cass-Stephens further noted in a statement that its commercial expertise areas were commercial property, care homes under its Insurewithcare brand, and intellectual property. In personal lines it listed its strengths as park homes, holiday lodges and static caravans under the Parksure brand.
Paxman added: “We have built a fantastic business over the last 54 years and are delighted to join the excellent team at Cass-Stephens who will take it on to even greater heights in the future.”
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