Saffron buys Bridge Insurance Services

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Deal is the broker's fourth since being bought by Broker Network, now Ethos, in January 2018.

Saffron Insurance has bought Broker Network member, Bridge Insurance Services for an undisclosed sum.

This is Saffron’s fourth deal since becoming an Ethos Broking Partner, and follows the purchases of Romford-based Farmer Insurance Brokers, Continuum Insurance Brokers based in Hertford and Bedfordshire-based Grove Insurance Services.

Bridge was established over 40 years ago by Cliff Humphreys in Wisbech Cambridgeshire and provides insurance in both personal lines and commercial lines.

Humphreys and the rest of the team will stay on with the business and will remain working from the current office premises.

GWP
David Beswick, managing director of Saffron, said in January this year that the broker wanted to build a hub in Romford following its purchase of Farmer Insurance.

He also stated that the business is targeting a gross written premium (GWP) of £90m by the end of 2020.

Earlier this year Broker Network Partners rebranded as Ethos to separate its deals from its networks. The business took a majority stake in Saffron in 2018.

Ethos owner Bravo Group, which also owns Broker Network and Compass, confirmed last month that it is set to make more deals as it agreed on an £80m loan facility with Deutsche Bank, taking its acquisition facilities up to just under £200m.

Cultural fit
Commenting on the purchase, Saffron Insurance acquisitions director, Keith McGregor said: “This was too good an opportunity to miss.

“Cliff has grown a fantastic business with a strong client base and great local connections, but most of all there is a strong cultural fit with Saffron which is always one of the first things we look for when acquiring any business.”

He continued: “We’re excited about what the future holds for Saffron and have further acquisitions in the pipeline which will help strengthen our presence in East Anglia.”

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