Cox acquires 20-branch Bennetts
Cox Insurance has acquired personal lines specialist Bennetts Insurance for £4.475m (including the assumption of £2.8m debt). The broker has 20 branches with a head office in Worcester and branches across the South of England.
Bennetts Insurance was the subject of a management buyout in January this year, led by chief executive Ian Derbyshire, and had been set to hit the acquisition trail.Cox said the Bennetts branches will be added to its existing 21-strong insure-shop network, creating what it claims is the sixth largest high street broking operation in the UK. The combined branch network will have over 117 000 policyholders with joint gross written premiums in excess of £44m.
Neil Utley, chief executive, Cox
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