News review: November 2010
IAG UK-owned broker Barnett & Barnett almost doubled its size to £50m gross written premium, with a move for a controlling stake in Bromley-based commercial and personal lines specialist NBJ.
The deal was the first acquisition for Barnett & Barnett since it was acquired by IAG UK in March 2008. IAG UK's new chief executive, Ian Foy, who replaced Neil Utley in September, told Insurance Age's sister title Post: "IAG UK has acquired NBJ to add to the Barnett & Barnett stable, and we are still in the market to make those kind of acquisitions, but there seems to have been a price bubble around brokers."
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