Jelf is ‘consolidator of the week’
In the fast moving world of broker acquisitions Jelf has so far won the ‘battle’ for the title of consolidator of the week by announcing the acquisitions of Worthing-based Argyll and Malvern-based Clarke Roxburgh writes Andrew Tjaardstra, editor of Professional Broking. Jelf has shelled out an initial consideration of £18.3m for £45m gross written premium broker Clarke Roxburgh which could rise to a total of £27m if all targets are met. Argyll cost an initial payment of £9.9m for around £21m of GWP.
Interestingly the pre-tax profit at Argyll (£1m on turnover of £5.36m) is higher than Clarke Roxburgh (£0.6m on turnover of £10.8m). The sums paid suggest that gross written premium is ultimately the bottom line for purchasers and that the consolidators are supremely confident they can convert their increased buying power with insurers to make significantly substantial more returns. Jelf’s general insurance premiums have risen to £242m; together with its healthcare arm it has £362m and has a target of £500m.
Jelf announced the acquisitions just before the capital gains tax changes and chief executive Alex Alway said there is plenty more money available from its war chest for more.
More buys
The deals come after another frenzied week of activity in the sector. Wales-based Protectagroup was bought by Cullum Capital Ventures or as Peter Cullum, its chairman, has described it – ‘Towergate junior’. 93% of £33m GWP Protectagroup has been bought with 7% remaining with the management which is led by Paul Ragan, its chief executive. Ragan had led a management buyout of the firm in 2004.
A relatively new entrant to the commercial insurance market Swinton has bought Sevonoaks based £6m Lawrences with the vendors David Carey and Ian Walker remaining at the firm.
And the Capita Group has acquired HFR Holdings and St Ives-based Lancaster Insurance Services for around £16.5m. Lancaster specialises in insuring classic cars has a forecasted operating profit of £1.7m on turnover of £6.6m for 2008.
Change of name
Meanwhile following James Hallam’s acquisition of First Light Insurance Brokers, First Light has begun trading as James Hallam SME. Also with effect from 1 April, due to the expansion of their team James Hallam SME will be moving to larger premises in South Woodford. James Hallam SME will continue to grow under the guidance of Divisional Director Graham Whyatt.
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