Think Insurance buys Ashby Wray
Think Insurance Services, a specialist motor broker based in the West Midlands, has struck its second deal buying Ashby Wray Insurance Brokers.
Wolverhampton-based Ashby Wray has been trading for over 100 years servicing commercial and personal lines customers in the West Midlands and Staffordshire area. Its specialisms include commercial combined, fleet and liability insurance.
Think will be keeping the Ashby Wray offices in Wolverhampton and holding on to the services of director Nick Ashby and the team.
This July Think commercial director Russell Bence, pictured, told Insurance Age that it could add two or three purchases in the next two to three years.
Great fit
Commenting on the latest buy, Bence said: “Ashby Wray is a great fit for us. They have an excellent reputation, and our flexible approach to purchasing this book of business was one of the main reasons that Nick Ashby chose to sell to us.”
This deal follows Think’s first-ever in April 2022, when it snapped up Sovereign Insurance (Langley) Services, a commercial insurance broker.
“Our first acquisition last year was a real learning experience and was a positive boost for the business, giving us the confidence to look at further acquisitions and growth over the next 12-24 months,” continued Bence.
By the end of 2024, Think is targeting £30m GWP. Along with buys it is targeting continued organic growth across key product areas including motor trade, young driver – telematics, and commercial insurance.
Bence said: “This acquisition widens our footprint and scale in the commercial insurance market, which is a key focus for our business, and this deal now puts us on track to write £25m GWP this year.”
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