Year end acquisition trail ablaze with broking bonanzas still up for grabs

Consolidation is showing no signs of slowing in the final quarter as Towergate, Oval and Equity Insurance Brokers all completed acquisitions during the first week of November. With quality outfits such as Open and Direct, Carole Nash and Footman James on offer there could be a spectacular conclusion to a busy year for consolidation.

Towergate has snapped up Colchester-based underwriting agency Agency Underwriting, which specialises in underwriting buy-to-let, property owners and niche travel business. It controls £24m of gross written premium.

The business will operate from Towergate's offices at the Octagon Centre in Colchester under the continued management of Richard Lamberth and his team of 50 staff. Lamberth, managing director of AUL, said: "Towergate will bring a wealth of experience to further enhance our underwriting agency model, as well as providing us with further distribution opportunities. In addition, we are getting access to around 200 products in the Towergate range." The majority of AUL's book is underwritten by Axa.

Oval has bought Bristol-based fireworks specialist broker Torribles, which controls around £10m of GWP, 90% of which is commercial and half of this is specialist risks.

Torribles, which also has an office in Exeter, specialises in firework insurance and uses local brokers in Ireland, the Netherlands, France, Belgium, Greece and Spain. It also has an animation book with partnerships in France and Spain.

As a result of the deal, Matthew and Murray Torribles will head up an Oval specialist risk division, including fireworks, light and sound productions and events. Torribles' 11 staff are expected to stay. The move follows Oval's acquisition of £18m GWP Bristol-based John Eke and Partners in October 2005.

Nic Hamblin, managing director, South-west, Oval, said: "I have always had a close relationship with the Torribles. The non-specialist risks will be rebranded Oval shortly and we will look at integrating the offices with Oval South-west. The Exeter office will close and there could be some losses from the five staff."

Simultaneously, Equity Insurance Brokers acquired Worthing-based broker Dunglison and Company and Higgins Sheppard Stewart, a Sutton-based broker.

At Dunglison and Company, Anthony Dunglison has become assistant manager, while founders Peter and Penny Dunglison will remain with the business for a year. All six staff will continue to servicing its 7000 personal lines and commercial clients. According to Dunglison the broker has a GWP of £3.5m and has 20% commercial and 80% personal lines split. The deal was completed on 27 October. Higgins Sheppard Stewart has 2500 personal lines and commercial clients.