News round-up: Broker acquisitions
Essex-based commercial broker LFC Insurance Group acquired £2.25m gross written premium Chelmsford Insurance Centre.
Cullum Capital Ventures bought four businesses in September and two in October, bringing this year's acquisition count to eleven for the consolidator. Chief executive officer Michael Rea has forecast passing the £300m premium mark by the end of the year. CBG Group took over Rockbridge Healthcare for an undisclosed fee with an additional payment to follow if key targets are met.
Middlesex-based Barnett & Barnett has purchased Bromley-based commercial and personal lines specialist NBJ. The deal by the IAG UK-owned broker takes it to £50m gross written premium and is the first since it was bought in March 2008. Both brokers are members of the Brokerbility community and all 50 NBJ staff, corporate identity and premises will be retained. Ian Foy, IAG UK's chief executive officer, told sister magazine Post: "Our strategy has not changed and if the prices come back IAG will do more deals. We like independent brokers."
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