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.
If you would like to comment on this blog, please e-mail pbeditorial@incisivemedia.com
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Bravo Networks launches startup broker proposition
Bravo Networks has launched a proposition designed to help insurance brokers enter the market and build an independent business at pace, planning to scale up to 75 partners in the next five years, Insurance Age can reveal.
End of Year Review 2025: SiriusPoint International’s Rob Gibbs
Rob Gibbs, president and CEO of SiriusPoint International, highlights its success in rejecting the ‘spread betting’ approach to MGAs and instead partnering with ones that are really moving the dial; and suggests ‘Another soft market: Are we all delulu?’ as the theme for Biba 2026.
Fuzzy’s Bilney targets ‘brave’ £10m GWP goal and launching a training school
Liz Bilney, CEO of Fuzzy, has set a “brave” target of £10m gross written premium, and outlined plans to continue staff development by creating an in-house training school.
JMG adds SafeSchool to risk management portfolio
JMG Group has bought specialist education-focused health and safety consultancy SafeSchool.
End of Year Review 2025: Direct Commercial’s Joe Hantson
Joe Hantson, deputy CEO at Direct Commercial Limited, notes the amount of senior underwriting talent moving from traditional carriers into MGA models over the last 12 months and expects more consolidation among MGAs and insurtechs in 2026.
Ageas and Saga partnership goes live with motor, home to follow
Ageas UK and Saga have launched their 20 year Affinity Partnership, opening with motor new business with home to follow in the first quarter of 2026.
End of Year Review 2025: Liiba’s Chris Croft
Chris Croft, the CEO of the London & International Insurance Brokers’ Association, describes the UK government’s financial services strategy as “depressingly insurer focused” and imagines an AI persona with a 1986 style perm in honour of footballer Charlie Nicholas.
End of Year Review 2025: Alps’ Michelle O’Reilly
Michelle O’Reilly, managing director at Alps, expresses disappointment that whilst some parts of the market have talked a good game on innovation and customer care, they have not followed through; and predicts 2026 could be the year the Financial Conduct Authority steps in with tougher measures on home insurance claim declinatures.