Mergers & acquisitions (M&A)
UK General lost £7.4m ahead of sale
UK General Insurance lost £7.41m in its financial year before being snapped up by RCapital and Montague, Insurance Age can reveal.
What does the More Than deal mean for the future of Ardonagh and RSA?
RSA and Ardonagh have their own distinct futures ahead. Ardonagh is a private equity-backed broker growing via consolidation, and RSA is intent on sharpening focus on its commercial broking relationships. The two have struck a deal on More Than's motor…
Bruce Stevenson reveals growth and plans for Hogg to succeed Bruce as CEO
Howden-owned Bruce Stevenson has reported a 30% increase in turnover to £11.7m with profits up 33% to £3.9m and revealed CEO succession plans.
Pen adds £90m of GWP with marine MGA buy
Pen Underwriting has bought Tay River Holdings and its wholly owned marine specialist subsidiaries Vessel Protect, Trafalgar Marine Trades and BMM Ports & Terminals for an undisclosed sum.
Interview: Charles Foster, Lycetts
Lycetts is on the up as chief executive Charles Foster has an eye on steadily growing profits. The broker is navigating the insurance cycle well, even if insurers are not playing ball.
AssuredPartners continues south-west push with broker buy
AssuredPartners bought South West Brokers, which trades under the name of Westinsure Plymouth.
SRIS eyes £250m GWP within two years
Specialist Risk Insurance Solutions grew gross written premium 20% last year and the £130m business is eyeing up £250m by the end of 2024, managing director Oliver Thorne told Insurance Age.
London market broker completes management buyout
Ballantyne Brokers has completed a management buyout to become 100% owned by staff.
Castleacre buys private client insurance broker Merritt
Castleacre has bought Merritt Insurance Services for an undisclosed sum.
M&A slips back from 2021 record to £4bn in 2022
Imas has calculated that the value of UK general insurance distribution M&A dropped to £4bn in 2022 from £5.6bn in 2021, Insurance Age can reveal.
Ecclesiastical sells SEIB to Lloyd & Whyte
Ecclesiastical Insurance has sold SEIB Insurance Brokers to associated business Lloyd & Whyte for £45.2m, the insurer has confirmed.
Gallagher boosts education practice with FE Protect purchase
Gallagher has struck its first UK deal of the year – buying Liverpool-based FE Protect, which specialises in the education sector with a particular focus on further education.
SRG buys Consort Insurance
Specialist Risk Group has bought mid-market commercial broker, Consort Insurance, subject to regulatory approval.
JMG buys HGV and motor trade specialist New Era
JMG Group has bought former appointed representative, Stoke-on-Trent-based HGV and motor specialist New Era for an undisclosed sum.
Nirvana completes MBO from Castel
Nirvana Risk Partners, a division of Castel Underwriting Agencies, has completed a management buyout from the club-style MGA formation platform.
Open GI sale not a cause for concern, say users
Treasurer of Open GI User Group, Mark Sollis, has told Insurance Age that the potential sale of the software house by its majority shareholder is not a cause for concern.
The runners and riders in the Open GI sale
Open GI is reportedly up for sale, with private equity shareholder Montagu wanting to exit. Who are the likely new investors?
Acturis is not for sale, sources reveal
Acturis is not for sale, sources close to the company has confirmed, following a report that a key shareholder was eyeing up an exit.
Open GI shareholder looking at sale options – report
Open GI’s majority shareholder is targeting a sale of the business in the second quarter of 2023, according to Reuters.
Saga’s exclusive Acromas sale talks collapse
Talks between Saga and Australian insurtech Open Insurance Technologies to sell underwriting business Acromas Insurance have ended without a deal, the over-50s specialist has confirmed.
Howden to become broking powerhouse in the North after Reich buy
Reich will add bolt-on acquisitions, becoming the Northern hub for Howden’s expansion into the region, according to Aston Lark CEO Peter Blanc.
Howden confirms Reich takeover
Howden has confirmed Insurance Age’s exclusive story that it has bought Reich Insurance Group.
Clear snaps up IFM Insurance Brokers
Clear Group has acquired Sheffield-based broker IFM Insurance Brokers.
Howden buys Reich
Howden has bought Reich Group for an undisclosed sum, Insurance Age can reveal.