Alan Boswell Group (ABG), one of the largest independent brokers in the UK, has announced its acquisition of Cambridge-based brokerage S-Tech Insurance Services.
The acquisition will see gross written premium for the expanded group rise to £82 million. S-Tech will retain its name and staff, while ABG’s workforce will exceed 300 people following the deal.
ABG directors Chris Gibbs, Alastair Drew and Alan Boswell will join Shaun Walker, Desmond Matthewson and Laurence Hill, on the board of the newly acquired company.
S-Tech founder and CEO Shaun Walker said the broker’s commitment to customer service was a “key driver” in reaching the agreement with ABG.
“We are delighted to become part of Alan Boswell Group,” Walker said. “The sale provides security for our staff and enables us to grow our business in our chosen sectors under our existing brand and management.”
Alan Boswell, executive chairman of ABG, said the company has been actively looking to broaden its reach into Cambridge.
“S-Tech is the perfect fit. The company shares the same values as us, providing expert, friendly advice to its clients,” Boswell said.
“But S-Tech also offers the group something new, because it specialises in technology and science, research and development and credit insurance,” he added.
Boswell said securing S-Tech’s independence “is a rarity these days”.
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