It was back in March that Broker Network CEO Andy Fairchild told Insurance Business that
“we have real intent to build regional broking centres.” Fast forward less than two months and he’s proven to be good for his word.
That’s because Broker Network has today revealed its acquisition of a second regional broking powerhouse – following up on its
swoop for Finch Group Brokers back in October last year.
The firm has moved for Boyd Insurance, which is based in Paisley and has more than 40 years’ experience as one of the premier brokerages in Scotland. According to a company release it employs 25 people and manages £12 million GWP with a comprehensive portfolio of risk management and insurance services.
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Speaking about the deal, Des O’Connor, Broker Network’s chief commercial officer, outlined that it was a natural swoop as Boyd has actually been a member of the network for more than 10 years.
“Our new broker network partner will retain their identity and maintain a sense of independence but with support from me and the executive team,” he said. “It’s fantastic to work with a regional team that are highly ambitious with strong growth plans to take the business from £12m to in excess of £20m within the next three years.”
Meanwhile Eric Richardson, managing director of Boyd, outlined that the partnership gives the firm the “best of both worlds.”
“Retaining a local ownership will enable continued organic growth focused on providing a close personal service to our commercial clients while the investment from Broker Network will provide access to capital to facilitate the acquisitions of like-minded, compatible businesses,” he said.
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