Brown & Brown (Europe) Limited has completed the acquisition of BCM Acquisitions Limited, the parent company of Sunderland-based insurance broker 1st UK Broking.
The deal, which has secured regulatory clearance, forms part of Brown & Brown’s ongoing strategy to grow its footprint in key UK regions.
1st UK Broking, established in 2014, focuses on commercial motor insurance, particularly fleet cover. The business also offers a suite of commercial insurance products, including employers’ and public liability, as well as property-related lines.
Managing director Stuart Crosby, who founded the firm, will remain in post and continue to lead the company’s operations. He will report to Neil Thornton, Brown & Brown’s managing director for the North.
The team at 1st UK Broking will remain in place, and the business will continue operating from its existing office in Sunderland.
Speaking about the acquisition, Crosby said the transition would provide access to a broader support network while preserving the firm's local focus.
“We are excited to join the Brown & Brown team. This opportunity provides us with additional resources and specialisation, enabling us to better serve our customers while maintaining the personal service we're known for in the North East,” he said.
Thornton noted the acquisition aligns with the group’s UK growth plans.
“We’re delighted to welcome Stuart and his team to Brown & Brown. This acquisition strengthens our footprint in the North East and aligns with our strategy to grow our presence in key regional markets,” he said. “1st UK Broking has built a strong reputation for delivering tailored insurance solutions and exceptional customer service. We look forward to working together to build on this success, supporting the team’s growth while continuing to provide high-quality insurance products to their customers.”
Details of the purchase have not been made public.
The acquisition comes as Brown & Brown Inc, the US-based parent company, announced its unaudited financial results for the final quarter and full year ending Dec. 31, 2024. The company reported continued growth in revenue and key financial metrics.
Fourth-quarter revenue reached US$1.2 billion, a 15.4% increase year-over-year. Organic revenue was up 13.8%, while commissions and fees also posted a 15.4% increase. Adjusted EBITDAC for the quarter rose 22.6% to US$390 million, with the margin improving to 32.9% from 31.0% a year earlier.
Full-year net income attributable to shareholders rose by 14.0% to US$1.0 billion, with diluted earnings per share growing to US$3.46, a 13.4% rise. Adjusted diluted EPS increased by 18.2% to US$3.84.
The company has indicated it will continue pursuing acquisition opportunities in domestic and international markets as part of its growth agenda.
