Brokerage giant Brown & Brown, which made its landmark entrance into the UK market when it snapped up Global Risk Partners, is back on the acquisition trail – today announcing a deal for Berkeley Insurance Group.
The deal is the first brokerage swoop since the company took on the Brown & Brown name (replacing the GRP branding) in September.
Berkeley Insurance is established as one of the largest independent insurance brokers in the UK. Headquartered in Leicester, and with additional offices in Edinburgh, London and Birmingham, it targets the mid-market and has received Chartered Insurance broker status.
In a Press release touting the deal, Brown & Brown noted that Berkeley has a “strong generalist capability” but is particularly recognised for its focus on financial risks, cyber, construction, commercial property, private client and corporate client insurance – each has its own dedicated team.
Now, the company is set to become part of the retail division of Brown & Brown in the UK. Tim Maxted, chairman and CEO, and Jonathan Yeeles, finance director, will move across as part of the new arrangement, along with the rest of the management team and staff.
According to the release, the Berkeley Insurance brand is set to remain and trading will continue from its current offices.
“Berkeley is an excellent advice-led broker which, under Tim’s leadership, is characterised by strong organic growth, a clear strategy and a highly entrepreneurial, respected management team,” said CEO of Brown & Brown Europe, Mike Bruce.
“It brings a number of sector, product and proposition capabilities to our retail division in the mid-market customer segment. We are keen to build on Berkeley’s success in this market sector. We will be looking to leverage the Berkeley team’s extensive experience and areas of specialism across our UK operations.”
Meanwhile, Maxted commented that it was the “forever company” ethos of Brown & Brown that attracted his firm to the deal.
“We have always prided ourselves on our position as one of the UK’s leading advice-led brokers in the mid-market.Having discussed our future objectives and ambitions with Mike and Powell [Brown], it quickly became clear that there was true strategic and cultural alignment between us,” he said.
The acquisition has received regulatory approval, and the consideration is undisclosed.
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