Cass-Stephens Insurance Ltd., of Gloucester, has furthered its acquisitive streak by snapping up privately owned commercial insurance broker Paxman (Insurance) Ltd.
Paxman, based in Malvern, was established in 1963 and specialises in commercial property, motor trade and fleet lines for SME clients across both Gloucestershire and Worcestershire. Its leader, Chris Paxman, outlined that the Cass-Stephens deal can help push the business forward.
“We have built a fantastic business over the last 54 years and are delighted to join the excellent team at Cass-Stephens who will take it on to even greater heights in the future,” he said.
For Cass-Stephens, meanwhile, the move represents its seventh acquisition over the last 15 years. The business, established in 1966, employs 27 staff across a host of commercial and personal insurance products with brands such as Insurewithcare, which targets care homes, and Parksure, for holiday lodges and static caravans.
“Chris Paxman has an excellent reputation and managed a strong business for many years with loyal clients,” said James Cass, Cass-Stephens’ managing director. “We look forward to Chris joining us and being part of the team. Cass-Stephens brings the size, structure and technology required to service clients in an era of ongoing regulation and change in the market. We will look to carefully ensure that we build upon Chris’s strong client relationships. We are focused on growing the combined business organically, through recruitment and through selective acquisitions that fit within our operating criteria.”
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