Insurance broking and risk management giant Gallagher has announced its purchase of a majority stake in Purple Bridge Group Limited – the holding company of specialist UK property broker Vasek Insurance Services Limited (Vasek).
Nottingham-based Vasek was founded in 1998 by managing director Richard Berridge. His goal was to offer easier access for harder to place property insurance, and to provide quality products and services to the broker market.
Vasek’s 80-strong team of insurance professionals specialises in cover for landlords, unoccupied property, commercial property, holiday & second homes, home insurance, high net worth, blocks of flats, rent guarantee and non-standard homes. Berridge will stay at the helm, but they will all become part of Gallagher’s UK retail division, reporting into Gareth Birch, managing director of Gallagher’s UK SME & personal lines businesses.
“Over the last 20 years we’ve built a talented, specialist team of passionate and dedicated individuals who have developed great customer products and five-star service,” commented Berridge. “That’s something we’re hugely proud of. It’s now the right time to come together with the right global partner to help us continue our strong growth story — and Gallagher is the perfect fit for us.
“We’re looking forward to benefiting from enhanced specialist support services and greater financial strength, to enable us to keep delivering for our customers. Gallagher’s investment is a brilliant testament to all the team has achieved so far and their belief in our future success.”
As part of the acquisition, Gallagher will also take control of Vasek’s appointed representative Insure My Villa, and subsidiary brands including Unoccupied Direct. Michael Rea, CEO of UK retail for Gallagher described Vasek as a “fantastic addition” that will be “immediately accretive” to Gallagher’s UK business.
Rea added: “Vasek’s complementary product range will further strengthen our established specialism in providing tailor-made solutions to property owners for harder-to-place risks, expanding our routes to market and ensuring we maximise customer choice. We look forward to working with Richard and his team to grow the business further.”
J. Patrick Gallagher, Jr., chairman, president and CEO of Arthur J. Gallagher & Co, concluded: “Vasek is a high-quality broker with strong growth potential, offering businesses and individuals a broad selection of tailor-made property solutions. I am delighted to welcome Richard and his associates to our growing global team.”
