Bedford-based Mayfair Insurance & Mortgage Consultants Limited is now 49% owned by The Broker Investment Group, in what is the latter’s first new deal for the year.
Managing director Guy Moliterno (pictured), who founded the business in 1979, continues to hold a controlling stake and will remain at the helm of Mayfair Insurance. The company’s roster of eight people will stay intact, as well.
As part of the acquisition, financial terms of which were not disclosed, The Broker Investment Group will be working closely with Mayfair Insurance to bolster the firm’s growth.
“Together we plan to create and implement a sales and marketing growth strategy, underpinned with the special schemes that Mayfair enjoy and further ones we can bring to the table,” The Broker Investment Group chief executive Dave Clapp, who cited an “excellent fit,” said in an emailed release.
“The Broker Investment Group are currently having lots of positive discussions and look forward to welcoming more brokers into our group this year. We warmly welcome Mayfair as a new partner of The Broker Investment Group and look forward to a successful journey together.”
It is The Broker Investment Group’s first brand-new deal in 2023, as opposed to recent transactions in which it was upping existing equity stakes.
Commenting on the new part-owner, Moliterno said: “Since our initial meetings with Dave and his team at The Broker Investment Group, I felt that they were the right partner to help us deliver the next stage of our evolution.
“My team and I have plenty of drive and enthusiasm to take Mayfair Insurance forward, and this alliance will help facilitate growth, attract new clients, retain our loyal customer base, and develop our staff even further.”
With gross written premium of £4 million, Mayfair Insurance arranges personal and commercial policies with a focus on high net worth cover including supercars and prestige vehicles.
Moliterno believes the partnership “can only mean good things” for Mayfair Insurance customers.
