Nuneaton-based Needham Insurance Services has increased its gross written premium (GWP) to £8 million by acquiring Baldersons Insurance for an undisclosed sum.
Under the deal, the latter’s roster will remain intact and continue operating from the Baldersons office in Sheffield. The company’s brand will also be retained even under new ownership.
“I am really pleased to have got this deal over the line in the first half of 2022,” said managing director Neal Lowe (pictured), who bought Needham Insurance from founder Michael Needham in 2000, “and we warmly welcome all staff and customers of Baldersons Insurance to the Needham family.
“We’re delighted to have them onboard – it’s a fantastic acquisition and a perfect fit for us. We’d like to reassure everyone it really is business as usual for all staff and valued customers moving forward.”
Baldersons came to life in 1972, while Needham Insurance was set up in 1973. In November 2020, Inspire Insurance Services was integrated into Needham Insurance, the “ambitious” turnover target of which is over £20 million in GWP three years from now.
“By 2025 we would like to have seven or eight branches, all with the same ethos of being local experts, fully independent, and community-based brokers,” stated Lowe, who has grown the business both through “carefully selected” acquisitions and the organic route.
He went on to note: “Our target brokers are £2-3 million GWP whereby we can help grow these organically via marketing and with access to additional schemes.
“We fully welcome owners staying on post-deal to help with integration and to also look after their own long-standing customers. This model has worked well for us historically as we’re not about consolidation – quite the opposite. We are community insurance brokers hoping to boost the local economy.”
At present, Needham Insurance is split between 80% commercial lines and 20% personal.
