The Broker Investment Group has announced that with effect from March 24, it has increased its stake in the Midlands-based BEAM Insurance to 49%. The extended partnership follows BEAM’s recent acquisition of Andrew Phillips Insurance Brokers Ltd (AP Insurance Brokers).
In a Press release, it was noted that the increased investment would help back BEAM’s ‘strong pipeline’ of future acquisition and support it becoming a true Midlands acquisitions hub. This support includes acquisition sourcing, due diligence, and joint funding.
The investment also elevates BEAM Insurance to “Plus” broker status with The Broker Investment Group – providing additional services as required such as compliance, marketing, accounting, and a bespoke professional development academy.
BEAM Insurance currently employs 35 people across three offices in the Midlands, specialising in the construction, property, accountancy, and manufacturing sectors. With GWP standing at £13.7 million, BEAM has plans to grow to £20-25 million by the end of 2025. The broker boasts organic growth of 10% year on year and revealed there are a further two acquisitions in the immediate pipeline, with ongoing discussions with several other insurance brokers.
Commenting on the news, Dave Clapp (pictured left), CEO of The Broker Investment Group said: “BEAM Insurance are a fantastic business, with a first-class leadership team and knowledgeable staff, so we are really pleased to be further consolidating our long-standing partnership with them.
Their impressive organic growth to date is testament to their expertise and high levels of customer service.
“They remain in full control of the business but can lean on The Broker Investment Group when they see fit for any advice on strategy, hands-on support for systems or joint funding for acquisitions.
We look forward to continuing our partnership with BEAM Insurance.”
David Johnston (pictured right), MD of BEAM Insurance, also commented on the deal and said BEAM is delighted to have strengthened its partnership with The Broker Investment Group.
“We started this relationship back in August 2014 so we know them well, and they will help us achieve our objective of further acquisitions in the Midlands area, allowing other insurance brokers to become part of the BEAM family,” he said. “Our proposition to potential acquisitions is straightforward. We have no plans to change the brand, branch locations or the staff – simply to use the combined increased buying power and insurer capacity to deliver better insurance solutions to our clients.”
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