West Midlands brokerage Think Insurance, which specialises in products like motor trade and young driver coverage, has acquired Oldbury-based commercial insurance broker Sovereign Insurance (Langley) Services Limited for an undisclosed sum.
“This is a big milestone for Think, with it being our first acquisition, so we wanted to make sure we got everything right,” said commercial director Russell Bence. “There were lots of synergies between Sovereign and Think, which made it a perfect fit for us, so when the opportunity came up, we were delighted to be able to complete the deal.”
Established by John English and Malcolm Evans in 1986, the snapped up business will help strengthen the commercial side of Think Insurance. As part of the transaction and to ensure a smooth transition, the Sovereign founding duo will continue in their roles while joining Think Insurance’s commercial team.
Bence highlighted: “John and Malcolm have spent 36 years building their business, and so finding a buyer with the same ethos was very important. They wanted to make sure that their customer base would continue to receive the great levels of customer service they’d been used to – and as soon as we started to explore the deal, it became clear we were the perfect match.
“The last 18 months have been difficult for everybody, and COVID forced us to look closely at all aspects of the business, which has ultimately helped put us in a good position to grow – whether through acquisition like this deal, or organically. Having taken steps to make sure the business was strong, the plan is now to build on this with a period of growth over the next 24 to 36 months.”
Set up by Garrath Hussey, Richard Fullerton, and Colin Gregg in 2009, Think Insurance operates in Walsall with its workforce of more than 80 people.
