Tue, 28 May 2024 | BUSINESS SALE
A Bromsgrove-based insurance brokers has acquired a company based in Solihull. Jukes Insurance Brokers' acquisition of SO Insurance Services significantly expands its presence in the West Midlands.
Jukes Insurance Brokers, which celebrated 60 years in business last year and is a member of Bravo Networks, supports clients with a broad array of business and personal insurance requirements.
As well as growing its geographic footprint, the acquisition of SO Insurance Services strengthens the company’s knowledge and expertise in key areas and enhances its growth strategy.
Following the acquisition, Mike Clare and David Russell of SO Insurance Services will join the Jukes Insurance Brokers team, bringing its total employee headcount to 20.
Commenting on the deal, Jukes Insurance Brokers Managing Director James Godsall said: "We are delighted to welcome SO Insurance Services and their clients to our family. Their addition to our team means that we can now not only offer greater benefits through access to a broader range of insurers and a wider internal team, but also Mike and David bring great expertise that enhances our offering to customers.”
Godsall added: “We pride ourselves on customer service, and it is exciting to welcome a business and individuals who share this strong commitment."
The acquisition comes amid ongoing strong M&A activity in the UK’s insurance broker market, with the UK recording the highest deal volume in Europe for insurance brokers last year.
However, there are growing concerns that years of consolidation in the broker market may mean that the wave of M&A has peaked. Recent research has revealed that, despite deal volume remaining strong, the value of deals is decreasing, indicating that a shrinking pool of mid-market acquisition targets is pushing buyers to focus on smaller firms.
Read more about the development of M&A trends in the UK insurance sector
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