Fri, 17 May 2024 | BUSINESS SALE
Brown & Brown (Europe) has continued its acquisitive activity in the retail insurance sector by acquiring two family-owned brokers. The group will acquire 100 per cent of the share capital of Preston-based Garratts Insurance Brokers Limited and the business and assets of Essex firm BNF Insurance Services, with both firms becoming part of its retail segment.
Garratts is a chartered insurance broker specialising in a range of sectors, including hospitality, retail, motor trade, food and education.
The firm dates back to 1877 and has been passed down through the Garratt family for several generations. The company has recently undergone a period of expansion, overseen by directors Richard Garratt and John Grindley.
Alastair Christopherson, regional managing director at Brown and Brown Europe, said: “We are thrilled to be acquiring a business with such a long-standing family history and we look forward to welcoming Richard, John and the rest of the Garratts’ team.”
“The business will continue operating in Preston and I look forward to supporting them as they embark on the next stage of their journey as part of the Brown and Brown team.”
BNF Insurance Services, which is based in Clacton, Essex, is a retail broker which writes insurance commercial customers and creatives, as well as the property and motor industries.
Post-acquisition, company owner Barry Burns, who works as a sole trader, will operate from the WM Brokers Ipswich office post-acquisition, along with the rest of the transferring team, as part of Brown & Brown’s East Anglia team.
WM Brokers managing director David McGowan commented: “It’s great to welcome Barry and his team to Brown & Brown. He has run a highly successful brokerage with a quality book of customers and a strong affinity for the local area where his business operates. BNF will be a valuable addition to our portfolio.”
Brown & Brown (Europe) is the international operating division of US firm Brown & Brown. The company has undertaken significant acquisitive activity in the UK over recent months, taking advantage of continuing fragmentation to acquire brokers across the UK and integrate them into regional hubs.
Despite remaining the most active marketplace in Europe for broker M&A, there are signs that the supply of UK acquisition targets may be declining
This well-established West Midlands IFA, managing £200m in funds under management, offers a highly profitable client base with an average household value exceeding £400k.
An exclusive opportunity to acquire a prestigious ultra-high-net-worth independent financial advisory business in Kent, managing £70m in funds under management.
An established Northern Ireland IFA presents a unique opportunity with £500k in recurring revenue and an average client value exceeding £350k, offering a portfolio of highly profitable clients.
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