Tue, 02 Jan 2024 | BUSINESS SALE
Mulberry Insurance Brokers has been acquired by fellow Bristol-based brokerage Malago Insurance Brokers as a result of the firm’s principal, Keith Johnson, deciding to retire. The deal comes as an ageing population of owners helps drive M&A activity in the brokerage sector.
Johnson said that he had decided to retire following a 40-year career and was seeking a sale to a company that would provide a safe pair of hands for the company’s client base. Johnson said that Malago, headed by Managing Director Mathew Rowles, was an ideal buyer as a result of its similar client base.
As well as also being based in Bristol, Malago, an independent insurance brokerage firm that specialises in commercial insurance, shares the same compliance firm as Mulberry – Momentum Broker Solutions. Following the acquisition, Keith Johnson will join Malago for a transition period prior to his retirement.
Malago Managing Director Mathew Rowles said: “Having known Keith for many years, I am really pleased to add his customers to our growing portfolio. We will offer continuity to his client base: something that I know was very important to Keith when he was contemplating retirement.”
“Our values at Malago, and indeed our existing client base, bear strong similarities to Mulberry’s, so I am confident that we will be able to offer a seamless transition.”
Rowles stated that Malago would continue to offer Mulberry’s clients the same kind of service they had received from Keith Johnson, with an emphasis on a personal relationship between the brokerage, businesses and their owners.
Rowles added: “Current clients of Mulberry Insurance Brokers can be assured that any current insurances will continue to run until renewal, at which point we will be in touch under the Malago brand.”
Find out more about the various trends driving M&A activity in the UK brokerage industry
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