Insurance company Ecclesiastical has snapped up South Essex Insurance Brokers Limited (SEIB) and Equestrian Underwriting Agencies Limited.
The Essex-based broker generates nearly £28m of gross world product (GWP) mainly through commercial schemes.
Steve Wood, managing director of Ecclesiastical, said: “We have been reviewing our distribution capability, especially in light of increased market consolidation.
“Buying South Essex Insurance Brokers gives us direct access to a top broker and an established network of sub-brokers to further enhance our ability to reach our target
customers.”
However, the deal should not mean a great deal of change for the company’s staff which remain unchanged and the business will continue to trade as SEIB from its existing offices. It should also continue to offer clients existing services.
“As its new owners we will encourage SEIB to continue to offer independent advice and will be able to assist with marketing, distribution and strategic planning,” said Wood.
“We’re looking forward to SEIB being part of the Ecclesiastical Group and to developing business with Barry Fehler and the SEIB team.”
Ecclesiastical’s group chief executive Michael Tripp will chair the new board with SEIB’s founder, Barry Fehlerm will join as deputy.
Fehler said: “There is a great fit in terms of values and this is a strong arrangement for the customers and staff of SEIB.
“We will continue to operate independently and to work with a broad range of insurance providers.”
The deal is expected to be formally concluded by the end of March.
© Crimson Business Ltd. 2008