One of Scotland’s top insurance brokers has been acquired by one of its rivals after over a century of trading.
Cuthbert Service and Jackson, formerly headed by Paul Kerry, has been bought by Oval Limited.
The business described as ‘first-class’ by its buyer is one of Scotland’s top five brokers and produced a turnover of £2.6m in 2006.
The company of 34 employees will continue to operate from its Glasgow base and will keep its name. Kerry will now become Oval’s regional managing director and will look after its Scottish operations.
He said, “It’s great to be part of Oval. They have really been growing in Scotland in the last six months or so.
“This is a great combination, coupled with the heritage of Cuthbert, Service and Jackson which has been established since 1886.
“I look forward to running Oval in Scotland and providing our clients with an excellent range of services and products.”
Oval has made a number of acquisitions recently including Service Miller, Futurity and the Retail Book of business of Senior Wright in Aberdeen.
Phillip Hodson, Oval Group chief executive, said: “Cuthbert Service and Jackson is a first class business.
“This acquisition means we have a dedicated team running Oval in Scotland.”
© Crimson Business Ltd. 2007