Alan Boswell Group, the Norwich, England-based insurance broker and financial adviser, announced it has acquired Sutcliffe Solloway & Co. Ltd. (trading as Sutcliffe Insurance Brokers), thereby expanding its business into Lincolnshire, England.
The financial terms of the acquisition were not disclosed.
The move will see Alan Boswell Group’s gross written premium figure rise from £85 million ($103.8 million) to £90 million ($110 million). Since its formation in 1982, the company said, it has grown to become one of the largest independent insurance brokers in the UK, “with strong capital reserves and more than 50,000 clients across the country.”
As a result of the acquisition, a further 25 members of staff are joining the group, who are based at Sutcliffe’s offices in Boston and Grimsby. This brings the group’s total number of employees to 325.
The news follows the acquisition of S-Tech Insurance Services in Cambridge in late-2016, and the launch of its risk management arm last month.
With a heritage dating back to 1977, Sutcliffe arranges a wide range of commercial insurance products, specializing in marine trade and heavy industry, as well as providing personal lines, including home, car and landlord insurance.
“We’re pleased to make this announcement as we head into a new financial year. The group has been growing at a steady rate and Sutcliffe Insurance Brokers is a natural fit for our continuing expansion, offering services complementary to our own,” said Executive Chairman Alan Boswell.
“This is a fantastic opportunity for Sutcliffe. Not only does it enhance the range of services we offer to existing clients – including risk management — but it also brings the stability and support of a larger group to the business,” commented Sutcliffe Insurance Brokers’ Managing Director Mike Kirman.
Source: Alan Boswell Group
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