Surrey-based broker to be the network's sixth "regional powerhouse".
Broker Network has bought its sixth regional powerhouse, Weald Insurance Brokers, for an undisclosed sum.
Surrey-based Weald was established in Westerham in 2003 and specialises in property and commercial risks including fleet, motor and motor trade insurance for high net worth individuals.
The deal follows Broker Network’s purchases of West Sussex-based Knighthood Corporate Assurance Services just last month and Saffron Insurance in East Anglia in January this year.
The firm has previously revealed its strategy to build up a number of “regional powerhouses” having purchased Thompson & Richardson in December last year, Boyd Insurance in Scotland in May 2017 and Finch Commercial in October 2016.
Relationships
According to Broker Network, Weald controls in excess of £14m gross written premium and employs over 40 people.
Des O’Connor, Broker Network’s chief commercial officer said: “Adding Weald to the family is another fantastic move for Broker Network Partners.
“It is a well-respected brand within the region, with a diversified client base made up of long-standing client relationships.
“Chris Gibbs leads a high profile team of loyal staff, whose technical approach to identifying risks strengthens their client relationships.”
O’Connor added that the network’s strategy was to ensure that its partners continue to run the business “in the way they always have”.
He added: “They know and understand their clients and we are simply there to support and accelerate them to the next level.
“Weald Insurance Brokers is a perfect example of this. They have a strong brand and close client relationships but are looking to grow.”
Opportunities
Weald managing director Chris Gibbs commented: “We’re thrilled to have partnered with Broker Network and are excited at the opportunities our new relationship will bring for the benefit of our clients.
“The partnership allows us to strengthen our broking footprint in the wider region and focus our strategy on continued growth.”
Last week Broker Network added former Jelf boss Alex Alway as chairman.
Alway is also chairman of Compass, which was bought by Broker Network-owners Highbridge Principal Strategies and Madison Dearborn Partners at the start of March.
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