Firm delivered rising revenue and profits in 2017.
SEIB is in “conversations” with potential acquisition targets, Suzy Middleton has confirmed to Insurance Age.
The broker’s commercial director revealed that it had held discussions in 2017 without any deals coming to fruition and was still on the lookout for opportunities.
“It definitely has to be niche and has to fit with our criteria,” she summed up.
“It can be national, but preferably within the south area – a couple of hours from the [South Ockendon in Essex] office.”
Targets
According to Middleton the broker is targeting firms where it can add value to the current offering.
“It is all about mentality and having the correct fit for us with a very customer focused, ethical business,” she listed. “One that looks after customers, staff and insurers.”
And she accepted that it could be a partial takeover: “Potentially where people do not want to sell to the large consolidators but want to stay in the business and release equity.”
The business last made an acquisition in 2014 when it bought Lansdown Insurance Brokers in Cheltenham.
“I am sure that at some point in time we will pick up another Lansdown which has worked really well for us.
“But we want to do it in a controlled way where we can manage it like a satellite and keep the people.”
Organic growth
The comments came as SEIB reported a 3% rise in revenue to £9.17m for 2017 and profit after tax up by 6% to £2.01m all achieved organically.
“The figures have been driven by good old fashioned service to clients and reputation,” Middleton continued.
“We see a bit drifting back to us on personal lines from aggregator sites. People seem to feel more secure from their local broker and getting advice.”
The firm is also a schemes specialist across funeral directors insurance, property owners, everything equestrian related and private motor hire in particular.
Middleton confirmed that its relationships with insurers are “very good and continue to be very profitable”.
She explained: “We have data analysts who keep an eye on the profitability of our schemes and are very close to what we do.”
Diversify
As to the future Middleton detailed that the business continues to diversify and deepen its specialisms as it targets a further 5% of organic growth this year.
“We are doing additional equestrian covers such as manufacturing and retailing to make it more of a bespoke offering,” she concluded.
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