It looks like there’s no stopping Broker Network from growing even bigger – it now owns East Anglian brokerage Saffron Insurance after recently acquiring Lincolnshire-based Thompson & Richardson Ltd.
Calling Saffron Insurance a “regional powerhouse,” the UK’s largest network for independent insurance brokers said the purchase has been completed but did not disclose the transaction’s financial terms. The former’s workforce, including managing director Dave Beswick, will remain at the brokerage.
“My passion has always been to grow this business and I’m really proud of what the team has achieved recently,” said Beswick, who thinks the deal presents a compelling solution for any broker in the East seeking a sale. “We now need to move to the next stage so that we can capitalise on opportunities and meet evolving customer needs.”
Saffron Insurance, which controls in excess of £30 million in gross written premiums, will be continuing its own acquisition programme. It operates 12 offices and employs more than 120 people.
“The investment in our fourth Centre is exciting and I firmly believe the combination of Broker Network working alongside Dave and the Saffron team will dominate the broking landscape of East Anglia,” commented Broker Network chief commercial officer Des O’Connor. “Saffron is a very acquisitive business and will take a similar route to our first Broker Network partner, Finch Group.
“We are however being thoughtful and considered in our approach and are making decisions for the long term.”