CCV to hit £300m GWP by end of year, admits chief executive
Cullum Capital Ventures (CCV) has acquired four businesses in the last month, adding over £10m of gross written premium (GWP).
In September, the Towergate-owned acquisition vehicle took its total number of acquisitions in 2010 from five to nine.
Most recent to complete is a deal with Moscrop Robinson and Chadwick, a partnership based in Bury which has a mixed commercial and personal lines book of £5m GWP. The 21 staff will all stay with the business with current senior partner, Tim Chadwick, becoming managing director.
In the north east, CCV has acquired the portfolio of Border Counties Insurance Services from Farmers Mutual. Border Counties currently employs seven people and the business controls £3m of premium.
Joanne Lee will become managing director after 18 years’ service with Border Counties. All the staff will also be staying with the business, which will continue to trade under its own brand and will remain in its current premises in Hexham.
Meanwhile in Bedfordshire, CCV has acquired Dunstable Insurance Bureau, a family partnership established by Michael Beaty and his wife back in 1985. The business is a mixture of personal and commercial lines and controls over £1m GWP. It will continue to trade as a stand alone business from Dunstable with Michael Beaty and Ann Metcalfe remaining in the business.
Finally, JR, a niche business controlling a mixed commercial and personal lines book will become part of Protectagroup in Wales, with owner John Roberts staying on board.
CCV chief executive Michael Rea said: “We’ve had a very busy September completing deals which bring another four new brokers into the CCV group.
"These new businesses, and the transactions which we have in the pipeline, will take CCV well past the £300m premium mark by the end of the year. We now have 50 offices across the UK, employing over 700 staff."
Rea added: "As these deals demonstrate, our acquisition plans have gathered real momentum. Our pipeline of deals is stronger than I have seen it, and we have an excellent flow of quality brokers coming to CCV looking to join the group.”