CCV has acquired the GI book from DTE
Cullum Capital Ventures (CCV) has acquired the general insurance portfolio of DTE Risk & Financial Management Limited, its third acquisition this year.
The Bury and Manchester based business, which is currently the insurance broking arm of DTE, the accounting and business advisory group (Business Advisory Services Limited), specialises predominantly in commercial lines.
It will become part of existing local CCV business CCG in Stockport and sales director Mike McNulty, together with his eight team members, will be transferring to CCG.
CCV chief executive Michael Rea said: “I’m particularly pleased to bring Mike and his team into our group. They’ve built a well-established book of business and it has delivered good returns to date. I believe that by becoming part of a larger insurance business, Mike will be able to grow his portfolio to achieve its full potential.”
He added: “We’re seeing an increasing number of enquiries from brokers interested in full or partial sales of their business.
"There is clearly a great deal of uncertainty in the marketplace at present. Whatever the colour of the next government, there is a very real possibility of tax rises, and capital gains tax may be in any future Chancellor’s sights. Clearly this is a major concern to anyone thinking about selling their business in the near future.”