Peter Blanc and Stephen Lark to be on board of new broking group
UK brokers Aston Scott and Lark have merged to create a broking group with annual revenues of over £50m and 600 staff.
A new holding company is being formed that will acquire the entire share capital of both companies. The majority owner of the new company will be Aston Scott’s backer, private equity house Bowmark Capital.
The board of the new company will include senior management from both Aston Scott and Lark Group, including Aston Scott chief executive Peter Blanc (pictured) and Lark Group managing director Stephen Lark. The board and senior management will own a “substantial stake” in the business, the companies said.
A name for the new broking group will be announced “in due course”.
The new broking group would have achieved 29th place in the 2016 Insurance Times/IMAS Top 50 Brokers, just behind Price Forbes. Lark ranked 40th in the 2016 ranking, while Aston Scott was just outside the top 50.
Blanc said: “Joining forces with Lark will create an incredibly strong presence in the UK market. Both management teams share a passion for the service excellence, professionalism and integrity that our markets demand.”
Lark said: “There are so many opportunities in commercial insurance broking, private client broking and employee benefits that can be increased with scale and merging with Aston Scott creates a compelling opportunity.”
Bowmark Capital partner David Torbet added: “Bringing together Lark and Aston Scott is a truly transformational deal which will create one of the largest independent broking groups in the UK. We are delighted to be working in partnership with the combined management team to deliver the next stage of growth as the market continues to consolidate.”