Deal pushes Bridge over £40m GWP
Independent Manchester broker Bridge Insurance has made its first acquisition in more than 12 years, snapping up fellow North West broker Chartwell.
The acquisition of Chartwell, based in Warrington, with approximately £4m in gross written premiums (GWP), is set to boost Bridge’s attempts to expand its corporate, commercial and private clients business.
The deal pushes Bridge over £40m GWP, and it expects to add £0.5m profit to its corporate business this year.
Bridge director Peter Warburton said: “It was the quality of the people and it was a good fit in terms of synergy between the two businesses. We wanted a bit more in the high net worth (HNW) clients area and it will also give us an opportunity to promote our risk management service to [Chartwell’s] current client base.
Chartwell, which has 16 staff, will be integrated with Bridge’s current operation.
Warburton has not ruled out the possibility of further acquisitions in the near future.
He added: “We are looking at a number of other opportunities and if they are right for us we would take it. Ideally we want to make more acquisitions in the North West if we can.”