Chiefs pledge further acquisitions in fragmented market
Venture Preference (VPL), AXA’s broker subsidiary, is looking for further acquistions in the North West, after buying Stockport-based Chambers & Newham.
The purchase is VPL’s first in the region and provides it with a Manchester base.
Chambers & Newman, a broker and financial services specialist, controls £8m in gross written premiums (GWP) and pushes VPL’s total GWP well above £500m.
In a statement, VPL said the North West region held “strategic significance” because many brokers in the region had not dealt with other consolidators.
Stuart Reid, joint chief executive of VPL, said the company would look to build its presence in the region with further acquisitions.
VPL joint chief executive Paul Meehan said: “I am delighted that we have acquired such a well-established firm which brings fantastic experience to our rapidly expanding team, and particularly in the North West, where many consolidators have had difficulty breaking into.”
VPL broker Smart & Cook will oversee the broking business of the firm, while the financial services arm will come under fellow VPL broker Layton Blackham.