Pavey Group boosts network’s southwest presence
Brokerbility Holdings (BHL) has today announced the acquisition of East Midlands-based broker Fehnert.
The company’s network arm, Brokerbility, has also announced that southwest broker the Pavey Group has become its latest member.
The acquisition of Fehnert is part of BHL’s plan to become a £50m gross written premium (GWP) trading business.
BHL already owns Leicester-based Brett and Randall and Northampton based O’Connors Insurance Brokers.
Fehnert controls around £8m GWP and employs 23 people. The firm mainly handles commercial business, with a specialism in high net worth and also provides insurance services to members of the Drilling and Sawing Association.
Brokerbility managing director Ian Stutz said the purchase will enhance the company’s footprint in the East Midlands region. Fehnert Financial Services Ltd is not included in the deal.
He added: “Fehnert’s expertise in complementary areas, chartered status and a strong brand reputation in Market Harborough makes the new arrangement and a position alongside B&R and O’Connors a winning combination for all our stakeholders including our customers and staff.”
Fehnert managing director Stephen Fehnert said: “Brokerbility is a confident, well respected and enterprising business. We all believe it is a model fit for Fehnert in the next chapter of the company’s development.”
The newest member to join Brokerbility, the Pavey Group takes the number of brokers in the network to 36, with a combined GWP in excess of £500m.
Established in 1971, the Pavey Group employs more than 80 staff working across two offices in Torquay and Exeter.
The new addition is part Brokerbility’s strategy to expand its presence in the South West.
Stutz said: “Once again we have delivered on our manifesto commitment to grow our regional presence where we continue to attract brokers who can meet our criteria of expertise, professionalism and the delivery of superior results.”
Pavey Group managing director Graham Brown added: “We are delighted to be part of Brokerbility, which offers us the best opportunity to add value to our many customers and staff.
“It is undoubtedly the standout proposition for brokers who want to remain independent but at the same time be part of a group of like-minded, high quality independent brokers sharing common values and goals.”