Brokerbility approaches £500m landmark

Brokerbility is nearing the half-a-billion-pound landmark in premium income after adding two major signings this week.

Saffron Insurance Services and Morrison Insurance Solutions both joined as members this week, meaning the support group has 35 broker members with a gross written premium of £450m. Morrison is based in Alcester, Warwickshire, with a GWP of £10m and specialises in property owners and landlords for tenants. Saffron controls £27m GWP across both personal and commercial lines and is based in Saffron Walden, with eight other offices in East Anglia.

Brokerbility managing director Ian Stutz said Morrison had undergone a change of management to a younger team, which was keen to progress through Brokerbility. Stutz said Saffron joining would extend Brokerbility’s reach in East Anglia.

Saffron managing director David Beswick said: “This is a major move for us and not one we took lightly. I am certain Brokerbility is the right partner for us.”

Elsewhere, 1 Answer Network managing director Paul Muir has increased his stake in the company by 38.5% to become a majority shareholder. He bought the stake of Optimas Insurance Group, an investor in the network since its launch in 2006.

Muir said: “The opportunity came up to make an offer to Optimas for its holding in the company. It made sense to take the opportunity to obtain that greater control on the direction and development of the business and to further underline my commitment to the business for the years ahead.”